Strong inflows of more than £150m in Q1 this year has pushed the two-year-old Allianz RCM BRIC Stars fund through the £500m AUM barrier.
Managed by Michael Konstantinov, the £513m fund has returned 94.8% since its February 2006 launch, beating both the MSCI World index and the MSCI BRIC index.
The fund predominantly invests in the Brazilian, Russian, Indian and Chinese equity markets, but can put up to one third of its assets outside the BRIC countries.
Allianz Global Investors has moved into the UK top ten for net sales on the back of the BRIC success.
“Investors are increasingly looking to add diversity to their portfolios and take advantage of the strong performance of the BRIC economies which are starting to drive the global economy,” Konstantinov says.
“A number of the drivers behind the growth of the BRIC markets, such as domestic consumption, changing demographics and infrastructure are all long term in nature and remain fairly unaffected by the downturn in the US.
“I believe that we will see strong performance from these regions in the second half of the year, underpinned by strong domestic demand in these economies.”IFAonline
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