Rapid growth of BRIC markets waning, fund managers say

New York

INVESTING in rapidly developing economies is an inherently risky proposition. That is why more than a decade ago, investors embraced what seemed a prudent approach: focusing on the BRIC countries - Brazil, Russia, India and China - which have the largest and most liquid stock markets in the emerging-market world.

Late last year, though, the BRIC strategy hit a wall as a worrisome series of developments unfolded.