Europe may still hold appeal as a vacation destination, but investing in the Continent is no leisurely pursuit. One country after another is facing a debt crisis and political upheaval. Despite a restructuring agreement reached in late June, many investors are still looking askance at the region, beleiving that indebtedness will lead to a long-term decline. Europe barely avoided recession in the first quarter, with growth flat, according to Eurostat, the statistics agency of the European Union. Nonetheless, 11 European countries have slipped into recession.

Yet Barnaby Wiener and Benjamin Stone, co-managers of the $4.8 billion MFS International Value Fund, continue swimming in these troubled waters. Despite the problems, the managers maintain a two-thirds allocation to Europe, and they have no plans to reduce.

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