(Bloomberg) Emerging-market investors are turning more selective as last year’s everything rally splinters under the weight of higher inflation expectations.Exposure to U.S. growth and the impact from higher commodity prices are some of the criteria used by money managers from JPMorgan Asset Management to State Street Corp. Mexico, South Africa and Taiwan rank among the top choices as firms pare back their bullish bets for developing-nation assets, according to recent surveys.“There is still meaningful scope to generate returns within EM as long as investors are able to differentiate,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong.Investor enthusiasm toward emerging-market assets has waned this year as Covid-19 infections engulf nations from India to Brazil while Treasury yields push higher amid rising price pressures. The MSCI Emerging Markets Index has slid almost 10% since its mid-February high and the Bloomberg Barclays