Economy

Demeter

(85,373 posts)

20. Investors desert BRIC funds due to poor returns, weak economic growth

Sat Nov 14, 2015, 09:28 AM

Nov 2015

http://www.reuters.com/article/2015/11/10/emerging-goldmansachs-bric-idAFL8N1341K120151110

Specialist funds dedicated to the once-vaunted BRIC quartet of emerging markets face a bleak future, as many investors have pulled out due to years of collective underperformance by the bourses of Brazil, Russia, India and China.

The sharp decline in assets is forcing managers to close BRIC funds or radically rethink their strategies for the four largest emerging economies. These include Goldman Sachs, whose then chief economist Jim O'Neill coined the acronym in 2001.

The death knell for the sector may now have sounded as Goldman's asset management arm has rolled its BRIC fund into a broader emerging market product, telling the U.S. Securities and Exchange Commission it did not foresee "significant asset growth" for the fund.

Assets at the nine-year-old fund had plunged to below 200 million euros ($215 million), according to Thomson Reuters fund information service Lipper, from around 1.2 billion euros in its 2010 heyday...

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