Funds leaning to one side of boat may be opportunity in commodities and EM


Discretionary stocks (XLY), the U.K. (EWU), and the Eurozone (EZU, VGK) have the highest weighting relative to historical norms in global fund managers' portfolios, according to BAML's quant strategy group.

The lowest weighting: Commodities (DBC), Emerging Markets (EEM), Energy (XLE), and Materials (XLB).

"It's shocking how hated emerging market equities and commodities have become. Contrarians take note...," writes Josh Brown.

Eurozone ETFs: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU.

Broad commodity ETFs: DJP, GSP, LSC, RJI, GSC, GCC, GSG, DBC, DPU, DJCI, UCI, USCI, DYY, UCD, DEE, CMD, DDP, RGRC, CTF, CFD CSCR, CSCB.

Emerging markets: EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.

Energy: IEO, IEZ, IYE, PXE, PXI, XES, XLE, XOP, VDE, RYE, FXN, OIH, PXJ, PSCE, ERX, DIG, ERY, DUG, DDG, IXC, IOIL, AXEN, IPW, GNAT, FILL.

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