Amid declining oil prices and serious questions on the sustainability of China’s economic growth, financial professionals are feeling lukewarm about investing in emerging markets.

The Emerging Markets Investor Sentiment Survey, a quarterly poll of asset managers and advisors by New York-based investment manager Emerging Global Advisors, found that investors were neutral toward emerging markets in the fourth quarter of 2015.

The Investor Sentiment Survey Score, amalgamated from poll results, declined 10 percent from 550 in the third quarter of 2015 to 495 in the fourth quarter.

Overall, 47 percent of respondents reported a neutral outlook on emerging-market equities, with the remainder split evenly between a negative and positive outlook.

When asked about their plans for 2016, 59 percent of advisors and managers said they would not change their clients’ emerging-markets allocations, 33 percent said they would increase the allocations, and 8 percent said they would decrease the allocations.

Emerging Global Advisors believes that investors in general are underweighted in emerging markets, with one-third of respondents reporting that they currently have between 5 percent and 10 percent of their equity allocation in emerging markets, and another 29 percent of respondents reporting that they have just 1 percent to 5 percent of their portfolio allocated to emerging markets.

About one-quarter of respondents, 26 percent, said they have allocated more than 10 percent of their equity investments to emerging markets.

Year over year, half of respondents, 49 percent, said their current emerging-market allocation is about the same as it was in December 2015, while 37 percent said it was lower. The advisors and managers most often cited changes in valuations and commodity prices as triggers for changing their emerging market allocations.

The survey included 100 asset managers and advisors, and was conducted between Dec. 1 and Dec. 31, 2015.