The dreaded fiscal cliff should it come to pass could have an adverse impact on myriad asset classes. From dividend stocks to high-yield bonds to select commodities riskier assets of all stripes could come under pressure if U.S. policymakers cannot avert the GDP-draining fiscal cliff. One of investors' favored asset classes of 2012 emerging markets denominated in local currencies could feel a pinch too. However in the eyes of one portfolio manager any damage induced by the fiscal cliff on emerging market bonds may not be severe as some are predicting. In years past capital allocated to emerging markets ...