(CNBC) Hedge funds needed a profitable trade, and they just may have found it.
Managers in the nearly $3 trillion industry love emerging markets, a group that had been lagging well behind other areas but recently has shown strong returns. The sector pulled in $1.2 billion in net long positions over the past month, according to Bank of America Merrill Lynch. That put total net longs to $15 billion for asset managers, the most bullish position going back to at least October 2009, which is as far back as BofAML records go.
