Castlestone eyes Bric-like impact with 'Next 11' fund

Castlestone Management is launching a global emerging markets fund investing in the ‘Next 11' developing countries of increasing importance outside the established Bric states.

Coined by Goldman Sachs, the architects of the Bric model, the Next 11 concept encompasses a diverse mix of global emerging market countries - from the well researched economies of South Korea and Turkey, to the less popular such as Iran. South Korea is the most developed of the Next 11, with 40% of the group's combined market capitalisation. However, as the country has become more established since Goldman came up with the concept in 2001, Castlestone only plans to hold 10% of its Next 11 Emerging Markets fund in South Korea. About 65% of the portfolio will come from the core countri...