A feature of markets in recent weeks has been the relatively better performance of emerging market assets, as investors adjust to the possibility of US rates rising at a slower pace than previously advertised, while China's economy re-opens.
A peek at our database indicates the allocators we cover are yet to try to catch a wave on this rising tide, with the average exposure in balanced portfolios being 4.2 per cent at the end of September, as compared with 4.5 per cent at the end of June.
The allocator with the largest exposure to emerging market equity funds is You Asset Management, at 9.8 per cent, followed by Handelsbanken at just over 8 per cent.
The Evelyn Partners Core MPS portfolios have a paltry 2.47 per cent allocated there, and Brooks Macdonald has 3 per cent.
Those figures deliberately exclude Asia equity funds, which have their own category. The DFM with the largest exposure to that part of the market is Liontrust at 10.1 per cent.
If 2023 really does bring into sight the fabled Fed "pivot" it could be that emerging markets roar back into favour, though trying to align with such macro concerns in such an uncertain climate could be a fool's errand.