The United International Growth Fund is banking on Europe for big returns.
A few years ago, international money managers invested in a variety of markets, from Asia to South America to Russia. Now, the collapse of many emerging markets around the world has made Europe the investment promised land for at least one international fund manager.
Since Thomas Mengel began managing the United International Growth Fund two years ago, he's decreased the number of stocks held in the fund's portfolio from more than 100 to about 80. He's also improved the fund's performance and has kept it above water when other international funds were drowning as a result of last summer's market crash. For example, early into the market's correction in mid-August, the total return for the United International Growth Fund was a handsome 25 percent, ranking it number four out of 465 international funds, according to Lipper Analytical Services. By mid-October, when the average international fund's performance was down about 1.2 percent, Mengel's fund was up nearly 8.5 percent.