Q: Your category is a foreign stock fund. What does that mean?

A: The International Equity Fund that I am responsible for, that is in 100% foreign stocks. I also run global stock funds, but that one is an EAFE fund.

Q: What does EAFE stand for?

A: It means Europe, Asia and Far East.

Q: The top 10 holdings are spread throughout the world among a total of how many stocks?

A: We would typically have about 90 holdings.

Q: Are you focused on large companies mostly?

A: That's right. We would typically buy a company with a market capitalization of more than $2 billion U.S.

Q: But $2 billion barely gets you into what is considered mid cap.

A: We do own a limited number of companies between $2 billion and $5 billion. We would typically never go below the $2 billion mark.

Q: When it comes to international investing, where is the capital finding places where it believes it will be treated well?

A: The first thing we find that is very exciting is that investors are waking up to the fact it's going to be treated better outside the U.S. in the next 10 years than it has in the past. So, the weakness of the dollar is telling us something about that.

Q: Moving the focus to Japan, the country has been in and out of recessions over the last 20 years. Where are opportunities there that a U.S. investor can’t recognize?

A: There are a number of world-class Japanese companies that are hitting their all-time highs -- stocks like Canon. Another thing is the shareholder theme. I think the change of being much more interested in their shareholders is a big one-off kicker to returns.

Q: Do you own any Japanese drug firms?

A: I do, actually. One of them was recently involved with some corporate activity with one of the European drug companies. It strengthened its market position.

Q: Why is ENI, which is based in Italy, your top holding?

A: If you compare ENI to a leading oil company like BP, ENI has higher returns, a 5.8% dividend yield, whereas BP has a yield of 4.1%. It has higher returns on its assets. It has more opportunity to grow. It's a smaller company.

Q: The portfolio mix appears concentrated in consumer goods. How do you view this theme?

A: Actually the portfolio is widely diversified in all the MSCI sectors. There certainly is an over-concentration in the consumer with big names like Nestle.

Q: I noticed a low concentration in media. We worry about media all the time in the U.S. with AOL, Viacom and Comcast.