Using a chart provided by UBS and taken from data from EFPR who compiles an amazing amount of information on fund flows within the investment community and particularly insightful on EM, we want to assess where the opportunities for rotation, beating the index, and where we think investors are offsides. 

Emerging marketsUltimately this is about yesterday’s trade versus tomorrows trade.  Everyone knows that fund flow data is a lagging indicator, much like another similar analysis that takes place with 13F filings of major funds to see what they hold or sold.  This exercise merely tells you where investors were positioned at a moment in time.  Even if this data is one day later there is no sense of what flows have happened in between.  With all of that as a caveat, here is the chart:

Country Weighting

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