Emerging markets now appear to be the most popular trade of the second half. Investors have been ploughing money into emerging market equity and debt funds over the past few months, taking the total value of assets invested in emerging market fund to some of the highest levels on record. According to Bank of America, Merrill Lynch’s retail investor asset flows data, between 8 August and 18, August investors added $5.1 billion to emerging market equity funds, bringing the total of the last seven weeks to $14.6 billion, the most impressive run since September 2014. Meanwhile, emerging market debt funds saw inflows of $2 billion, taking the inflow total over the past seven weeks to $20.2 billion, the largest figure on record.
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