Why Russia is the only attractive BRIC country

BRIC BASHING

Ignis' James Smith explains why he prefers Eastern Europe and other emerging markets to the more vaunted BRICs.

We are currently underweight all the BRICs except Russia. In our view, China is still not good value even if it is less overbought. Our key underweights are as follows: India We have little exposure to India. India was very overblown at the end of 2010 and the market was too bullish - multiples were simply too expensive. Although the market has since sold off, Indian stocks are hardly cheap and the country still faces big inflation problems, although the tightening cycle is now in train. The big question is: can India tighten without hitting its economic growth? The jury is still out on...