Kiplinger\'s Personal Finance 03.2020

03/2020 KIPLINGER’S PERSONAL FINANCE 29

After a dismal 2018, small foreign companies
rebounded in 2019, and many funds that focus
on this category posted solid double-digit
gains. The managers at AMG TimesSquare
International Small Cap, a Kip 25 member,
favor best-in-class small firms in developed
countries with a sustainable competitive
edge. The fund has outpaced its peers in all
but one calendar year since 2014, its first full
year after launching in 2013. It has sizable bets
in Japan, France and the U.K. Grandeur Peak
International Stalwarts invests in small-to-
midsize companies with increasing revenues,
stable profit margins and healthy balance
sheets. The U.K., Japan and China/Hong Kong
are the fund’s biggest country exposures, and
the portfolio’s 98 stocks have an average
market value of nearly $5 billion.

Funds in this category invest in a mix of U.S.
and foreign stocks, so they have fared better
than funds focused only on foreign stocks in
recent years. Baron Global Advantage was
tops in 2019, but it’s a winner over the past
three and five years, too. (The fund isn’t old
enough for a 10-year record). A hefty 25%
stake in emerging-markets stocks sets Global
Advantage apart from other global funds,
which typically hold 9%. T. Rowe Price Global
Stock has been a consistent performer and
boasts a below-average expense ratio of
0.82%. Manager David Eiswert isn’t wholly
responsible for the fund’s 10-year record,
because he has only been in place since late

2012. But from 2013 through 2019, he has out-
      paced his peers in every calendar year.

SMALL- AND MIDSIZE-

COMPANY FOREIGN
STOCK FUNDS

Up off the mat.

GLOBAL STOCK FUNDS

Best of both worlds.

1. Segall Bryant & Hamill Fdml Int'lSmCpRet 39.4%


2. Artisan International Small-Mid Inv 32.3


3. Royce International Premier Inv 31.3


4. William Blair International Sm Cap Gr N* 31.1


5. Wasatch International Opps Inv* 29.7


6. Grandeur Peak Intl Stalwarts Inv 28.3


7. Federated International Small-Mid Co A 27.2


8. Wasatch International Growth Inv* 27.0


9. AMG TimesSquare International SmallCap N 27.0


10. Driehaus International Small Cap Growth 26.9
    CATEGORY AVERAGE 15.5%


11. Baron Global Advantage Retail 45.1%


12. Artisan Global Discovery Inv 42.6


13. ALPS/Red Rocks Listed Private Equity Inv 40.0


14. AMG TimesSquare Global Small Cap N 37.6


15. Mundoval Fund 37.2


16. New Alternatives Inv 36.7


17. Columbia Select Global Growth A 36.6


18. American Century Focused Global Gr Inv 36.1


19. Artisan Global Opportunities Inv 35.6


20. MFS Global Growth A 35.3
    CATEGORY AVERAGE 23.4%


21. Royce International Premier Inv 14.3%


22. Virtus KAR International Small-Cap A 12.9


23. Invesco Oppenheimer Intl Sml-Mid Com A* 12.7


24. Fidelity International Small Cap Opp* 11.0


25. Wasatch International Opps Inv* 10.8


26. Driehaus International Small Cap Growth 10.4


27. T. Rowe Price International Discovery* 10.1


28. Fidelity International Small Cap 9.7


29. DFA International Small Cap Growth 9.7


30. AMG TimesSquare International SmallCap N 9.6
    CATEGORY AVERAGE 5.6%


31. Morgan Stanley Inst Global Opp A 17.6%


32. Baron Global Advantage Retail 15.2


33. Invesco Oppenheimer Global Opports A 15.0


34. Polen Global Growth Inv 14.6


35. T. Rowe Price Global Stock 14.2


36. PGIM Jennison Global Opportunities A 14.2


37. Virtus SGA Global Growth A 13.8


38. WCM Focused Global Growth Inv 13.5


39. Artisan Global Opportunities Inv 12.8


40. Morgan Stanley Inst Global Advtg A 12.4
    CATEGORY AVERAGE 7.1%


41. Brown Capital Mgmt Intl Sm Co Inv 18.4%


42. Royce International Premier Inv 17.7


43. Invesco Oppenheimer Intl Sml-Mid Com A* 15.2


44. Driehaus International Small Cap Growth 14.8


45. Virtus KAR International Small-Cap A 14.1


46. Artisan International Small-Mid Inv 14.1


47. Fidelity International Small Cap Opp* 14.1


48. Segall Bryant & Hamill Fdml Int'lSmCpRet 13.6


49. Grandeur Peak Intl Stalwarts Inv 13.4


50. Aberdeen International Small Cp A 13.3
    CATEGORY AVERAGE 8.0%


51. Baron Global Advantage Retail 27.8%


52. Morgan Stanley Inst Global Opp A 23.7


53. Polen Global Growth Inv 21.9


54. PGIM Jennison Global Opportunities A 21.9


55. Harbor Global Leaders Inv 21.7


56. Columbia Select Global Equity A 20.7


57. Brown Advisory Global Leaders Inv 20.5


58. Morgan Stanley Inst Global Advtg A 20.2


59. T. Rowe Price Global Stock 19.6


60. Marsico Global 19.4
    CATEGORY AVERAGE 10.8%


61. Invesco Oppenheimer Intl Sml-Mid Com A* 12.7%


62. Oberweis International Opportunities 11.5


63. Wasatch International Opps Inv* 10.7


64. Fidelity International Small Cap Opp* 10.5


65. Wasatch International Growth Inv* 10.5


66. Aberdeen International Small Cp A 10.3


67. Victory Trivalent International Sm-Cp A 9.8


68. T. Rowe Price International Discovery* 9.5


69. Fidelity International Small Cap 9.4


70. Driehaus International Small Cap Growth 9.2
    CATEGORY AVERAGE 7.5%


71. Morgan Stanley Inst Global Opports A 16.4%


72. Artisan Global Opportunities Inv 13.7


73. Harbor Global Leaders Investor 12.7


74. Morgan Stanley Inst Global Franchise A 12.3


75. T. Rowe Price Global Stock 12.2


76. ALPS/Red Rocks Listed Private Equity Inv 12.1


77. Marsico Global 12.0


78. Seven Canyons World Innovators Inv 11.9


79. Invesco Oppenheimer Global Opports A 11.9


80. Virtus Vontobel Global Opportunities A 11.8
    CATEGORY AVERAGE 8.1%

1 YEAR

1 YEAR

5 YEARS

5 YEARS

3 YEARS

3 YEARS

10 YEARS

10 YEARS

Returns are annualized through December 31, 2019. *Closed to new investors. SOURCE: © 2020 Morningstar Inc.

2019 MUTUAL FUND WINNERS