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Fund Spy: Morningstar Medalist Edition

Our Ratings Are Driven by Fundamentals

We look for the best a category has to offer and leave the market calls to others.

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 Causeway International Value (CIVVX) doesn't own any emerging-market stocks. When emerging markets roar, the fund tends to lag its foreign large-value peers, nearly all of whom have at least a smattering of emerging-markets stocks. We rated it Gold for its seasoned management team and its disciplined value strategy. Our Gold rating doesn't mean we think developed markets will beat emerging markets.

Conversely,  Artisan International Small Cap (ARTJX) loves emerging markets. The fund has a fourth of its portfolio there. We rate it Gold for its proven manager who has the ability to find steadily growing small caps that will work over the long haul. Again, there's no macro forecast that's driving that rating.

Russel Kinnel does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.