Stocks are edging out bonds as the choice of 2021 in emerging markets. The world’s biggest money managers, from BlackRock to JPMorgan and UBS, are betting the post-pandemic economic recovery will be so swift that it’s no longer necessary to be content with the single-digit yields of developing-nation debt. Equities will offer much higher returns in 2021, they say, in a signal that a decade of underperformance may come to an end. If fund flows are any indication, the rush into equities has already begun. A risk-on shift brought about by Joe Biden’s U.S. election victory and coronavirus vaccine successes has helped exchange-traded funds buying stocks get five times the deposits that bond funds have received in the past six weeks.