Consensus Asset Allocation Spotlight on China Korea and CEEMEA

This J.P. Morgan report reviews emerging market fund positioning as of May 2026, highlighting a shift toward overweighting China+HK and continued interest in Korean markets despite heavy foreign outflows.

Key Takeaways

• 1.Consensus turned net overweight (OW) on China+HK for the first time since March 2025.
• 2.Despite large foreign outflows in Korea, net overweights in Korea marginally increased among EM fund managers.
• 3.Consensus increased exposure in CEEMEA region, with reduced underweights in South Africa, Poland, Turkey, and Saudi Arabia.

Table of Contents

• Consensus Asset Allocation
• Spotlight on China, Korea and CEEMEA
• Equity Macro Research
• EM funds' performance
• Methodology
• Observations
• Emerging Markets
• Emerging Asia
• Latin America
• Emerging Europe, Middle East and Africa
• Korea
• Taiwan
• China
• India
• South Africa
• Saudi Arabia
• Brazil
• Mexico
• Thailand
• Malaysia
• Indonesia
• Philippines
• Turkey
• Poland
• UAE
• Qatar
• Kuwait
• The sample set – 56 funds from 56 groups for performance review

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