Commodity-led markets could be at risk in a global slowdown

Concern that emerging markets driven solely by commodities will be most at risk in the event of global slowdown is causing fund managers to steer clear. Julian Pendock, fund manager of European and emerging markets at Bedlam Asset Management, says economies such as Russia and Latin America are most at risk. He is also wary of countries such as Korea and Taiwan as they are largely propelled by companies such as Samsung, which are very reliant on the West. "The really easy money has been made," says Pendock. "For the past few years it has been like shooting fish in a barrel. People need...