Current account deficits in EM countries, a key concern for investors, have "melted away" in recent months, according to Benoit Anne, head of EM strategy at Societe Generale.
"Forget about the fragile five. It is about time we moved on," Anne said in a research note. He has renamed the group the "solid five."
Last year's investor obsession with current account deficits was misguided, Anne said, and since then the current account deficit for the five-country group has made a "remarkable adjustment."
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"It now stands at some 4.2 percent of GDP (as of Q4-2013), against 6.2 percent six months earlier," he said, advising investors to be long the currencies.
"Given the sharp recovery in risk appetite, we would argue that those currencies that were targeted by aggressive speculative attacks last year now present a buying opportunity," he said.
Deutsche Bank currency strategists noted the Indonesian rupiah has been the best-performing currency of the year despite the being among the "fragile five," but they added a warning that carry traders needed to be selective.
"Recent hikes in interest rates by EM central banks have taken carry to attractive levels. However, any carry longs will need to be selective, with local growth and competitiveness stories and sensitivities to Fed tightening still very heterogeneous," said Oliver Harvey, FX and macroeconomic strategist.
—By CNBC's Jenny Cosgrave.