A Goldman Sachs fund focusing on the N-11 economies – or the "Next 11" developing markets outside of Brazil, Russia, India and China – fell 6.2% during its first month since launching on January 26, one day after Egyptian protesters took to the streets in mass protests.

The fund, which invests in Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam, fell in its first month but rebounded a little and is now down 4.2% since its launch, according to Bloomberg data.