UBS Shows Why Russia, Brazil Stock Bulls Must Think Twice
- Markets `most crowded' with foreign fund flows, brokerage says
- UAE, Taiwan, Philippines among least crowded markets
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Russia and Brazil may appear to have the lure of cheap stocks, but calculations by UBS AG show they are already overflowing with foreign money.
The benchmark indexes in these commodity-exporting nations have fallen by more than 50 percent in dollar terms since 2013, prompting investors like Franklin Templeton Investments’ Mark Mobius to search for bargains in Brazilian stocks and Bank of America Corp. to turn bullish on Russia in the past four months.