Emerging markets rally to record highs as global funds shift from developed markets

Emerging markets are shaping up to be one of this year’s standout trades.The world’s largest asset managers — overseeing more than $20 trillion of assets — are buying EM stocks, local currency bonds and credit on bets that strong global economic growth and a weaker dollar will favor these markets, analysts from Citigroup Inc. said after reviewing the funds’ published outlooks.The shift also reflects a murkier backdrop in developed markets as policy uncertainty and fiscal concerns have weighed on sentiment, ...