Country Positioning Update

• China weights fall to lowest levels in 7-years, managers remain underweight.
• India weights move to all-time highs, but active funds increase underweights to record levels. Value funds become increasingly sceptical.
• Saudi Arabia the 2nd largest country underweight, but momentum among investors remains compelling.
• Overweights led by the 3 LATAM nations of Brazil, Mexico and Argentina – all at near record overweights compared to benchmark
• Indonesia is Asia’s largest overweight, but momentum has stalled in recent months.

Please watch the video below for the full analysis.