Morningstar does not recommend Federated International Equity, a $36.86 million foreign large growth fund, because of a recent manager change. Uri Landesman, the fund's manager and the director of research, has left the company for unknown reasons.

Upon assuming control of the fund in 2003, Landesman put risk controls in place to keep the fund on close track to its benchmarks.

But since June, Richard Winkowski has been running the show at Federated International Equity, and Morningstar is not impressed because the last fund he managed, Federated Global Equity, underperformed the world-stock category average for the five years he managed it.

The bottom line is that Morningstar feels that investors and their managers have better options and should shy away from Federated International Equity.

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