Markets stabilized and many recovered solidly in September after the Fed decided to keep its asset purchases steady, and didn't react strongly to news earlier this month that asset purchases would be cut to $75 billion a month starting in January.
But $13.7 billion has flowed out of emerging market bond funds for the year through December 18, while $6.3 billion has left emerging market equity funds over the same period, according to data from Jefferies.
(Read more: Next emerging market sell-off may be time to pounce)
"I am being told at this point by our clients is that we are the only ones on the sell-side calling for a global emerging markets rally in January," Anne said, but added "by then the impact of Fed policies would have been fully priced (in) and valuations in emerging markets would have improved to irresistible buying opportunities levels."
To be sure, he isn't calling for an across-the-board rally, advising "cherry picking." But he expects the differentiation will be based on valuations, rather than the "past obsession" with current account deficits.
"In markets, it is all about risk/reward as well as cost of carry, and when I look at emerging market currencies and emerging market rates, only a few markets strike me as majorly overpriced," he said.
(Read more: Why these emerging market taper victims can tough it out)
His view is in stark contrast to the consensus. Earlier this week, Goldman Sachs advised cutting emerging markets exposure by a third, expecting "significant underperformance and heightened volatility over the next five to 10 years."
A net 10 percent of global fund managers are underweight emerging markets, well below long-term averages, according to a December survey by the Bank of America-Merrill Lynch. Among developed markets, 34 percent of global fund managers are overweight Japan, 7 percent are overweight the U.S. and 43 percent are overweight the Eurozone, the survey found.