"Last year, Goldman Sachs, major U.S.-based investment firm, closed its BRIC fund after assets dwindled to $100 million, from a peak of more than $800 million at the end of 2010," the newspaper recalls.
The downturn in the Brazilian and Russian economies stops BRIC from being the main driver of growth in emerging markets.
"BRIC is not the engine of emerging market growth it was. There is a new order of things," Steven Holden, founder of Copley Fund Research, says.
According to Copley's data, the average emerging market equity fund now has a near-54 percent weighting to the TICKS, up from 40 percent in April 2013. 63 percent of such funds have at least 50 percent of their assets invested in the TICKS, while only 10 percent have such high exposure to the BRICS.