TDF - Templeton Dragon. China has been taken behind the woodshed. Like Poland above I don't know when it will rise again but I don't believe that it is going to disappear. Matthews has a China fund as well and I'll have to take a look at that.
Also looking at FSMEX.

I'll share...
What seems to be working in my portfolio YTD:
FSUTX - strong steady Mo (momentum) since March 2018
FSMEX - Strong Mo
FSRPX - Strong Mo
POAGX - Aggressive active management
PRMTX - Keeps on impressing. A category over-achiever
VHCOX - Aggressive active management
PRNHX - a small position that has had a big year YTD (investors remorse, wish I owned more)
USNQX - Volatile, but rewarding
Steady Eddy's (have good risk-reward characteristics):
PRWCX - Love this funds goal... "achieve market returns with 2/3rd the downside risk"
VMVFX - a new fund that seems worth DCA into
FMIJX - A short lived fund (2011) that offers exposure outside the US
BRUFX - Manager continues to reduce downside risk while optimizing upside
BTBFX - I was impressed with how this fund navigated 2008
VHT - Healthcare seems to be a fund for all seasons
PRHSX - ditto HC
What seems to have faltered:
PRIDX - Struggling, but a hold for me...down 2% YTD
SFGIX - Highly correlated losses with EM losses...down 11% YTD
VWO - Strong US currencies are making EM markets less profitable...down 10% YTD
HJPSX - A country that has relied very heavily on QE for Equity-Inflation
VWINX - having a rare negative year
MINDX - Seems to catch cold when EM sneezes
PONAX - We've parted ways...small position
PARWX - A new position
Ticker YTD Perf Port WT
VHT 12.20% 0.21%
VHCOX 11.10% 5.43%
VWINX -1.04% 2.26%
PRHSX 13.72% 6.53%
PRNHX 20.11% 0.11%
PRIDX -1.96% 4.87%
PRMTX 9.70% 2.88%
PRWCX 6.19% 14.64%
BRUFX 3.46% 4.89%
POAGX 13.08% 15.53%
VWO -9.95% 1.58%
PONAX -0.39% 0.27%
SFGIX -11.26% 4.51%
FMIJX -1.27% 4.58%
MINDX -2.07% NA
USNQX 15.82% NA
FSRPX 19.47% 4.82%
FSMEX 19.62% 4.34%
VMVFX 6.28% 2.38%
BTBFX 5.67% 2.38%
FRIFX 1.84% 2.28%
HJPSX -5.11% 2.10%
FSUTX 10.25% 2.45%
PARWX New 3.96%
USAXX Cash 7%
Allocation Weights/Returns YTD

There are a few differences between a sector fund as bee compared too versus DSENX. In theory, CAPE will rotate sectors within the fund, not stay stagnant with 1 sector. In that it holds a 'diversified' selection of 4 (or is it 5) sectors also sets it apart from a comparison with a specific sector fund. You may not be broadly investing with a fund like DSENX, but you certainly are more diversified than a sector fund like FSMEX. I don't think you can compare returns from the 2.

For some reason FSMEX, FSRPX & PRNHX received no love ...

The "some reason" was the imposition of a 0.70% ER cutoff. That appears designed to exclude all but Vanguard (and the Odyssey Primecap "spin-offs"), American, and (some) Fidelity funds.
There are many funds with ERs between 0.70% and 0.80% that did just as well. It appears that you found three of them.

For some reason FSMEX, FSRPX & PRNHX received no love...that's o.k., please ignore their out performance.
@davidmoran...I kinda of agree, but CAPE (DSENX) is still not the only "CAPE crusader"...since 2013 (FSMEX has been pretty good):

This area of business (Medical Devices) seems to have a natural moat (barrier to entry) that helps them weather market downturns, but these companies also are susceptible to litigation (law suits) since the stakes are high (an expensive life saving device should also carry a high standard of quality).
These devices were being taxed (starting in 2010) to help shore up the expansion of ACA (Affordable Care Act). That excise tax has been repealed. I am sure lobby efforts by these companies play a role in this change.
Stocks related to this tax repeal: JNJ, MDT, BAX, CAH, SYK, BDX, BSX, AGN, MMM, ABT, VAR, EW
FSMEX holds most of these companies.

Story via Seeking Alpha News feed (Source):

@VintageFreak, I own a number of funds that focus on sectors...Tech and Healthcare has worked long term (10+ years). I believe it will continue to be two important growth sectors going forward.
Sector performance in Healthcare sector funds like (VHT, PRHSX, FSMEX), or allocation funds like PRWCX (25% HC), and funds that overweight both Tech/HC (POAGX =65% Tech/HC) have also ranked high in their category for the last 1,3,5, & 10 years.
FSRPX is just a "freak of vintage proportion" in both up and down markets going out 30+ years... owning mostly consumer cyclicals...management here again is key.
FSRPX vs VFINX (1985- present)

A good manager manage risk and reward...call it luck when it works out...I call it success.
I don't second guess success...I just try to find it.
Interest article on Qualitative Driven Funds:
4-best-qualitatively-driven-mutual-funds-fsrpx-vghcx

