The Principal Global Investors/CREATE-Research Not All Emerging Markets Are Created Equal report, released today, collates data drawn from 704 pension plans, sovereign wealth funds, pension consultants, asset managers and fund distributors in 30 countries.
The report found that despite the recent poor performance of emerging markets, investors have not "lost faith" with the asset class.
"However, they are becoming more discerning as emerging markets are increasingly considered a tactical investment opportunity," said a Principal Global Investors statement.
"Emerging markets are no longer seen as a homogenous group and only those countries embracing a reform agenda are likely to continue to converge with the west, both structurally and financially," said the statement.
CREATE-Research chief executive and author of the report Professor Amin Rajan said that by way of example, 35 per cent of respondents said that China would "deliver real growth over the next three years" – whereas only 15 per cent thought Brazil would do the same.
But neither emerging or developed markets are likely to return to "full health" until some of the root causes of global weakness are addressed, said Mr Rajan.
"Reducing debt, strengthening public finances, promoting growth and boosting competitiveness are challenges that governments across the globe must all find ways of meeting," he said.
Principal Global Investors chief executive Grant Forster said some of the previous strong returns from emerging markets were "clearly more about quantitative easing than they were the inherent strength of the economies in question".
"Now that tapering has begun, the cracks are starting to appear in some economies," said Mr Forster.
"Countries which continue to backslide on reforms and are struggling under the weight of massive trade and budget deficits are unlikely to perform, looking forward," he said.
Despite the use of "catchy acronyms" like 'BRICs' (Brazil, Russia, India and China), emerging markets are unlikely to move in lockstep in the future, he added.
"These acronyms were more marketing driven than investment driven and highlight the inherent dangers of oversimplifying opportunities in complex and less developed economies and markets," said Mr Forster.
"These markets contain diverse economies and societies – they do not move in lockstep over the medium term," he said.
