Suffice it to say these sorts of things don't happen at tops. Brevan Howard Asset Management is reportedly shuttering its emerging market fund after it lost 15% last year, and fund manager Geraldine Sundstrom is exiting the firm.
Brevan Howard is Europe's largest hedge fund firm, with more than $40B in AUM. Its flagship Master Fund - opened in 2003 - has never had a losing year, but had a lame 2013, up just 2.6%. The emerging markets fund opened in 2007 and has $2B in AUM.
Emerging markets ETFs: EEM, VWO, DEM, EDC, DGS, EDZ, EEMV, SCHE, EEB, EDIV, IEMG, DVYE, EEV, EWX, BIK, BKF, PIE, ADRE, HILO, EUM, FNI, EET, GMM, PXH, EEMS, BBRC, EELV, FEMS, DGRE, EEME, EMDD, BICK, DBEM, EMCR, FEM, EMBB, EWEM, EMLB, EVAL, TLTE, EEHB, EGRW, EMHD, FNDE, EMDG, EMSA, EMDR, EMFT, QEM, QDEM