Emerging market fund managers have pushed their holdings in Chinese consumer staple and healthcare stocks to the highest level in at least eight years as they seek shelter from market storms.
Funds are also betting big on Chinese energy stocks and Brazilian financials, amid the burst of market enthusiasm that has accompanied the election of reformist president Jair Bolsonaro.
However, managers have dumped Russian consumer staples and Turkish financials, a potential sign that they fear a wave of defaults in a Turkish economy almost certainly already mired in recession and continuing pressure on Russian households amid economic sanctions and a weakening oil price.
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