The smart money allocated more money to emerging markets last month as investor sentiment turned against EM stocks, though fund managers are still underweight on them overall, and even though a majority of fund managers think equities are currently overvalued they have increased their long positions. The biggest reductions were in UK and Eurozone allocations, with modest a modest pull away from Japan. Even though some high-profile tech stocks have taken a beating in recent months, fund managers only allocated a small portion of their portfolios away from them. “Investors have ‘tapered’ their extreme Q1 positions in EM & growth…