Are the 'N-11' more solid than the Brics?

Life has been tough for the Brics lately. Now fund managers are turning their attention to the 'N-11' - the next 11 emerging economies that they believe will drive future world growth.

It seems the era of the Brics (Brazil, Russia, India and China) is coming to an end. The acronym has been a handy marketing tool for selling emerging-market funds since it was coined by Jim O'Neill of Goldman Sachs back in 2001. But since the start of the financial crisis in 2008, life has been a lot tougher for the highest-profile emerging markets.

China has failed to outperform the MSCI Emerging Markets Index, says Emma Wall in The Sunday Telegraph. Brazil has underperformed too, over the past four years, by 20%. Indeed, in the first half of 2012, "beleaguered" European stocks actually beat the MSCI Brazil index. With more and more analysts finally accepting that China's phenomenal growth days are behind it for now at least and that a hard landing lies ahead, fund managers are trying to find fresh emerging markets to pitch.

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Piper Terrett is a financial journalist and author. Piper graduated from Newnham College, Cambridge, in 1997 and worked for Germaine Greer and for Adam Faith’s Money Channel before embarking on a career in business journalism. 

She has worked for most top financial titles, including Investors Chronicle, Shares magazine, Yahoo! Finance and MSN Money. She lectures part-time at London Metropolitan University and is the author of four books.