Foreign large-value funds continue to offer investors exposure to attractively valued companies outside the United States, with strategies ranging from concentrated, high-conviction portfolios to broadly diversified approaches. Here’s how five prominent funds in the foreign large-value Morningstar Category have performed since their most significant Morningstar Medalist Rating or Pillar rating updates.
Silver-rated Causeway International Value Fund CIVVX combines quantitative screening with fundamental research to identify undervalued non-US companies whose operational challenges are viewed as temporary rather than structural. Quantitative models help identify attractive opportunities and guide portfolio construction, while fundamental analysts evaluate business fundamentals and estimate long-term upside potential. Since Morningstar initiated coverage in November 2011 through July 2026, the fund gained 9.2% annualized, outperforming both the foreign large-value category average and the MSCI ACWI ex USA Value while ranking in the top 20% of the category. Strong security selection across sectors, particularly financials and technology in recent years, has helped drive the strategy’s long-term outperformance despite periods of elevated volatility.
In May 2025, Oakmark International’s OAKIX Medalist Rating dropped to Bronze from Silver after a People Pillar downgrade. From then through July 2026, the fund gained 26.2% annualized, trailing both the category average and the MSCI ACWI ex USA Value. The weak showing reflected poor stock selection and several costly investment mistakes, including losses in Credit Suisse and Worldline WLN and continued additions to declining positions such as Bayer BAYN, Edenred EDEN, and Kering KER. Despite the recent setback, the strategy’s disciplined value-investing approach and long-term record remain notable, with the fund outperforming both benchmarks and ranking in the category’s top 15% since David Herro assumed management in September 1992.
T. Rowe Price International Value Equity Fund TRIGX received a rating upgrade to Silver from Bronze in May 2023 after its Process Pillar was elevated to Above Average, reflecting increased conviction in the consistency and effectiveness of manager Colin McQueen’s disciplined value-investing approach. Since the upgrade through July 2026, the fund gained 24.9% annualized, ranking in the top quartile of the foreign large-value category and outperforming the MSCI ACWI ex USA Value. The strong performance has been driven by McQueen’s stock selection and consistent execution of the strategy’s process. Under his leadership since July 2019, the fund has outperformed its peers and benchmarks.
John Hancock Disciplined Value International JDIAX entered Morningstar coverage in October 2023. Since then through July 2026, the fund gained 69.2%, ranking in the third quartile of the foreign large-value category and trailing both the category average and the MSCI ACWI ex USA Value. Since Josh Jones joined Chris Hart as comanager in mid-2013 through July 2026, the fund gained 7.9% annualized, outperforming the MSCI index and 52% of its category peers. Strong stock selection across regions and sectors has fueled the strategy’s long-term results, while the fund has demonstrated resilience across market cycles.
Vanguard International Value Fund VTRIX received a People Pillar downgrade to Average in July 2025 following changes to its subadvisor lineup. The strategy uses a multimanager value approach, combining subadvisors with complementary investment styles across absolute value, quality-focused value, and opportunistic investing. From Aug. 1, 2025, through July 2026, the fund returned 33.2% compared with the category average of 32.0%. Recent performance has improved under the new lineup, helped by strong contributions from subadvisor Arga and holdings such as Samsung SMSN, STMicroelectronics STMPA, and Murata Manufacturing 6981.
This article first appeared in the August 2026 issue of Morningstar FundInvestor. Download a complimentary copy of FundInvestor by visiting this website.
