With a mix of both stable developed markets and emerging economies, the European region makes up one of the most diverse economic zones in the world. Large volumes of foreign direct investment and high commodity prices have ensured that emerging markets in regions like the Mediterranean and Eastern Europe have continued to grow at a fast pace. At the same time developed markets are on the verge of recovering from the global economic crisis. European mutual funds tap into the unique strengths of this vibrant region and are a natural choice for those seeking to grow their investments.

Below we will share with you 4 top rated European funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect the fund to outperform its peers in the future. To view the Zacks Rank and past performance of all European funds, then click here.

U.S. Global Investors Eastern European

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The Day of Reckoning is postponed, but not canceled. Markets in the US are closed today. Americans celebrate President’s Day, on which Bill offers some musings below. Trading across much of Asia is closed, too. Investors in China, Taiwan, Hong Kong, Singapore and Malaysia look to the heavens for guidance, wondering what the Lunar New Year will bring.

Elsewhere in Asia, investors took stock of more earthly goings on…and hit the “sell” button. Indexes fell in Bombay, Tokyo, Sydney and across the Middle East. People are worried about the Greeks and the Dubai Emiratis. Both sovereigns are deep in debt. Both suffer crises of solvency…and both seek to delay their own Day of Reckoning, when debts must be repaid and promises met.

Last Thursday, European Central Bank President, Jean-Claude Trichet, hinted that the euro-nations would come to the aid of their struggling Mediterranean cousins, provided that Greece take “extra measures to make

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Let’s begin today’s edition with a riddle:

What location in the world is famous for its sun-drenched beaches, azure seas, arid Mediterranean climate, rugged coastlines, olive trees, earthquakes, smoggy cities, hedonistic mythology, dismal government finances and well-preserved antiquities?

That’s right, California.

If you answered “Greece”, you did not read the riddle carefully. The antiquities of Newport Beach are far better preserved than anything you could find in Athens. Furthermore, Greece’s government finances are not merely “dismal,” they are horrific.

California is facing a budget deficit this year of about $40 billion, which is roughly equivalent to 2% of the state’s $2 trillion economy (GSP). That’s dismal. But over on the Mediterranean, Greece’s budget deficit is on track to hit $50 billion, which is a very big number for an economy that is one fifth the size of California’s. In fact, that’s a horrific number. What’s more, Greece’s accumulated debt totals $443 billion – a

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Founded in 1937 by Thomas Rowe Price Jr. T. Rowe Price is one of the world’s leading investment management companies. With more than $391 billion in assets under management, it serves individuals, financial intermediaries and institutions. Relying on fundamental research and a disciplined approach, the company aims to provide a full range of investment strategies. In 2005, T. Rowe Price’s target-date retirement funds set new records for asset growth, reaching $8 billion within two years of their inception.

Below we will share with you 5 top rated T. Rowe Price funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect the fund to outperform its peers in the future. To view the Zacks Rank and past performance of all T. Rowe Price funds, then click here.

T. Rowe Price Capital Appreciation (PRWCX) seeks long term capital growth by investing in leading U.S companies that show significant

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Today we are featuring top-performing "European" equity mutual funds, which primarily invest in equity securities of companies based in Europe because emerging markets in Eastern Europe and the Mediterranean remain strong due to large foreign direct investment and high commodity prices. Developed markets are also on the verge of recovering from the financial crisis. P> Investors can find such European funds by checking out the entire list of the Zacks #1 Rank European Equity Funds.

4 Top European Picks

Fidelity Nordic (FNORX) was incepted in November 1995. This European fund seeks seek long term capital growth.

At least 80% of this European fund’s assets are invested in Danish, Finnish, Norwegian, and Swedish issuers as well as investments tied economically to the Nordic region. It primarily invests in common stocks and places up to 35% of its total assets in any sector that accounts for more than 20% of the

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The US has apparently overtaken Russia as the world's biggest natural gas producer, according to reports from Bloomberg.  Several factors, including increased production of the 'unconventional' shale gas have been cited as cause and it is suggested Russia may not be able to reclaim its crown until 2015.  South Stream, Blue Stream and the construction of Turkey's first nuclear power plant are all on the agenda for talks between President Medvedev and Turkish Premier Tayyip Erdogan.  The latter apparently wants to make concrete an agreement on the construction of an oil pipeline between Turkey's Black Sea town of Samsun and the Mediterranean coast.  Russia could halt oil deliveries to refineries in Belarus within a day as existing supply contracts expire.  Talks between the two nations on the transit of electricity have re-started in Minsk.  An ...

The paragraphs below come courtesy of Mark Mobius, emerging markets guru and executive chairman of Templeton Asset Management.

I arrived in Tripoli, Libya’s capital and largest city, on a short flight from Athens, Greece, so I appreciated the closeness of this North African country to Europe. Libya is right on the Mediterranean and has Egypt, Sudan, Chad, Niger, Algeria and Tunisia as neighbors. Libya is a huge country (1.8 million square kilometers) but 90% of it is desert. The population is only about six million, with about two million living in Tripoli.

Libya at various times in its history was inhabited by Phoenicians, Greeks and Romans. It later became part of the Turkish Ottoman empire and then an Italian colony. We got a taste of its ancient history when we took a two-hour drive out of Tripoli to the ruins of the ancient city of Leptis Magna,

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UN Secretary General Ban Ki-moon appealed for world powers to secure a legally binding climate deal next year following the failure of the Copenhagen summit. Gennady Timchenko, an acquaintance of Vladimir Putin, has received government permission to boost his investment fund's stake in Novatek, making him the gas producer's biggest shareholder.  A parliamentary commission wants the head of the Sayano-Shushenskaya hydropower plant and five of its officials to be dismissed, blaming them for the August blast that killed 75 people.  Despite a terrible year for the oil market, its top five crude traders 'are set to reap bumper profits' this year.  Russia will resume Turkmen gas imports next year, but at volumes much smaller than those agreed in deals sealed prior to supply disputes.  According to Transneft, Russian interests may get a 50% share in the ...

UN Secretary General Ban Ki-moon appealed for world powers to secure a legally binding climate deal next year following the failure of the Copenhagen summit. Gennady Timchenko, an acquaintance of Vladimir Putin, has received government permission to boost his investment fund's stake in Novatek, making him the gas producer's biggest shareholder.  A parliamentary commission wants the head of the Sayano-Shushenskaya hydropower plant and five of its officials to be dismissed, blaming them for the August blast that killed 75 people.  Despite a terrible year for the oil market, its top five crude traders 'are set to reap bumper profits' this year.  Russia will resume Turkmen gas imports next year, but at volumes much smaller than those agreed in deals sealed prior to supply disputes.  According to Transneft, Russian interests may get a 50% share in the ...

Today we are featuring top-performing "European" equity mutual funds, which primarily invest in equity securities of companies based in Europe.

Investors can find such funds by checking out the entire list of Zacks #1 Rank European Equity Funds.

3 Solid Samples

Henderson European Focus A (HFEAX) seeks to achieve long-term capital appreciation. It was incepted in August 2001.

The fund invests at least 80% of its net assets in equity securities of European companies. It invests in companies of any size and looks to choose 'growth' stocks.

The fund has an expense ratio of 1.72%. As of July 2009, it has a portfolio turnover of 51%.

Stephen Peak has been lead manager of the fund since August 2001. Peak is recognized as a leading specialist in Continental European investment and has managed the TR European Growth Trust since the company was launched in 1990.

US Global East European (EUROX) was incepted in March 1997.

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