GLOBAL - Goldman Sachs Asset Management has launched a long-only equity fund comprising 11 emerging markets to give investors the chance to capitalise on future growth economies.
The Goldman Sachs N-11 Equity Portfolio includes the group of countries GSAM has dubbed the "Next 11" - Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam - which it believes could drive economic growth in the next decade.
GSAM chairman Jim O'Neill said: "It's been just over five years since the N-11 concept was established and it remains a long-term strategic investment proposition. Whilst the N-11 are a diverse group of countries, what binds them together is their large populations, superior growth potential and strong domestic consumption story."
The fund will invest in equity securities of N-11 companies and will be benchmarked against the current GDP of the 11 countries in which the portfolio invests.
GSAM said the N-11 already accounted for 19% of the world's population and could potentially follow the BRIC economies - Brazil, Russia, India and China - in having a major impact on the world.
The fund will be available in Austria, Finland, France, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden and the UK.
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