Maybe its me, but I am an allocation guy when it come to paring down choices.
My H.S.A (@ Bruce Funds) will be BRUFX
My Roth IRA (@ TRP) will be PRWCX
My SD IRA (@Vanguard) will be VWINX or maybe even Global Wellesley, VGWIX
My Taxable account will be VTMFX
A 10-15 Year Trend Funds:
Health Care - PRHCX, VGHCX, FSMEX
Tech - PRGTX, FSITX,
Consumerism - FSRPX

I am invested in FSMEX, somewhat lower risk than IHI. The 10-Year Upside & Downside Capture Ratio are 94.51 and 47.04 for FSMEX and 100.54 and 61.80 for IHI – which are better than for the Health Sector 93.64 and 56.25.

FYI: (Click On Article Title At Top Of Google Search)
Fidelity Select Medical Equipment and Systems Portfolio is a winner this year, even as other health-care funds sink.
Regards,
Ted
https://www.google.com/#q=Health-Care+Funds+Are+Ailing+but+Fidelity+Offering+Shines+Barron's
M* Snapshot FSMEX:
http://www.morningstar.com/funds/XNAS/FSMEX/quote.html
Lipper Snapshot FSMEX:
http://www.marketwatch.com/investing/Fund/FSMEX
FSMEX Ranks #3 In The (H) Fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/health/fidelity-select-medical-equip-systems/fsmex

I have been overweight in healthcare for over three years, rewarded handsomely until a year ago. Decided to add a medical device component, which has been doing pretty well. Already had biotech FBTIX, health care fund PHSZX and Large Pharma etf PFP. Looked at Fidelity's Select FSMEX, but 25% of the holdings were in one stock Medtronic. Decided to buy IHI, which had considerably less exposure to MDT ( I kept thinking about Sequoia's concentration).
Anyone else finding this area attractive? Not betting the farm, but willing to put my toe in with a modest allocation.

I should take a closer look at Fidelity equity funds - I'd pretty much given up on them for several years (with exceptions like FLPSX). FSDIX looks interesting, though I've always had problems fitting hybrid funds into my portfolio.
I'm not clear on the point of FGRTX, for a couple of reasons. First, why single out these companies - can you find a large cap fund that doesn't already have Apple? Why overweight megacaps?
Second, megacaps would appear to be the portion of the market least likely to benefit from active management. One can get a pure megacap passive fund like OEF (iShares S&P 100), or the more concentrated, and even cheaper, BRLIX (Bridgeway Blue Chip 35 Index)?
Regarding FLPSX ... about a decade ago, I listened to a M* analyst talk about Tillinghast, describing how he could talk intelligently about every one of the hundreds of stocks in the portfolio. He added that this skill was well beyond what he'd seen in any other manager. The comments were in response to the usual question of how big can the fund get. It seems to keep going strong.
I ascribe its underperformance in the past few years to the large percentage of foreign holdings in its portfolio. I feel that in the long run, a large percentage of foreign stocks is a plus. Though I wonder why M* doesn't reclassify the fund as a world stock fund, as it did for MQIFX Mutual Quest (formerly Mutual Qualified).
Finally, as a short term play on healthcare, if one wants to make a political wager, it might make sense to pick up FSMEX (medical supply and equipment). If there's any part of ACA likely to be jettisoned, it's the excise tax on medical devices. I don't know how much of an impact that would have, I'm bad with sectors in general, and I don't do short term trading. So consider the source of that suggestion.

Good Day,
I am saddened to read the pronouncements in the statement(s) at the linked discussion; of the dismissal and demise of an investing style.
Of particular concern, to the consideration of new investors here; whom we do not know, who read this discussion board. For the more seasoned investor; the statement(s) are obviously, only an opinion; not an investment holy grail. @MikeM @Ted
Starting with: this discussion
As noted in the discussion: "Buying similar funds in the same category for diversification is hog-wash. Pick a good fund manager in the area you want to be in and go with him or her or that team."
>>> First. I don't agree with the presumption that active managed funds in a given category are all the same and can not offer diversification within a category/sector. If there is little difference in managed funds in a similar category; there is no good reason to invest in these, as an index or etf in that category would likely give the performance required. Secondly, one may always wish everyone well with their available manager choices; and that the managers (assuming a decent prior record used by the investor, for choice) will not trip and fall for some reason going forward with their assessment of market directions.
A sample of healthcare/medical, active managed funds;ranked YTD:

...... YTD..... 1YR..... 3YR..... 5YR
FPHAX +10% +34 +20.8 +26
FSPHX +5.9% +39.6 +23.2 +27.2
FSMEX +3.3% +29.1 +12.3 +18.8
PRHSX +2.8% +31.8 +24.3 +14.5
FSHCX + .2% +22.3 +11 +22.5
FBIOX -1.2% +28 +30.7 +28.9
XLV +4.5% +24 +19.8 +21.4

