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Main » 2015 » November » 9 » Goldman Sachs closed Fund BRICS
Goldman Sachs closed Fund BRICS

According to Bloomberg Goldman Sachs, the Fund ceased to exist BRICS to invest in Russia, China, India and Brazil. In the financial companies believe that in the near future expect growth in the fund is not necessary. The fund is now included in the BRICS Fund to support developing markets. Income Fund over the past five years, decreased by 21%, and assets compared with the peak period of 2010 decreased from $ 842 to $ 98 million, ie 88%.




The term BRIC (BRIC) was coined by Goldman Sachs analyst Jim O'Neill. It consists of the first letters of the four countries, which proposes to invest. Later letter abbreviation added S, which meant South Africa.

In our view, the idea of ​​closing the fund, to put it mildly, controversial. Indeed, the prospects for emerging markets now look not very optimistic. Russia under sanctions, the growth rate of China's economy has slowed in Brazil, a number of high-profile corruption scandals. But the main thing, of course, it's inevitable the Fed rate hike, which would lead to the strengthening of the dollar and the fall in emerging markets and commodities. Do not forget that the US is primarily interested in capital inflows to their stock markets. It is necessary to refinance their sovereign debt and positive long-term dynamics of stock indices. From the dynamics of the stock market is largely dependent on the confidence of American consumers and thus domestic demand.

But do not forget that American companies and citizens strongly zakreditovany. Accordingly, the increase in the Fed rate will be slow and gradual. In the long term, the BRICS countries will show better dynamics macroindicators than the country G7. China will become the largest economy in the world, by far surpassing the United States. Of course growth will sooner or later be reflected in the growth of capitalization.

As for Russia, the Russian chips - a separate, and possibly a very attractive story. RTS dollar index is now about 850 points, the historical maximum of 2500. The reasons for low capitalization of Russian companies known - the economic downturn, greater than 4%, falling oil prices and sanctions. However, the Russian economy has shown signs of recovery, after all sanctions and cheap oil will not last forever. Sooner or later, the Russian stock market realize its potential, the question, of course, in the timing.

Perhaps the wait is not very long. If, as we expect oil next year will return to levels close to $ 100 a barrel, and sanctions will be eased, the Russian stock market is waiting for growth. In percentage terms it will be comparable to the rise in prices for "black gold".

A source


Analysis Alpari


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