Investors are so convinced that 2014 will continue to be theopposite of 2013 that they're piling back into emerging-marketswagers that were among last year's biggest losers.

Buyers plowed $273.8 million two days ago into the biggestexchange-traded fund (ETF) focused on emerging-market debt, itslargest one-day inflow ever, according to data compiled byBloomberg. They're also demanding about the least extra yield in ayear to own the debt of developing nations instead of benchmarksecurities.

So far, it's paying off. Bonds of countries from Turkey to Argentina are beating U.S. corporate notes and stocks withabout 8 percent returns this year, according to JPMorgan Chase& Co. emerging-market bond index data.

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