Once heralded as the voice for emerging markets, the BRICS group consisting of Brazil, Russia, India, China and South Africa is now plagued by economic and political weaknesses.
Brazil's recent presidential election increased investor doubts about President Rousseff's commitment to overhaul policies that have seen a widening of the county's federal budget deficit.
Russia's sovereign credit rating was recently downgraded by ratings agency Moody's, while its currency slumped to record lows against the greenback amid ongoing incursions in Ukraine and the risk of harsher sanctions from the West.
Read MoreRussia ready to defend ruble as rocky ride continues
Indian stock markets are among the world's best-performing this year, but investors remain cautious about Prime Minister Modi's reforms to reduce subsidies and headline inflation.
China, a country that some critics say should be in a category of its own, is the best-performing in the group, with gross-domestic product growth of over 7 percent a year but still faces a sharp slump in its property market.
Read MoreChina's key inflation gauge remains at 5-year low
South Africa also suffered a sovereign debt rating downgrade from Moody's last month as the economy comes under pressure from energy shortages, unrest at platinum mines and a soaring budget deficit.
Tell us which economy you're most bearish on.
