Allocations among global fund managers to emerging market equities, including China, increased for a third straight month in February
, according to a widely watched monthly Bank of America Corp. survey, which canvassed the views of 262 participants who oversee combined assets of US$763-billion.
It was the first time a “long China equities” position featured as the most crowded trade in the survey’s history, which dates back to 1985. “It is clearly good for global economic growth that China’s economy is reopening but if this does translate into higher inflationary pressures, as we have seen in other parts of the world during the post-pandemic recovery, then that could pose problems for central banks [outside of China],” said Michael Hartnett, chief investment strategist at Bank of America global research.
Pramol Dhawan, managing director at U.S. fund manager PIMCO, says valuations for emerging markets were cheap compared with history and that emerging markets were “under-owned” as an asset class following big investor withdrawals during 2022.
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