Morningstar 2009 International Equity Manager Of The Decade Nominees — 10 Years Later

Beating an index is hard enough when you’re focusing on just one market. Imagine the challenges you encounter when you’re attempting to achieve this on an international scale.

Over the past couple of months, I have been casting an analytical eye over the managers that Morningstar nominated in 2009 as its domestic equity and domestic fixed income ‘Managers of the Decade.’

In this round though, I have looked beyond the US to see how well the managers that Morningstar tipped in the international equity category have held out since their nomination.

One thing is immediately clear: International equity managers have performed noticeably better than their domestic counterparts. The international equity nominees have arguably delivered the best performance since 2009 of the three categories that I have analyzed so far, and that’s despite the fact that one fund no longer exists.

The original nominees for Morningstar’s 2009 international equity ‘Manager of the Decade’ award were Jean-Marie Eveillard of First Eagle, David Herro of Oakmark Funds, the team behind the Manning & Napier World Opportunities fund, BlackRock’s Dennis Stattman, and the team running the American Funds EuroPacific Growth fund.

Manning & Napier World Opportunities is the fund that no longer exists, and Eveillard and Stattman have now retired.

Fresh Blood

Let’s start with Eveillard’s pure international charge, the First Eagle Overseas fund. Eveillard and his co-manager Charles de Vaulx stepped down from the fund in late 2008, handing it to Matthew McLennan, who was subsequently joined by Kimball Brooker in early 2010. It appears that the two managers haven’t missed a beat since they took over, with the fund posting a 5.51% annualized return from 2010 through to October 2018, compared with the MSCI EAFE index’s annualized return of 4.49% (see Figure 1).

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(This article originally appeared in Citywire.)

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