Where did the smart money go in June?

Last month saw healthy flows into a broad variety of assets, including those apparently exposed to a rise in interest rates, such as emerging markets, property and even parts of the fixed income markets. Could it be that financial markets are moving towards the final stage of a bull run: euphoria? Global fund flows showed a renewed preference for emerging equity and bond markets, and Asia in particular, after improved data on the Chinese economy. The HSBC Flash China Manufacturing PMI hit a seven month high in June, which prompted a return to Asia ex Japan funds. In the week to 25 June, ...