Where did the smart money go in March?

It appeared investors had finally made their peace with emerging market funds by the end of the month, as selling tailed off. However, there was no particular enthusiasm for equities generally, as investors also began to pull money away from major developed markets, in recognition that many areas now look fully valued. Bonds drew little interest either. Investors now face the dilemma that, with equities and bonds now nearing the end of five- and ten-year bull markets respectively, there are relatively few places left to invest. The severe outflows from emerging market equity funds ...