DAY TWO, 12:30-13:45
The BRIC markets enjoy a relatively strong macroeconomic framework, low penetration levels, and high growth, and are widely thought to be the most attractive asset class at present. However, the asset class has already enjoyed significant outperformance, is a clear consensus trade, and already trades at a premium to developed markets. Moreover, corporate governance and political risks still seem higher, and many investors worry that the story has overrun. There are two key questions to ask – can BRIC’s outperformance continue? And is Russia a legitimate part of this story?