Key management moves have ultimately proved positive for these large-growth funds.
Morningstar 2012 International-Stock Fund Manager of the Year Rajiv Jain expects continued earnings growth for the less popular growth stories of tobacco and Indian consumer stocks.
Although he notes the potential problems of investing in financial-services names, Oakmark's Clyde McGregor sees some mispricing in European banks.
The gap between the core economies and the periphery is beginning to close, but challenges remain, says Morningstar's Jose Garcia Zarate.
UBS AG, Switzerland's biggest bank, said gains at its investment bank fueled an increase in second- quarter profit and announced plans to buy back the fund set up by the central bank in 2008 to help it shed toxic assets.
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