Fourteen years after coining a term that came to define emerging-market investing, Goldman Sachs has ditched the BRICs.
The firm is merging its BRIC fund — which invests in Brazil, Russia, India, and China — with a broader emerging-markets fund, according to a September SEC filing first reported by Bloomberg.
“Over last decade emerging market investing has evolved from being tactical and opportunistic to being a strategic part of most asset allocations,” Goldman Sachs spokesperson Andrew Williams told Business Insider.
“We continue to recommend that our clients have exposure to emerging markets across asset classes as part of their strategic asset allocation.”
