- Average weights have fallen to an all-time low of 0.93%, with fund participation at a 15-year low of 80.45% — yet the majority of active EM managers remain invested.
- Selling has been concentrated in Indonesia’s domestic banks, with Bank Central Asia seeing the largest outright closures, while ASEAN allocations as a whole have dropped to their lowest level on record.
- With MSCI’s verdict on Indonesia’s EM status still pending, the ownership cycle places the country firmly in negative momentum territory — but for those who have held through the drawdown, much of the pain may already be behind them.
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