9:14 AM » BRIC Decade Ends With Record Fund Outflows
In the past decade, mutual funds poured almost $70 billion into , Russia, India and , stocks more than quadrupled gains in the Standard & Poor's 500 Index and the economies grew four times faster than America's. Now , which coined the term BRIC, says the best is over for the largest emerging markets. BRIC funds recorded $15 billion of outflows this year as the MSCI BRIC Index sank 24 percent, EPFR Global data show. The gauge, which beat the S&P 500 by 390 percentage points from November 2001 through September 2010, has trailed the measure for five straight quarters, the longest stretch since Goldman Sachs forecast the countries would join the U.S. and Japan as the top economies by 2050. "In emerging markets, we're waiting for things to get worse before they get better," said , the chairman of Marketfield Asset Management in who predicted in February that developing-nation stocks would fall this year. The $845 million Marketfield has topped 97 percent of peers in 2011, data compiled by Bloomberg show.