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Byline: MURRAY COLEMAN
Mutual funds that invest abroad managed to post gains for the first quarter despite a March sell-off that took a bite out of returns.
During March, world stock funds rose on average by 0.71%, according to preliminary Lipper Inc. figures. U.S. diversified stock funds returned -0.61%.
"Everybody was hit by a slight correction," said Peggy McKay, manager of the $65 million JohnsonFamily International Value Fund. "But the quarter was fairly decent."
Overall, the average world stock fund gained 5.11% in the first quarter. That includes funds investing partially in the U.S. Strictly domestic stock funds wound up returning 2.98% in the first quarter.
"If it wasn't for Japan, world markets would've done much worse as a whole than the U.S. in the past month," said McKay.
Japanese Rebound