An excellent alternative for those seeking a big global fund is Vanguard's International Value. The $7.3 billion portfolio is split among three subadvisors. Kevin Simms and Henry D'Auria, who steer the AllianceBernstein International Value fund, oversee about 45 percent of assets, while Ronald Holt and Aureole Foong of Hansberger Global Advisors now manage 43 percent of the money. Vanguard added Lazard Asset Management to the mix earlier this year. The goal, explains Joe Brennan, Vanguard's head of portfolio review, is to get great performance with less volatility than might be expected with just one manager. As with all Vanguard funds, expenses are astoundingly low - at 0.50 percent they are less than a third of the typical international fund's.

All three subadvisory groups hunt for values outside the U.S. by focusing on individual companies rather than macroeconomic trends. Combined, they manage a portfolio of 230 stocks that includes big stakes in blue chips such as French oil giant Total and British cellular leader Vodafone.