Fund Research: Europe’s Shining Stars

Morningstar OBSR reveals the top funds for investors seeking exposure to European equities

Muna Abu-Habsa 22 August, 2012 | 12:57AM

The past few years have proved turbulent for European equities, but no more so than in the last year. After a promising start to the year where continental European equities rose by more than 9% in the first quarter (as measured by the MSCI Europe ex-UK Index), most of the gains were lost in the second quarter, with the index tumbling by nearly 8%.

A clear trend emerged in the first half of 2012: nearly any kind of risk cost fund managers and their investors. Going down the cap ladder hurt; many commodities hurt; emerging markets hurt.

Most managers are currently weighing up the possibilities of either a mid-cycle slowdown or the economy falling back into recession. Managers have generally been reducing the sector bets and bringing their funds closer to the benchmark until there is more clarity surrounding the macro environment.

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About Author

Muna Abu-Habsa  is an investment research analyst at Morningstar OBSR.

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