Latin America is expected to be the best-performing market over the next 12 months by 14% of European fund managers, compared with 5% last month, according to the monthly survey by Morningstar, the fund rating and research firm.

The survey consists of interviews with 70 fund management groups in Austria, Denmark, Finland, France, Germany, the Netherlands, Italy, Norway, Spain, Sweden, Switzerland and the UK. On average they manage €50bn ($55bn).