Index provider MSCI has launched a new emerging market index that excludes the ‘Bric’ countries of Brazil, Russia, India and China .
The MSCI EM Beyond BRIC index has been launched following a sustained period of underperformance from the four Bric stock markets, which comprise more than 40 per cent of the MSCI Emerging Markets index, in recent years.
Of the 17 countries in the new index, Korea, South Africa and Taiwan occupy the highest weightings, although MSCI said it will cap the weightings of the bigger markets at 15 per cent of the value of the index.
