This paper brings these issues to a unique data set that contains the monthly returns of European-domiciled equity mutual fund managers over a 20-year period. Specically, we ask whether an investor can outperform when she has access to country-specic managers across several developed European markets, and is allowed to rotate the portfolio allocation among the countries (and managers) as macroeconomic conditions in Europe evolve. If such a strategy does result in outperformance, we wish to know which country's local equity managers exhibit the best skills dur- ing a particular phase of the European business cycle. To address these points, we explore whether, under some macroeconomic conditions, a.
