Sovereign bonds issued by South Africa, China, Indonesia, India and Croatia topped the rankings.
Bonds have seen net inflows for 11 straight months, the longest streak going back to early 2018.
Deutsche Bank Wealth Management analysts are beginning to favor value stocks and Asian equities.
Rising tensions between the U.S. and Iran are roiling emerging markets stocks.
Easing trade tensions provide some relief amid a avalanche of bad news for emerging markets.
Emerging market investors are pessimistic about the prospects for U.S.-China trade talks.
Global bond markets may be pricing in too much quantitative easing.
After a poor first 10 months of 2018, many analysts think emerging markets will perform better in 2019.
Companies that survived from the long period of cheap money are going to be squeezed, he said.
The prospect of a protracted U.S./China trade war only added to the sector's difficulties.