Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
I broke my own rule by buying into BLX in Panama. Banco Latinoamericano de Comercio Exterior, S.A. (the Bank) is a specialized multinational bank. The Bank is established to support the financing of trade and economic integration in Latin America and the Caribbean.
My tax circumstances mean that it doesn't make sense to invest where a portion of my profit via dividends will be pre-taken from me, before the cash shows up in my account. But that outfit is making money, and with a low P/E. (7.07 per CNBC.)
In the USA, the brokerage lets you choose "zero withholding." I discovered that in order to get that simple thing done "outside," I'd have to create an account with each of the foreign Tax Authorities. No, thanks. .... I "bit the bullet" and bought BLX due to its performance and rather hefty dividend, so if a slice is taken before I can get to it, then I'll just live with it. (yield = 5.17%) ********************************** Elsewhere: Africa, particularly sub-Saharan Africa, is a dumpster fire. In days to come, it will be interesting to see whether Syria can re-join civilization and sign-onto the Rule of Law. It was the Regime, not the population generally, that kept Syria from un-becoming a filthy, corrupt disaster. So far, it looks like they're making positive moves. Everything moves slowly when you have to deal with PEOPLE!
Watch Europe's defense/military providers. Dassault comes to mind. https://www.dassault-aviation.com/en/defense/ Uncle Orange has demonstrably stepped back from having the USA be the Leader in NATO. Poland's leader explicitly addressed fellow High Mucky-Mucks, saying Europe must depend upon themselves.
Philippines is corrupt, along with countless other places. And the Orange One lately suspended the U.S. law which prohibits U.S. companies from bribing people in foreign countries in order to do business in those places.
Canada likes to sell rocks and trees to the world. But tariffs to come? I'd wait. The 5 biggest Canadian banks are highly regulated, but own 90% of funds on deposit in banks and credit unions, nationwide. The 6th-largest is Nat'l Bank of Canada, but does not trade in the US. You'd have to buy shares in Toronto. There are huge, impregnable walls, barriers, to entry into the banking market in Canada. At the right price, they are always a safe bet. Lately, TD (Toronto Dominion) had to pay a fine for money laundering, in the US.... But is Canada "foreign?" It's North America.
my old roommate invests in 2 country based international funds. Israel and Poland. he's sworn to me for over 15 years I need to do so as well. Its basiclly matched a international index.
I personally use AVDE and AVEM from Avantis since 2021. That replaced DFIVX which I owned for 5-6 years previously in my 401k.
I've maintained exposure to international equities for many years. MIEIX (CIT clone) is my core foreign fund which I've owned for years while ARDBX is an auxiliary fund owned for under a year. International equity funds have underperformed domestic equity funds for an unusually long period. Perhaps reversion to the mean will occur between these two asset classes sometime in the near future?
@BaluBalu: our member MikeW just sent me a performance graph of a Kristian Heugh MS fund that now appears to be on fire, so maybe international is back. The ride can be sickening, for sure.
I do maintain international exposure, but with the exception of BISAX, my funds are global, such as GQRPX and CGGO. Rajiv Jain currently has 7% international in GQEPX, so that counts for some of my exposure. With Jain, I expect rapid changes in his portfolios, and I trust he knows what he’s doing. I will also dabble in a single M* 5-star (undervalued) and international stock if I think it has a chance to reverse course. I do not maintain a cemetery for the remains of all the truly awful overseas funds I once thought were winners.
We still have ~10% of our stock exposure in Foreign. Similar to @BenWP, we get most of our Foreign exposure through a Global fund, PRGSX, and we used to also hold GSIHX, but sold it on Election Day. We replaced the dedicated Foreign slot near EOY 2024 with BISAX.
BISAX and PRGSX are our best performing funds YTD, UP 8.66% and 7.67% respectively. GSIHX and/or BISAX are the only two dedicated Foreign funds we'd consider holding at this point - very tough category.
For international, I only have China dedicated and FSEAX, but it is not of significant size.
I saw a lot of media coverage yesterday afternoon / evening and today about international equities doing well YTD. May be my opening the thread is ill timed.
With the general comment that I maintain a lower equity ration than most, I do have some intl. Very little DM, though if a negotiated settlement to the Russo-Ukraine war takes hold, I concede that could provide a boost to European equities... Both European and Japan look 'toppy' to me, especially given their economic fundamentals and demographics. Lack of much tech in DM exUs, would strike me as another headwind to igniting those markets.
I generally favor EM, when looking ex-US. For funds, I own GQGIX and FEDDX. Among ETFs, I like ASEA's portfolio, but not its small AUM and trading volume. In lieu thereof, am using sundry Ishare national ETFs - INDA, EIDO, EWS, EWH, EWM. Also ILF. (each is a small position). Am weighing adding to INDA, and re-opening a position in SMIN, due to large selloffs there. hold a small position in IEMG too. If I had the time, I would consider several individual HongKong stocks. -- I suspect HK will become the defacto "Wall Street" for much of the Global South.
Unlike DM markets, EM markets do not strike me as particularly toppy (obviously, a pullback could nevertheless happen at any time -- true for equities anywhere!)
