Where did the smart money go in April?

The revival in emerging market flows was short-lived, with investors drawing an end to their brief flirtation with the asset class by the end of April. However, there was precious little else to invest in, with almost every other asset class looking expensive. Many investors are sitting on their hands, leaving money in cash and waiting for better opportunities to emerge.  Data from EPFR Global showed emerging market funds continued to take in new money throughout much of April but the pace of inflows started to flag by the end of the month. Emerging equity funds received $420m in t...