MINT is the New BRIC

Assets under management in BRIC funds fell to 9 billion euros at the end of last year from 21 billion at the end of 2010, according to Lipper data, while assets under management in broader emerging equity funds have grown in that time.

Goldman Sachs’s own BRIC fund has lost 20 percent in value over the past three years.

Undaunted, O’Neill has coined a new acronym. In a series on BBC radio this month, he championed the MINT group – Mexico, Indonesia, Nigeria, Turkey – as the next giants after the BRICs. O’Neill stresses that MINT – like BRIC before – is an economic, not an investment, concept and his programs explored each country’s problems as well as its potential.

Nevertheless, the appeal of acronym investment is fading. Fund managers say such groupings do not take into account different stages of development of the countries involved and risk sidelining other promising markets. The groupings have also frequently suffered from disappointing performances of their listed companies, the main target of foreign investors.

via Reuters

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