Bearish EM bets climb

A global fund manager survey of 97 investors, with $231 billion of assets under management, shows emerging market allocations have fallen to net 13 per cent underweight, from a neutral rating in December. Of those surveyed, 17 per cent said emerging markets were their most bearish regional bets for the New Year, according to a Bank of America global fund manager survey. Almost 41 per cent expected weaker economic data from China in the New Year, said the report, authored by chief investment strategist Michael Hartnett and investment strategist Brian Leung.