It is no surprise that an international fund based in London would cotton to stocks from Europe. But European stocks held by Henderson International Opportunities had to work especially hard in 2013.

During a year in which Japan stocks were the top performers in the benchmark MSCI All Country World Index ex-U.S., the fund was light on that country as its managers took a wait-and-see approach to the Bank of Japan's aggressive (and, in the end, highly successful) asset-buying program. As a result, the Henderson fund's proportion of Japanese holdings was well below the 16% weighting of the benchmark.

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