STATS: 1997, WHEN ASIAN TIGERS TURNED TO BEARS

INTERNATIONAL Equity Standard TOP 10 1 Year 3 Year 5 Year Deviation Nicholas-Applegate Int’l Core…

INTERNATIONAL Equity

Standard

TOP 10 1 Year 3 Year 5 Year Deviation

Nicholas-Applegate Int’l Core Growth I 30.63% — — —

GAM Int’l A 29.07% 22.31% 24.21% 14.66

Tweedy Browne Global Value 22.96% 17.84% — 8.01

Oppenheimer Int’l Growth A 22.86% — — —

Putnam Int’l Growth & Income A 20.52% — — —

Emerald Int’l Equity 20.41% — — —

American Cent-20th Century Int’l Growth 19.72% 15.30% 15.79% 12.56

Lord Abbett Securities Trust Int’l A 19.71% — — —

Scout WorldWide 18.35% 17.11% — 8.81

Janus Overseas 18.23% 22.96% — 10.67

BOTTOM 5

Strong Int’l Stock -14.20% 0.03% 7.80% 13.15

Morgan Grenfell Int’l Small Cap -14.33% -3.57% — 10.54

Dean Witter Int’l Small Cap B -16.98% -4.80% — 11.23

DFA Int’l Small Cap Value -22.72% — — —

Fremont Int’l Small Cap -26.52% -5.39% — 13.89

Sector average -0.57% 5.60% 10.58% 14.26

MSCI Europe Australasia Far East index 1.98% 6.35% 11.44% 12.32

There were some solid returns here, but results were all over the globe as the standard deviation, which gets higher with volatility, and thus risk, headed for the North Pole.

Emerging Market Equity

Standard

TOP 10 1 Year 3 Year 5 Year Deviation

Oppenheimer Developing Markets A 14.09% — — —

Evergreen Emerg Markets Growth A 13.48% 8.41% — 18.13

MFS/ F&C Emerg Market A 10.85% — — —

Fremont Emerg Markets 10.40% — — —

Pioneer Emerg Markets A 9.87% 9.86% — 20.01

Nicholas-Applegate Emerg Countries A 9.45% 14.07% — 21.33

Seligman Henderson Emerg Markets Growth A 6.35% — — —

IDS Emerg Markets A 6.31% — — —

Scudder Emerg Markets Growth 3.56% — — —

MAS Emerg Markets 2.07% — — —

BOTTOM 5

Bernstein Emerg Markets Value -23.84
% — — —

Ivy New Century A -27.42% -4.78% — 19.85

Fidelity Emerg Markets -40.77% -14.24% -1.21% 26.18

Merrill Lynch Emerg Tigers A -49.70% — — —

Landmark Emerg Asian Markets A -63.91% — — —

Sector average -6.76% -0.23% 6.40% 19.43

IFC Emerg Markets Comp Investable index-14.85% -5.17% 6.16% 19.52

If the returns had been as high as the standard deviation figures, investors in emerging markets would have been happier. Only Fidelity has a five-year track record, from bad to worse.

eurOPEAN EQUITY

Standard

TOP 10 1 Year 3 Year 5 Year Deviation

GAM Europe A 27.55% 21.80% 16.51% 10.80

Fidelity European Capital Appreciation 24.96% 21.74% — 10.94

Merrill Lynch EuroFund A 24.87% 20.81% 19.39% 9.03

Excelsior Pan European 24.29% 20.21% 15.30% 9.47

Vanguard Int’l Equity Index-Europe 24.23% 22.58% 19.36% 10.06

Scudder Greater Europe Growth 23.99% 26.12% — 8.91

Fidelity Europe 22.89% 22.42% 19.91% 9.17

Mutual European I 22.70% — — —

J.P. Morgan Europe Equity 22.10%

Putnam Europe Growth A 21.96% 21.95% 20.40% 10.67

BOTTOM 5

Prudential Europe Growth A 15.04% 18.76% — 10.51

Global Europe Growth A 11.20% 13.47% 12.05% 11.10

Smith Barney World European Portfolio A 1.78% 15.50% — 10.44

Invesco Specialty Europe Small Companies -3.06% — — —

Morgan Grenfell European Small Cap -5.29% 8.30% — 9.75

Sector average 15.53% 17.89% 17.28% 10.17

The big boys do well in this sector, but yielded last year’s crown to GAM. Putnam’s Europe Growth Fund is the five-year winner, but was No. 10 in ’97 with above-average volatility.

