JARFX has 55% exposure to the U.S., 10% to the U.K., 10% to developed Europe and 6% to Japan. For the last two years ACWI has been up 7.70%, vs. 15.4% for JARFIX, 4.4% for OPPAX and 1.4% for TEDIX. Year to date ACWI, OPPAX and TEDIX are all down close to 2% while JARFIX is up 1%. Now I don't know whether these funds are closet indexers, but the weightings to developed Europe appear to be very large and likely to continue to be a drag on returns. These funds do not have to own that much developed Europe but they chose to. This seems similar to many funds being far too heavy in tech stocks in 2000 or financial stocks in 2008. Some investors will be better off with these funds, but someone interested in a more hands-on approach might want to use narrow products like country funds to proactively include some countries in their portfolios and exclude others. At the time of publication, Nusbaum had no positions in securities mentioned.