In “Pan-European Opportunity,” from March 2010, Editor Benjamin Shepherd argued that savvy fund managers would be able to find opportunities in Europe, despite dicey markets and a mounting sovereign debt crisis.

Only one of the three funds Shepherd highlighted has outperformed the 21.1 percent gain posted by the S&P 500 since last March. But his broad thesis has proved correct; European equities have, for the most part, performed in line with US equities.

Artisan International (ARTIX, 800-344-1770) generated a 19.9 percent gain over the past year. Artisan topped Shepherd’s list of fund favorites, as manager Mark Yockey has weathered his fair share of financial crises over an investment career that spans more than 20 years.

A valuation-sensitive manager, Yockey boosted the fund’s exposure to European equities to more than 61 percent. As the crisis deepened, he built up an overweight position in financial services names.

In subsequent months, he’s shifted money from European equities to Asian stocks, reducing the fund’s European exposure down to 58.3 percent of investable assets. But he’s maintained his focus on the financial sector, which continues to account for about a quarter of the names in his portfolio.

The management of Homestead International Value (HISIX, 800-258-3030) adopted a similar strategy of paring back European exposure in favor of Asia over the past 12 months. The fund has generated a 19 percent return since last March.

Fidelity International Discovery (FIGRX, 800-544-6666), which boasts a 22.7 percent gain over the same time period, is the trio’s outlier. Over the past year, manager William Kennedy has left his portfolio virtually unchanged, a decision that allowed the fund to book unexpected gains. European equities performed well as worries about regional sovereign debt were replaced by concerns of rising inflation in emerging markets, particularly in China.