Winners and Losers THE BEST RETURNS Among the 500 largest equity funds, Moscow's soaring stock market powered several funds to stunning gains. Economic recovery gave Latin funds a boost, while a bull market in electronics stocks pushed up Taiwan funds. FUND TOTAL RETURN* 1ST QUARTER LAST 12 MONTHS REGENT RED TIGER 63.83% 322.95% REGENT WHITE TIGER 62.20 354.59 REGENT BLUE TIGER 56.28 311.10 PACTUAL ETERNITY 36.52 73.72 PACTUAL INFINITY 33.50 69.36 MERCURY E. EUROPEAN 29.56 117.97 PICTET EASTERN EUROPE 26.31 67.16 THORNTON TAIWAN EQUITY 24.15 67.44 TAIWAN CAPITAL 23.34 63.90 JF INDIA 21.34 4.18 ABN AMRO LATIN AMERICAN 19.98 41.67 SR INTERNATIONAL 19.81 39.65 SCHRODER BRAZIL 19.77 53.33 RG EMERGING MARKETS 19.61 21.65 BRAZILIAN INVESTMENT 19.26 49.42 SCHRODER LATIN AMERICAN 19.01 35.26 FORMOSA 18.93 56.60 SCHRODER TAIWAN 17.84 54.59 GT PRC 17.61 62.59 TGA LATIN AMERICAN 17.41 28.41 FLEMING FLAGSHIP LAT. AMERICA 17.21 31.01 FLEMING FLAGSHIP E. EUROPE 17.18 51.41 GT TAIWAN 17.11 47.25 DBIM LATINAMERIKA 16.71 32.14 FLEMING FLAGSHIP INDIA 16.41 3.49 THE WORST RETURNS How do you spell trouble for Japan funds? Try a sagging Nikkei and a rising dollar. Thailand's stock market collapse also dealt investors a nasty blow, as did the long-running retrenchment in U.S. high-tech equities. FUND TOTAL RETURN* 1ST QUARTER LAST 12 MONTHS JF JAPAN OTC -23.64% -49.91% SBC EQUITY SM. & MID JAPAN -19.28 -35.38 AIG JAPAN SM. COMPANIES -17.32 -30.28 HENDERSON HF JAPANESE SM. COS. -17.19 -30.53 SCHRODER SEL. JAPANESE SM. COS. -16.27 -29.64 JF JAPAN SMALLER COMPANIES -15.74 -31.66 MORGAN GRENFELL JAPAN BULLET -15.33 -30.30 FIDELITY JAPAN SM. COS. -15.32 -34.19 NOMURA SF JAPAN GROWTH -15.27 -30.04 MORGAN GRENFELL JPN. SM. COS. -14.89 -29.35 GT US SM.000 COS. -14.83 -13.52 JF FLEDGELING JAPAN -14.83 -29.08 GAM SCIENCE -14.67 -5.20 LOI JAPAN OTC -14.40 -23.70 PERPETUAL JAPANESE GROWTH -13.81 -33.73 SIAM FUND (CAYMAN) -13.75 -37.31 TGA JAPAN SM. COS. -12.86 -24.93 FIDELITY THAILAND -11.34 -45.73 NIKKO GUF JAPAN RTN. REVERSAL -11.26 -26.97 HYPO NIPPON -11.20 -28.70 CITI PF JAPANESE -11.18 -26.93 NICAM JAPAN RTN. REVERSAL -11.11 -28.55 SEN MON JAPANESE GROWTH -10.81 -23.76 VONTOBEL JAPANESE -10.76 -28.05 BERMUDA EQUITY JAPANESE -10.68 -31.31 *In U.S. dollars. Price change plus reinvested dividends or capital gains for quarter and year ended Mar. 31. Does not include sales charges. DATA: MICROPAL LTD. Return to main story

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