Amundi was concerned that the market might not be pricing in enough Fed tightening, with the markets only pricing in expectations the U.S. central bank will hike once this year and once next year.
"We are concerned about the likelihood of the Fed surprising to the hawkish side in the near term," Ameli-Renani said.
But he also played down the scale of the risk.
"Normalization of policy rates in the U.S. is not a new theme. We've been talking about this at least since 2013," he said, noting that the Fed had already hiked once in December 2015. "This is not something like we are at the edge of the apocalypse and we have no idea what's going to happen."
A combination of the three risks helped to drive Amundi's underweight stance on low-yielding debt in the countries most exposed to China growth: South Korea, Singapore, Thailand and Taiwan.
"Our key tail risk is China so we want to have protection against such a risk and also in the case of a Donald Trump presidency," Ameli-Renani said, pointing out that much of the Republican presidential candidate's rhetoric had negatively targeted China.
"These countries have not meaningfully priced in a Trump risk, so we think being underweight this region protects us both against China risks and against Trump risks, in addition to not providing any yield," he said.
Correction: This report has been updated to reflect that Abbas Ameli-Renani is a global emerging markets strategist at Amundi.
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—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1