Emerging markets look cheap - the best value since 2002 on one measure. But investors are hardly rushing to fill their boots with bargains, suggesting the misery of EM managers is set to endure into 2016.

According to Bank of America Merrill Lynch's monthly fund manager survey, which canvassed the opinions of 175 fund managers in December responsible for assets of $517 billion, the 'short' or 'underweight' trade on emerging markets is still near record levels.