JapanESE EQUITY

Standard

TOP 10 1 Year 3 Year 5 Year Deviation

Warburg Pincus Japan Growth 0.85% — —

GAM Japan Capital A -2.47% 1.27% — 15.19

Colonial Newport Japan Opportunity A
-2.98% — —

GT Global Japan Growth A -7.99% -4.60% 0.04% 12.69

Morgan Stanley Inst’l Japanese Equity A -9.23% -4.82% 18.86

Fidelity Japan -10.73% -8.11% 0.02% 18.35

Wright Equities Japan -14.16% -10.83% 16.96

Japan -14.40% -11.49% -0.01% 20.40

Dean Witter Japan B -15.98% — — —

Franklin Templeton Japan I -17.86% -11.74% — 12.60

BOTTOM 5

Fidelity Japan Small Companies -30.35% — — —

J.P. Morgan Japan Equity -30.53% — — —

Barr Rosenberg Japan Select -35.26% — — —

Farrell Wako Japan Alpha -42.11% — — —

DFA Japanese Small Companies -54.86% -30.43% -0.13% 28.48

Sector average -17.84% -11.47% -2.09% 17.76

Those with a yen for the yen fared poorly. Warburg Pincus was the only performer to chin itself into the black, while DFA Japanese Small Companies was losing its shirt, er, kimono.

LAtin American EQUITY

Standard

TOP 10 1 Year 3 Year 5 Year Deviation

Morgan Stanley Latin America A 39.61% 17.86% — 32.08

Rembrandt Latin America Equity Trust 35.50% — — —

Fidelity Latin American 32.89% 13.21% — 27.39

T. Rowe Price Latin American 31.88% 9.77% — 27.22

Scudder Latin America 31.30% 14.97% 0.19% 25.03

BT Investment Latin America Equities 30.80% 9.57% — 26.80

TCW/DW Latin American Growth B 30.56% 8.31% 0.07% 26.14

Merrill Lynch Latin America A 25.32% 5.03% — 26.01

Evergreen Latin America B 24.99% 16.73% — 20.60

Offitbank Latin American Select 24.16% — — —

BOTTOM 5

Govett Latin America A 20.68% 6.93% — 26.63

Invesco Specialty Latin America Growth 19.33% — — —

Templeton Latin America I 18.50% — — —

GT Global Latin America Growth A 14.52% 1.77% 0.09% 25.49

Ivy Latin America Strategy A 7.03% 2.96% — 23.26

Sector aver
age 24.44% 8.31% 10.83% 26.20

IFC Latin America Comp Global index 28.51% 8.78% 15.01% 25.42

South of the border was the place to be last year if you couldn’t stay home, with even the sector’s worst performer, Ivy, outdistancing the best in the Pacific and Japan.

Pacific (excluding Japan) equity

Standard

TOP 10 1 Year 3 Year 5 Year Deviation

Pacific Capital New Asia Growth Return -24.64% — — —

Colonial Newport Tiger Cub A -28.22% — — —

Van Eck Asia Dynasty A -31.04% -8.83% — 21.16

Nations Pacific Growth A -33.02% — — —

Colonial Newport Tiger A -33.95% -5.20% 0.06% 25.49

Vista Southeast Asian A -37.59% — — —

Scudder Pacific Opportunities -37.72% -12.44% -0.02% 20.47

Invesco Specialty Asian Growth -38.48% — — —

Fidelity Southeast Asia -38.88% -8.93% — 26.08