On a business trip to Tokyo last month, William Kennedy woke up at 4:15 one morning to find 45 voicemail messages waiting for him. While he was sleeping, a bevy of Fidelity analysts had called to provide their take on earnings announcements or report back on visits with corporate management teams. It's an excellent example of the global research he draws on as manager of the $8.7 billion Fidelity International Discovery fund. "That's why I can own 300 names and keep on top of them," says Kennedy, who took over the fund in January 2005.

Lately, Kennedy has been finding the best values among large-cap European names. The 50 largest companies in Europe are trading for around 12.5 times earnings, he notes, compared with a multiple of 15.9 for the S&P 500. At the same time, those European giants carry a dividend yield better than 3 percent, compared with 1.8 percent for the S&P.