BRICS losing their shine with emergence of tech-heavy TICKs

High tech workers TaiwanEmerging market fund managers have come across a new acronym to excite them now that the deepening recessions in the commodity-dependent Brazil and Russia have taken the shine off the BRICS grouping – TICKS, which groups China and India together with the tech-centric economies of Taiwan and South Korea. 
“BRIC is not the engine of emerging market growth it was. There is a new order of things,” says Steven Holden, founder of Copley Fund Research, which tracks 120 emerging market (EM) equity funds with combined assets of $230bn. “Tech is just rampant and the consumer is what you are investing in EMs now. I don’t think many people are aware of the new EM story as much as they should be. They think of Brazil, Russia, materials, big energy companies. That has changed hugely.”

Source: FT