Morningstar Advisor - Winter 2008 - 19

New Chances to Hire Some Good Managers Seeking to capitalize on newly created opportunities from financial markets’ turbulent summer and fall, several of our favorite foreign and global funds reopened in December and January to new investors. Third Avenue International Value TAVIX The foreign small/mid-value fund, managed by Amit Wadhwaney since its 2001 inception and now about $2.3 billion in size, previously closed in mid-2005 after significant inflows. So it’s likely that this action is temporary. Should you give it a look? It’s one of our favorite international funds. Wadhwaney is a go-anywhere manager who applies Third Avenue’s “safe and cheap” mantra globally. mid-2005, when the dearth of attractively priced investment ideas worldwide, coupled with management’s unwillingness to compromise on its value-oriented strategy, caused its cash stake to climb as high as 20%. That cash level has since come down as opportunities for the fund have opened up. Given the team’s vigilance, we expect the fund to close promptly once these opportunities dry up. Should you give it a look? The fund’s bargainhunting style keeps it out of hot water, and the offering has been a rock in choppy markets. Considering how well global stock markets have done lately, we like this one in the near term. We’re also fans of its long-term viability. Should you give them a look? This is a topnotch value shop, but who will succeed Jean-Marie Eveillard? The highly respected value manager came out of retirement last year to temporarily manage these two funds after the abrupt departure of Charles de Vaulx. That and other recent personnel changes mean that, for the first time in years, very little is certain about these funds’ future. Oakmark International Small Cap OAKEX and Oakmark International OAKIX Both funds are run by David Herro, who was named Morningstar’s International-Stock Manager of the Year in 2006. They’ve been closed since mid-2002 and the end of 2003, respectively. The reopenings come after Herro’s strict value style caused both funds to struggle mightily relative to peers in 2007. Should you give them a look? Despite their Tweedy, Browne Global Value TBGVX This foreign all-cap fund had been closed since First Eagle Overseas SGOVX and First Eagle Global SGENX First Eagle Overseas initially closed in February 2004 after a deluge of inflows outpaced the availability of compelling opportunities, especially among small and midsize firms. First Eagle Global closed a year later. recent woes and some other tough periods, both funds have considerable long-term appeal. Oakmark International Small Cap has posted START AHEAD. STAY AHEAD. CFFPINFO.COM � 74% of Worth magazine’s top financial advisors chose the College for their education needs � Graduates report an increase of up to 21% in earnings after completing their CFP® certification or professional designation programs � Over 100,000 graduates, since 1972 � Pass rates over 20% higher than all other competitors on the CFP® Certification Examination � Professional designations in as little as 30 days and certifications in as little as one year � Flexible study options including online, self-study, or classroom instruction Only at the College for Financial Planning. financial planning asset management retirement planning m a s t e r ’s p r o g r a m continuing education Call800.237.9990 Clickwww.cffpinfo.comChat The College for Financial Planning does not certify individuals to use the CFP®, Certified Financial Planner™ and CFP® marks. CFP® certification is granted solely by Certified Financial Planner Board of Standards Inc. to individuals who, in addition to completing an educational requirement such as this CFP Board-Registered Program, have met ethics, experience, and examination requirements. MorningstarAdvisor.com 19

http://www.cffpinfo.com http://www.cffpinfo.com http://www.cffpinfo.com http://MorningstarAdvisor.com

Morningstar Advisor - Winter 2008

Table of Contents for the Digital Edition of Morningstar Advisor - Winter 2008