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The * rating is a backward-looking, not forward-looking, quantitative measure. The difference probably arises from how far back each fund's performance goes, and how much of that time each had different holdings.
If you are comparing WESNX, SFGIX, and WAEMX, you ought to also be looking at RIMIX and CEFZX. These are all EM smallcap funds, launched roughly around the same time (the Wasatch fund is older, and now we have GPEOX launching). Seafarer is trawling …
