Countries with small market caps are not enough for Franklin Templeton's Mark Mobius, now he is looking for emerging companies in emerging markets. The Wall Street Journal focused on the BRIC fund the San Mateo, California-based fund firm rolled out in June as the subject of a friendly profile.

BRIC funds invest in the largest emerging markets Brazil, Russia, India and China. That is also where they get their name (of course).

According to the paper, Mobius started the fund in response to the large number of stocks he found in those markets' bargain bins. "There were so many companies we were overlooking that are cheap," he told the paper. Unfortunately for the funds he already managed, the majority of those stocks fall into the small cap catagory.

The fund was seeded with $10 million of assets and invested in about 50 stocks.  

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