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Byline: DAN MOREAU
Call international investing a roller coaster. Foreign funds went down in 2002 until early in the final quarter. Then performance in most foreign categories rose, only to be followed by drops again in December.
Despite gains by most foreign groups in the fourth quarter overall, they all lost ground for the year.
No foreign fund category showed a gain last month through Dec. 26, says Lipper Inc.
Global funds, which invest anywhere in the world, were down 4.11% on average, but were up 6.8% in the fourth quarter. They were down 19.2% for the year, however.
International funds, which invest anywhere in the world except the U.S., were down 3.6% in December, but up 5.4% in the fourth quarter. Their average loss for the year was 16.8%.
International small-cap funds mirrored domestic small-cap fund performance. They did relatively better than overall international funds. Small-cap funds lost 2.13% in December. They gained 2% in the last quarter. They fell 13% for the year.