They would be as one of their emerging market funds shows a -7.89% return YTD.

Pimcos El-Erian says there are isolated pockets of value in emerging markets.

Emerging market stocks have staged a small bounce from the lows last month but currencies are still under the cosh and the bounces are looking like that of the dead cat variety.

The Indian ruppee is still very much under pressure.

USD/INR 04 09 2013