For an idea of how much further the bull run in emerging market bonds can go, take a look at where the world’s biggest money managers are invested.

Global bond funds overseeing $13.7 trillion have been slowly returning to the asset class after they cut holdings to the lowest level since the financial crisis during the 2015 oil crash, according to data from the Institute of International Finance. But their allocations, at about 11%, are still some way off the almost 14% peak reached in 2013.

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