Any investors hoping to find a Non US - Equity fund could think about starting with FMI International Fund (FMIJX Quick QuoteFMIJX - Free Report) . FMIJX carries a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.

Objective

We classify FMIJX in the Non US - Equity category, which is an area rife with potential choices. Investing in companies outside the United States is how Non US - Equity funds set themselves apart, since global funds tend to keep a good portion of their portfolio stateside. Many of these funds like to allocate across emerging and developed markets, and will often focus on all cap levels.

History of Fund/Manager

FMIJX finds itself in the Fiduciary family, based out of Milwaukee, WI. FMI International Fund debuted in December of 2010. Since then, FMIJX has accumulated assets of about $3.31 billion, according to the most recently available information. A team of investment professionals is the fund's current manager.

Performance

Of course, investors look for strong performance in funds. This fund has delivered a 5-year annualized total return of 8.86%, and is in the top third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 8.84%, which places it in the top third during this time-frame.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, FMIJX's standard deviation comes in at 6.55%, compared to the category average of 10.8%. Over the past 5 years, the standard deviation of the fund is 6.84% compared to the category average of 10.49%. This makes the fund less volatile than its peers over the past half-decade.

Risk Factors

One cannot ignore the volatility of this segment, however, as it is always important for investors to remember the downside to any potential investment.

Nevertheless, investors should also note that the fund has a 5-year beta of 0.53, which means it is hypothetically less volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. FMIJX has generated a positive alpha over the past five years of 1.05, demonstrating that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, FMIJX is a no load fund. It has an expense ratio of 0.91% compared to the category average of 1.28%. So, FMIJX is actually cheaper than its peers from a cost perspective.

While the minimum initial investment for the product is $2,500, investors should also note that each subsequent investment needs to be at least $50.

Bottom Line

Overall, FMI International Fund ( FMIJX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, this fund looks like a somewhat average choice for investors right now.

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