The Brics concept, formulated around Brazil, Russia, India, and China as the leaders of emerging markets, is officially old hat. The Ticks, the new group taking over their place, consists of Tawain and South Korea instead of Brazil and Russia.
The shift in focus on the latter countries is due to the changing nature of emerging markets favoring services, in particular technology, over physical goods, especially commodities.
Several leading emerging market equity firms are investing a larger portion of their funds in technology firms because of the leapfrogging of technology going on in countries like China.
Read more at the World Economic Forum.