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Solid Process Behind This Foreign-Stock Fund's Success

Solid Process Behind This Foreign-Stock Fund's Success

Andrew Daniels: Bronze-rated Wells Fargo International Equity benefits from a well-codified approach and a complementary management team. Comanagers Dale Winner and Venk Lal seek firms that are undervalued relative to their long-term normalized profit levels. When the team finds a compelling investment opportunity, but is concerned about country-specific risk, it will tactically hedge that currency exposure. Wells Fargo does not place significant country- or sector-exposure constraints on the fund, so expect it to look quite distinct from its benchmark.

Winner's background as a bottom-up stock-picker combined with Lal's background as a top-down risk management strategist make them solid counterparts here. The fund has been a solid performer since the team took control in 2012. In fact, during the trailing five-year period ended July 2017, the fund has outperformed its benchmark by more than 2 annualized percentage points as well as 86% of its foreign large-blend peers.

All told, this fund is a solid option for investors seeking exposure to international stocks.

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Andrew Daniels

Associate Director
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Andrew Daniels, CFA, CAIA, is associate director of equity strategies for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He helps oversee Morningstar’s U.S.-based equity strategies team and is responsible for qualitative research on prominent equity strategies, including those offered by Harris Associates and Artisan Partners.

From 2018-21, Daniels was based in Morningstar’s Hong Kong office, conducting qualitative research on global emerging-markets and Asia-Pacific equity strategies, in addition to helping on the delivery of manager research services in the region.

Before joining Morningstar in 2015, Daniels worked in corporate finance for Caterpillar and in portfolio management for Evanston Advisors.

Daniels holds bachelor's degrees in finance, economics, and marketing from the University of Iowa, where he graduated with distinction. He also earned a Master of Business Administration from the University of Chicago Booth School of Business. Daniels holds the Chartered Financial Analyst® designation and the Chartered Alternative Investment Analyst® designation. He is also a Certified Management Accountant.

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