Emerging markets underperformance that started in late 2011 is continuing. While part of the gap has been due to US equities generally outperforming global shares, we now have some 60% dispersion between emerging markets and the S&P500.
CNBC: - Investor confidence in emerging markets is continuing to plummet, with a recent fund managers' survey showing that equity investment in the group of countries has fallen to its lowest level since December 2008.
The BofA Merrill Lynch Fund Manager Survey for June showed that about 9 percent of asset allocators were underweight emerging market equities - the first underweight reading since 2009 and down from a 3 percent overweight position in May.
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