London

INVESTORS are rethinking their exposure to emerging markets, focusing on countries likely to weather lean times with manufacturing exports to the United States while avoiding those that have thrived on sending commodities to a now slowing China.

After the financial crisis erupted in 2008, emerging markets drew in huge amounts of capital as investors fled ultra-low interest rates brought in to fend off recession in the United States, while commodity and energy exporters prospered from booming demand from China.