GEMs FI & FX Strategy Watch: Asset Manager Tracker – bond underweights ease, but Asia & FX lag

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GEMs FI & FX Strategy Watch: Asset Manager Tracker – bond underweights ease, but Asia & FX lag

Executive Summary

Asia

EM Asia’s benchmark weight (includes China, India, Indonesia, Malaysia and Thailand) fell

in April to 47.18%. In absolute terms, exposure to bond holdings increased marginally

but reduced to Asia FX. In relative terms, tracked funds’ underweight positions in Asian

bonds and Asia FX reduced (Exhibit 2).

Exhibit 2: Asia benchmark weights, bond, and FX exposure Exhibit 3: China: Funds’ exposure to Chinese bonds and FX

Funds’ underweight positions in both Asian bonds and Asia FX fell in Apr-26 Absolute exposure to China bonds increased while exposure to CNY

decreased in Apr-26

60 % Benchmark Weight Bond Holdings

12 % Benchmark weight Bond Holdings FX exposure

FX exposure

45 10

15 4

Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 0

Source: BofA Global Research, Fund factsheets

Note: Asia region includes the countries – China, India, Indonesia, Malaysia, and Thailand Source: BofA Global Research, Fund factsheets

BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH

• China: Benchmark weight continued to be at 10% in April. Funds we track increased

their absolute exposure to Chinese bonds but reduced their exposure to CNY. In

relative terms, underweight positions in bonds fell to 2.8% while increased to 1.44%

in FX when compared to the benchmark (Exhibit 3).

• India: Benchmark weight continued to be at 10% in April. Funds we track reduced

their absolute exposure to both Indian bonds and INR. In relative terms, underweight

positions in both bonds and FX increased to 3.46% and 1.76% respectively (Exhibit

6).

• Indonesia: Benchmark weight decreased to 9.41% in April. Funds we track reduced