Where did the smart money go in February?

February saw emerging markets hit once again. As Russia moved into the Ukraine and contagion began to hit other markets, there were no signs of investors taking advantage of lower valuations. Where investors were willing to commit money, they stuck to safer havens, such as the UK. That said, there were signs investors were redeploying some of their risk budgets towards European equities, which benefited from being the ‘least bad’ option. The first two weeks of February saw some of the most significant selling pressure on emerging markets. Data from EPFR Global for the week to 5 Februa...