Having suggested last week that the Bric acronym may be losing its purpose, Goldman Sachs is busy promoting a successor, N-11.
Goldman’s N-11 Equity Portfolio is aimed at investing in the 11 countries identified as the next markets worth following after the Brics. But it comes with a twist – it will actually invest only in 10. Number 11 is Iran.
Mindful of US sanctions on investing in Iran, the fund will not be putting any money directly into Iran. Goldman said that for investors Iran was “a restricted country”. But the fund can invest in companies in other countries, for example the UK, with exposure to Iran.
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