The big story in emerging markets over the past decade has been the BRIC countries: Brazil, Russia, India and China. But their economies have been slowing down in the past couple of years, and since May, Brazil and China's stock markets are both down by double digits. The MSCI Emerging Markets Index is down 9 percent since then.
Investors have certainly noticed the turmoil affecting the BRICs. In the eight weeks that ended last Friday, more than $40 billion has been pulled out of emerging market stock and bond funds by nervous investors.
If the BRICs are starting to fade, what countries might replace them? One place to look would be South East Asia. That area of the MSCI Emerging Markets Index - including such countries as Malaysia and the Philippines - has bucked recent trends, rising 8.4 percent over the past year.
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