Am generally very bullish on China/China region. My bullish position is informed from an undersubscribed YT channel "Inside China Business", which provides a unique, independent perspective which doesn't fit the narrative most of us in the West are spoon-fed. I'm American, and take no pleasure in this opinion, but the future will be built in China, not in the West. So, am investing my incremental equity money to support that investment thesis.
Comments
Banco Latinoamericano de Comercio Exterior, S.A. (the Bank) is a specialized multinational bank. The Bank is established to support the financing of trade and economic integration in Latin America and the Caribbean.
My tax circumstances mean that it doesn't make sense to invest where a portion of my profit via dividends will be pre-taken from me, before the cash shows up in my account. But that outfit is making money, and with a low P/E. (7.07 per CNBC.)
In the USA, the brokerage lets you choose "zero withholding." I discovered that in order to get that simple thing done "outside," I'd have to create an account with each of the foreign Tax Authorities. No, thanks. .... I "bit the bullet" and bought BLX due to its performance and rather hefty dividend, so if a slice is taken before I can get to it, then I'll just live with it. (yield = 5.17%)
**********************************
Elsewhere: Africa, particularly sub-Saharan Africa, is a dumpster fire. In days to come, it will be interesting to see whether Syria can re-join civilization and sign-onto the Rule of Law. It was the Regime, not the population generally, that kept Syria from un-becoming a filthy, corrupt disaster. So far, it looks like they're making positive moves. Everything moves slowly when you have to deal with PEOPLE!
Watch Europe's defense/military providers. Dassault comes to mind.
https://www.dassault-aviation.com/en/defense/
Uncle Orange has demonstrably stepped back from having the USA be the Leader in NATO. Poland's leader explicitly addressed fellow High Mucky-Mucks, saying Europe must depend upon themselves.
Philippines is corrupt, along with countless other places. And the Orange One lately suspended the U.S. law which prohibits U.S. companies from bribing people in foreign countries in order to do business in those places.
Here's a nifty little list of Australian basic materials companies. Some of the info is blocked unless you subscribe. NZ always gets overlooked. I'm overlooking them, too.
https://www.tipranks.com/compare-stocks/basic-materials/australia
Canada likes to sell rocks and trees to the world. But tariffs to come? I'd wait. The 5 biggest Canadian banks are highly regulated, but own 90% of funds on deposit in banks and credit unions, nationwide. The 6th-largest is Nat'l Bank of Canada, but does not trade in the US. You'd have to buy shares in Toronto. There are huge, impregnable walls, barriers, to entry into the banking market in Canada. At the right price, they are always a safe bet. Lately, TD (Toronto Dominion) had to pay a fine for money laundering, in the US.... But is Canada "foreign?" It's North America.
BMO BNS CM RY TD.
I personally use AVDE and AVEM from Avantis since 2021. That replaced DFIVX which I owned for 5-6 years previously in my 401k.
MIEIX (CIT clone) is my core foreign fund which I've owned for years
while ARDBX is an auxiliary fund owned for under a year.
International equity funds have underperformed domestic equity funds for an unusually long period.
Perhaps reversion to the mean will occur between these two asset classes sometime in the near future?
I do maintain international exposure, but with the exception of BISAX, my funds are global, such as GQRPX and CGGO. Rajiv Jain currently has 7% international in GQEPX, so that counts for some of my exposure. With Jain, I expect rapid changes in his portfolios, and I trust he knows what he’s doing. I will also dabble in a single M* 5-star (undervalued) and international stock if I think it has a chance to reverse course. I do not maintain a cemetery for the remains of all the truly awful overseas funds I once thought were winners.
BISAX and PRGSX are our best performing funds YTD, UP 8.66% and 7.67% respectively. GSIHX and/or BISAX are the only two dedicated Foreign funds we'd consider holding at this point - very tough category.
I shall look into the tickers you included.
For international, I only have China dedicated and FSEAX, but it is not of significant size.
I saw a lot of media coverage yesterday afternoon / evening and today about international equities doing well YTD. May be my opening the thread is ill timed.
I generally favor EM, when looking ex-US. For funds, I own GQGIX and FEDDX. Among ETFs, I like ASEA's portfolio, but not its small AUM and trading volume. In lieu thereof, am using sundry Ishare national ETFs - INDA, EIDO, EWS, EWH, EWM. Also ILF. (each is a small position). Am weighing adding to INDA, and re-opening a position in SMIN, due to large selloffs there. hold a small position in IEMG too. If I had the time, I would consider several individual HongKong stocks. -- I suspect HK will become the defacto "Wall Street" for much of the Global South.
Unlike DM markets, EM markets do not strike me as particularly toppy (obviously, a pullback could nevertheless happen at any time -- true for equities anywhere!)
Am generally very bullish on China/China region. My bullish position is informed from an undersubscribed YT channel "Inside China Business", which provides a unique, independent perspective which doesn't fit the narrative most of us in the West are spoon-fed. I'm American, and take no pleasure in this opinion, but the future will be built in China, not in the West. So, am investing my incremental equity money to support that investment thesis.