Lacklustre stock market performances from economic powerhouses China and Brazil have damped returns for the many investors who poured money this year at a record pace into emerging market funds.
Overall gains from emerging markets have been strong but those funds tracking the so-called Bric countries would have collectively underperformed counterparts focused on western markets.
The FTSE Bric 50 index of leading companies from Brazil, Russia, India and China has returned just 3 per cent in the year to date in dollar terms. This was in spite of strong gains in Russia (up 49 per cent) and India (up 14.8 per cent).
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