The Brics are dead. Long live the Ticks. A belief that Brazil, Russia, India and China would power a wave of emerging market-led economic growth gripped the firmament for more than a decade after the term Brics was conjured up by Jim O’Neill in 2001, when he was chief economist at Goldman Sachs.
But recessions in Brazil and Russia have dealt such a blow to faith in the hypothesis that late last year Goldman closed its Bric fund .
EM fund managers, however, have stumbled on a potential replacement — the Ticks, with tech-heavy Taiwan and (South) Korea elbowing aside commodity-centric Brazil and Russia to join China and India.
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