Capital flees Goldman's Next 11 markets
One strategist says it illustrates the dangers of grouping so many disparate countries into a single investment theme
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New York
THIS time last year, it looked like Goldman Sachs Group's selection of emerging market up-and-comers was ready to fill the void left by shrinking investment returns in Brazil, Russia, India and China.
Share prices in these "Next 11" countries - places like the Philippines, Turkey and Mexico - were trading at all-time highs as foreign investors flooded their markets with cash. Inflows into Goldman Sachs's US-domiciled Next 11 equity fund sent assets under management to twice the level of the firm's BRICs counterpart.
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