Oil rout leaves investors with outdated portfolios

Istanbul

THE rapid slide in oil prices has left many money managers overseeing outdated portfolios and missing emerging opportunities from Turkey to India and Indonesia, according to BlackRock Inc's Sam Vecht.

Even as crude's 36 per cent plunge in less than six months eases the energy costs of importing countries and leaves scope for more consumer spending, investors haven't been quick enough to churn their holdings, said Mr Vecht, who oversees several emerging Europe funds in London. The lag is pronounced in Europe where managers have yet to appreciate the boost from cheaper fuel on segments such as industrial-goods makers and consumer- product companies, he said.