EMs ‘most undervalued’ in 13 years

Global investors may have pared back their extreme underweight positions on emerging market equities, but they remain nowhere near overweight, according to Bank of America Merrill Lynch’s monthly fund manager survey. The asset class is seen as the most undervalued it has been in 13 years. India is the most heavily favoured EM, with a net 44% of global EM managers overweight the market this month, up from around a net 10% being UW in March. China, Indonesia and Russia are the only …