In this Top-Down Country report, we analyse regional and country allocations among the 355 equity funds in our analysis. Highlights from the report:

• EMEA Momentum: EMEA is experiencing positive momentum across multiple countries, with record investments in the MENA region, strong momentum in Greece, Turkey reversing long-term declines, and Poland nearing new ownership highs.
  
  
• Asian Stall: Significant underweight in India suggests caution among EM investors, China weights remain depressed, Indonesia maintains a strong consensus overweight. ASEAN nations like Malaysia and the Philippines are beginning to show signs of a potential comeback.
  
  
• LATAM Overweights: Investor sentiment in LATAM remains bullish, with Brazil and Mexico seeing a majority of funds positioned overweight. Argentina hits new highs in fund ownership driven by strong conviction in MercadoLibre.
  
  
• China & HK Focus: China & HK remains a critical allocation with depressed long-term positioning and recent negative manager activity. Despite this, it remains the largest allocation among EM investors. Will managers be looking to switch to overweight?