Cover story
6 / 7 would have netted you spectacular returns . Even the worst-performing index , MSCI Russia , is up by more than 450 per cent since November 2001 , and although this is about half the return of China and India , it represents a 150 percentage point gain over the MSCI World . However , the last 10 years have separated the wheat from the chaff . China is the only one of the BRICs that has returned anywhere near the 189.42 per cent made by the MSCI World , while India has made well under half that amount . Brazil fared even worse , only managing to eke out
China is the only one of the BRICs that has returned anywhere near the 189.42 per cent made by the MSCI World
20.57 per cent , but Russia takes the wooden spoon , with a loss of 22.04 per cent .
So , what went wrong ? “ People love a theme , even when the detail makes it more complex ,” says Charles Bond , manager of Invesco Global Emerging Markets . PERFORMANCE OF INDICES SINCE NOV 2001
MSCI Brazil ( 566.01 %) MSCI India ( 913.12 %) MSCI Russia ( 459.55 %)
1,200 % 1,000 % 800 % 600 % 400 % 200 %
0 %
-200 % |
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Dec01 |
Dec03 |
Dec05 |
Dec07 |
Dec09 |
Dec11 |
Dec13 |
Dec15 |
Dec17 |
Dec19 |
Source : FE Analytics
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