So, investor "x" feels this investment sector is appropriate for 20% of their portfolio. They had previously decided in 2013, to choose the top 4 funds in the above list, based upon 5 year returns, at that time; and place 5% of their portfolio into each of the four funds. Their fund choices were: FBIOX, FSPHX, FPHAX, FSHCX
The funds, as a blend; still have a decent return YTD, in spite of some stumbles in certain sectors. Whether the investor may have done better with just one broad based fund is only of value in hindsight; unless they have an impressive magic 8-ball device for future answers.
'Course, if buying similar funds in the same category is a waste of time, reportedly hog-wash; perhaps skipping an active managed fund and investing in an index or etf is an equally decent choice, especially if the e.r. is very small.
Confirmation of the variables of performance of active managed funds may be found at this health funds list. The list is sortable with the column year returns. All one has to do when choosing one fund with which to invest is; well, do your homework and hope that nothing changes with the management or style of the fund going forward, so that one may keep the faith.
Oh well, to each their own.
Take care of you and yours,
Catch

Funds with positive MONTHLY return on my list. In order of % return. From 3.17 to 0.03
SPLV
MLPI
VGHCX
AQMIX
POGRX
MAPIX
MACSX
PGDIX
AIMOX
AMOMX
VEIPX
LSBRX
FNMIX
TIBIX
TGBAX
PGAIX
FSMEX
VWINX
FSICX
VBMFX
PIMIX
PTTRX
VWELX
PAUIX
VWEHX
PHIYX
MWTRX
FMIHX
HABDX
OSTIX
EXDAX
TGMNX
VFINX
VIPSX
IVIQX
VTINX
PFIUX
FEHIX
PRWCX
VIMSX
SNXFX
AQGNX
LEXCX
TGEIX
VGSTX
VTSAX
AQRIX
VFSTX
JASBX
MAPOX
BERIX
FPACX

How many special sectors would you prefer? That is a separate question, versus spreading the management risk among perhaps 3 funds or more that are targeted towards a related area.
Now, I suspect this wouldn't work in all investment areas. SP-500 oriented funds may not apply for such a consideration or challenge; as diversification would be limited.
Healthcare related is such a sector area that could perhaps support 3 holdings. Fidelity offers an easy view of this area:
---FBIOX, aging biotech companies in this space and a very hot fund last year; and a hot start this year, too. Likely not a medical area that will disappear anytime soon and perhaps finding more mergers in this area and also consolidations of small non-public companies into the existing large players.
---FSPHX, Fido's early entry (1981) into this select sector, and a fund we have had monies in a past life. Not a yield play (.3%), but the most broad based Fido health related fund which includes med. services, device makers, pharma and biotech, among others.
---FPHAX, the most direct play in the pharma area, 38% being foreign companies. A small yielding fund at 1.3%. Outlook in this area also towards mergers and buyouts.
These last two are part of available choices; but of less consideration for this house.
---FSHCX, health providers-hospitals, HMO's, service companies and some insurance companies.
---FSMEX, medical equipment/device makers. This area may have continued negative impact from provisions in the "healthcare law".
So, buy fund(s)s in a related investment area to spread the holdings and management decisions risk, yes?
Or don't you think this method is of any value?
We already use this method with some current fund holdings.
Your thoughts are appreciated.
Regards,
Catch

Okay, I'll be the first to start the equity sell-off.
Well, at least this is the running joke among some friends. When I might buy or sell equities; that the market is going to go against me; and the friends consider it may be time to reduce some holdings. :)
Investments being related to both perception and reality; causes some or many of we students of investing to attempt to determine the where and when for our monies to obtain the best performance related to our own risk and reward bucket(s).
So, now again, our house is looking at the health care area for some equity exposure. 'Course, this would likely mean an equity sell-off of 10-30% between now and February of 2013; just to give this house a good face slap for no other reason. :)
As to perception and reality. The below (not totally inclusive of all health care related funds by any means) chart of 4 health care related funds provides some clues, in my opinion, for both perception and reality.
NOTE: one may place the computer cursor upon any of the chart lines in the graph to find the date and values.
Observations: Near June 28 finds upward moves in healthcare sectors. This is when the Supreme Court upheld the 2010 healthcare law. Near October 4 is when Mr. Obama appeared to be having a nap during the first debate with Mr. Romney. In my opinion, this is when the first perception took place that Mr.Romney could indeed win the election and this put pressure on the health care sector; as part of the Republican platform was to "rollback" the healthcare law. Why do this two time periods matter? Provisions in the heathcare law will continue to provide better profit margins in many health related sectors; especially that the healthcare law appears to remain intact.
A small sampling of Health Care related funds
Lastly, we will look again at the housing and construction funds; as there is (in theory) no impact from which political party fiddles that will offset monies being spent in this area for rebuilding in the east and perhaps a tepid and continued expanding spending to "fix" properties already owned by for primary housing and rentals.
I must depart at this time for an appointment; but will check back and perhaps add a few more thoughts.
May the force be with us...................
Regards,
Catch