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Second, virtually all international funds chose to remain unhedged. This means that you are exposed to fluctuations in the currency market. Your stocks, in other words, could go up 20% but if the dollar falls 30% against the yen, you may experience a 10% loss (the opposite is also true.) Trying to play the currency market is pure speculation as you cannot accurately predict with any reasonable certainty the future of the British pound. That’s why I personally prefer the Tweedy Browne Global Value fund which hedges its exposure, protecting investors against currency fluctuations. Even better, it’s expense ratio is a very reasonable %.
Wagner was in business school and a summer intern at Price when he first worked with Athey. Over the years, Wagner has worked with all of Price’s small-company managers, as well as 40 or so analysts who specialize in small firms. Plus, Wagner has a solid record of his own. As manager of a fund for European investors that invested in stocks of small and midsize . companies, Wagner chalked up a five-year annualized return through September of %, beating the fund’s benchmark by an average of percentage points per year. He has since stepped down as manager of that fund.