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This is the most popular trade on Wall Street

A customer holds a 100 Yuan note at a market in Beijing.
Jason Lee | Reuters
A customer holds a 100 Yuan note at a market in Beijing.

Shorting the emerging markets is by far the most crowded trade on Wall Street right now, according to the global fund managers that Bank of America Merrill Lynch surveys each month.

So, contrarians who like to swim against the tide may want to take note of these latest results. After shorting EM equities, the most crowded trades according to the 209 participating fund managers surveyed last week were shorting commodity stocks and going long dollar and short EM currencies.

A net 30 percent also saw emerging market currencies as undervalued — the highest reading since March 2013.