野村：除日本外亚洲股票策略 - 新兴市场基金配置

Investment Rating - The report indicates that Emerging Market (EM) funds remain underweight (UW) on EM Asia equities, particularly in Hong Kong/China and India, while showing some overweight (OW) positions in Taiwan and Korea [1][2]. Core Insights - EM funds' relative allocations to Hong Kong/China decreased by 0.4 percentage points month-on-month (m-m) as of end-March 2025, with 31 out of 49 funds reporting lower allocations [1][2] - Allocations to India also decreased by 0.3 percentage points m-m, with 60% of EM funds now underweight on India [3] - In contrast, relative allocations to Taiwan and Korea increased by 0.4 percentage points and 0.2 percentage points m-m, respectively [1][2] Summary by Sections Fund Allocations - As of end-March 2025, EM funds are underweight on EM Asia, except for Indonesia and Korea, with relative allocations increasing m-m for Taiwan, Korea, Brazil, and Saudi Arabia, while decreasing for Hong Kong/China and India [2][8] - The majority of funds are now underweight on Hong Kong/China compared to India or Taiwan [2] Performance Analysis - In March, 38 out of 49 funds outperformed the MSCI EM Index, but only 12 funds have outperformed month-to-date in April [4] - The report highlights that during a previous rally in September 2024, only 11 funds managed to outperform the benchmark [4] Relative Weightings - The report provides a detailed analysis of current overweight and underweight positions against the MSCI EM benchmark, showing a decrease in allocations to Hong Kong/China and India, while Taiwan and Korea saw increases [5][20]