Investor allocations to emerging market equities have fallen to their lowest level since December 2008, in a marked shift in sentiment from earlier this year.

Fund managers have turned increasingly sour on emerging markets over the last four months, according to Bank of America Merrill Lynch's latest fund manager survey. Their exposure to emerging market equities fell to a net 9% underweight position in June relative to their exposure to the rest of the world. That compares with a 43% overweight position in February.