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Article: "There's no rocket science in this. It's just a lot of hard work".
- Article from:
- Investment News
- Article date:
- March 13, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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So much for playing it safe. For two years Morgan Grenfell's international equity fund basically mimicked its benchmark's country weightings in an effort to reduce risk, and was rewarded with meager returns: 10.31% in 1996 and 0.51% in 1997.
In 1998 the fund, with a former British naval officer at the helm, changed course. Rechristened Deutsche International Select Equity after its German bank parent, the fund cast off its benchmark, the Morgan Stanley Capital International Europe Australasia Far East index. Its skipper, Patrick Deane, dropped its holdings from more than 100 to about 30 and made much bigger country bets (Japan and Britain make up almost half the ...