The general concept is that financial professionals are lack of imagination. Indeed, it`s hard to imagine a situation where EM equity outperforms the developed markets while the indices go flat globally but we have to keep an open mind. To back it up, recent surveys show massive (multi year low levels) hatred and underweight in commodities and EM equities providing a solid contrarian trade opportunity. On the other hand, retail investors (usually the late arrivals) are rotating from fixed income to equities (largely into US markets). Up for debate.