Shorter Dave Wilson: Emerging markets have stunk the joint up.
The longer version looks at some of the new ETFs that seek to shore up performance of emerging-market stocks by dropping the BRIC part of EM:
-The four-country BRIC indicator has slipped 15 percent, with Brazilian stocks leading the decline.
-Beyond BRICs index compiled by Indxx LLC has fallen 13 percent for the year. It tracks the decline in the MSCI Emerging Markets Index, (BRICs + 17 other countries).
-Both indexes have dropped about as much as the MSCI BRI Index, also shown in the chart. The four-country indicator has slipped 15 percent, with Brazilian stocks leading the decline.
Note that State Street filed to start an exchange-traded fund known as the SPDR MSCI Beyond BRIC ETF — it would be emerging markets excluding Brazil, Russia, India and China.
Emerging-Stock Drop Thwarts Going Beyond BRICs
Bloomberg,August 30, 2013
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