A net 5 percent of global fund managers have taken an overweight position on global emerging market stocks in June, the first time they've been overweight since November of last year, a Bank of America-Merrill Lynch survey published Tuesday found.
"However, positioning is still significantly below long-term averages suggesting global emerging market equities are a contrarian buy," Bofa said.
Another investor survey found that attitudes toward investing in emerging markets at all have changed.
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"Investors aren't looking at it in the same way they have for the last 10 or 15 years. They're not looking at it in a buy-and-hold mentality as much as they were. They're looking for opportunistic investment," Grant Forster, CEO of Principal Global Investors in Australia, told CNBC Tuesday after the release of a survey his firm commissioned.
While over half of the 704 sovereign wealth funds, pension funds and other institutional asset managers surveyed remained positive on the segment, only 20 percent believed emerging markets assets should be a core part of their portfolios, down from 40 percent two years ago, he said.
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In addition, that survey found that around 30 percent of asset managers were "non-believers" in emerging markets, up from 20 percent two years ago, he said.
Even those sticking with the segment aren't exactly gung-ho across various assets.
"Emerging market local currency debt emerges as the asset class of choice, with emerging market equities as a fairly distant runner-up," Anne said of the Societe Generale survey. "At the other end of the spectrum, emerging market FX remains the most disliked asset class."
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Societe Generale also favors local bonds, saying valuations in hard-currency debt appear "overstretched."
But Principal Global Investors isn't as positive.
"Emerging market bonds have been flooded with an avalanche of money, quite a lot of passive money, quite a lot of misdirected money," Forster said, noting the survey found around 50 percent of managers wanted a tactical allocation to the segment. "We're looking to take some short positions there, or at least not always be fully invested."
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1