Fund manager sentiment on emerging markets is lower than at any point during the last 12 years, according to this month's Bank of America Merrill Lynch survey, thanks to a combination of a collapse in China's growth prospects and record bullishness on the US dollar.

The July edition of the regular report canvassed 178 managers overseeing a combined $482 billion between July 5 and 11, and found that their scepticism on emerging market prospects, which has been worsening for several months, has now hit a new low.