The former stock market darlings known as the BRICs (Brazil, Russia, India and China) have fallen on hard times in 2013, as investors have fled them to seek out better returns elsewhere.

Weakening economic conditions as well as political unrest have played a part in the reversals of fortune for the BRICs. In addition, rebounding developed markets have taken away some of the emerging markets' luster.

"I would say the BRICs are going through a period of indigestion or perhaps a bit of a hangover," Sean Darby, chief global equity strategist at Jefferies, told CNNMoney. "Sometimes the quality of growth produced by rapid development means that subsequent periods aren't all that great."

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Stocks in the United States, Japan and Europe have surged this year, while the BRICs have declined as their investment outflows have grown.

The iShares MSCI BRIC exchange-traded fund (ETF), which includes top companies in all four markets, is down 14 percent this year and 27 percent over the past five, according to CNNMoney.

Meanwhile, The Capital Spectator reported U.S. stocks topped the globe in July with a 5.5 percent return, as represented by the Russell 3000. Other developed stock markets, as measured by the iShares MSCI EAFE ETF, returned 5.3 percent for the month, while emerging market stocks posted a slender 1 percent July return, as measured by the iShares MSCI Emerging Market ETF.

GDP growth in China may sink below 7.5% this year as the government tries to implement structural reforms. Brazil, meanwhile, has been beset by political unrest, as the Brazilian real has fallen from favor. Russia's economy had a weak second quarter with slowing investments and exports.

"The BRIC story is over and the BRICS will go into recession," Clem Chambers, CEO of ADVFN.com, told CNBC. "Like all things, there's always a party going on somewhere and the party's going to be in America and as an off-set, in Europe."

The Federal Reserve has also played a role in the BRICs' fall from grace, according to CNNMoney. When Fed Chairman Ben Bernanke said in May that the central bank would cut back on asset purchases, stocks around the world fell 9 percent over the next four week, while emerging markets sank 16 percent.

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