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Reading 48: Dreaming With BRIC....he Path to 2050-LOS e

CFA Institute Area 3-5, 7, 12, 14-18: Portfolio Management
Session 17: Portfolio Management in a Global Context
Reading 48: Dreaming With BRICs: The Path to 2050
LOS e: Evaluate the investment rationale for allocating part of a well-diversified portfolio to emerging markets in countries with above average economic potential.

From the discussion of BRIC country prospects, which of the following best represents the conclusion drawn about their attractiveness as an investment? BRIC country stocks are:

A)not an attractive addition to a portfolio because their risk does not justify their return.
B)not an attractive addition to a portfolio because their currencies are expected to depreciate.
C)
an attractive addition to a portfolio because their stronger economic growth may result in higher stock returns.
D)an attractive addition to a portfolio even though their currencies are expected to depreciate.


Answer and Explanation

The stronger economic growth for emerging markets may result in higher stock returns. Furthermore, their currencies should strengthen in value.

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From the discussion of BRIC country prospects, which of the following best represents the forecast regarding their attractiveness as an investment? BRIC country stocks are:

A)
an attractive investment in part because higher currency values will strengthen the return from them.
B)not an attractive investment in part because high inflation will detract from their returns.
C)not an attractive investment in part because structural problems will detract from their returns.
D)an attractive investment in part because developed country baby boomers will turn to them as alternative investments.


Answer and Explanation

The stronger economic growth for emerging markets may result in higher stock returns. Furthermore, the increased growth in these markets will increase the demand for capital, which should strengthen their currency values. Although developed country baby boomers may turn to them as alternative investments, this is not mentioned in the review.

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Which of the following best characterizes the future investment environment in BRIC countries? BRIC country stock markets will be characterized by currency:

A)depreciation and increased market capitalization.
B)depreciation and decreased market capitalization.
C)appreciation and decreased market capitalization.
D)
appreciation and increased market capitalization.


Answer and Explanation

The increased growth in emerging markets will increase the demand for capital, which should strengthen their currency values. As a result, the market capitalization of these markets will increase, justifying their representation in a well-diversified portfolio.

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thanks.

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