Global Investing Without The High Wire

The global economy may be getting more and more complex, but Patrick Deane and Alex Tedder still like to keep it simple. With a concentrated portfolio of no more than 40 stocks (all non-U.S.), the London-based co-managers of the no-load Deutsche International Select Equity fund racked up a total return of 88.8% in 1999 and 13.5% more through Mar. 31. Most of the performance comes from combing developed markets for undervalued midcap stocks. Last October, they opened the fund, which had been just for institutions, to retail investors. Deane, 37, and Tedder, 35, discussed their investment philosophy recently with Joan Warner.

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