HSBC's Douglas Helfer, manager of the £240m GIF Russia Equity fund, has boosted his overweight position in energy since the start of the year, funded by profit-taking in materials.
Investors in the top 10 hedge funds reaped returns of $28bn (£17.2bn) in the second half of last year alone, according to new data.
The soaring price of West Texas Intermediate (WTI) oil is set to hit $90 dollars a barrel this year, adding 20% to the earnings forecasts of Russian oil producers, says HSBC.
Guy de Blonay has turned over 20% of the £900m Jupiter Financial Opportunities fund, selling out of major Chinese banks and buying into US financials.
The Indian equity market has fallen 18% and seen a $1.5bn outflow of foreign investment since the start of the year as inflation fears drive investors back to developed markets.
HSBC Global Asset Management has launched two emerging market debt funds for its latest hire Guillermo Osses, head of GEM portfolio management.
Fears of a double-dip recession appear to have receded after the high street enjoyed surprisingly robust trading last month, boosted by continued hefty discounting and catch-up shopping after December's snow.
ON EMERGING MARKETS
PIMCO's Guillermo Osses has joined HSBC Global Asset Management as head of emerging markets debt portfolio management.