Economics
BRIC Bear Market Not Cheap Enough for Charles de Vaulx’s IVA
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The MSCI BRIC Index’s slide into a bear market has left equities in the biggest emerging economies trading at the lowest levels since 2009 versus global shares.
That’s still not cheap enough for Charles de Vaulx to add a single stock from Brazil, Russia, India or China to his $9.7 billion IVA Worldwide Fund, which beat MSCI’s global gauge by 29 percentage points since its inception in 2008. He’s waiting for further declines of 10 percent to 20 percent before buying.