Philip Fielding, fixed income portfolio manager at Fidelity International: Affected by this year's El Niño phenomenon, Asia and Latin America may be the first to be affected by hotter and drier weather, and agricultural production is at risk of production cuts. The company remains optimistic about return opportunities in emerging markets, but has reduced interest rate exposure in Latin America and moved to less affected countries.

Philip Fielding, fixed income portfolio manager at Fidelity International: Affected by this year's El Niño phenomenon, Asia and Latin America may be the first to be affected by hotter and drier weather, and agricultural production is at risk of production cuts. The company remains optimistic about return opportunities in emerging markets, but has reduced interest rate exposure in Latin America and moved to less affected countries.