The practice of contrarian investing has been addressed here before. To this end, contrarians will love the latest survey of institutional investors by Bank of America-Merrill Lynch.

Investors are the most bullish on equities—a net 67% of poll respondents are overweight the asset class—since the survey began in 2001. At the same time, their allocation to emerging markets has plunged, with a net 5% of fund managers overweight in February, down from 43% in January. The swing in sentiment towards America and Europe is not as pronounced, but still significant. Encouraged by such decisive shifts in investing attitudes, contrarians will now pile into bonds from emerging markets.