Weiss rates 97 mutual funds with investments in the European stock market, and only one of them is a BUY. This may come as no surprise, given the recent economic turmoil in the region stirred by the Brexit and then the Deutsche Bank litigation issues.

Virtus Greater European Opportunities Fund Class A (VGEAX) is at the bottom of the BUY range with a B- investment rating. The fund primarily invests in the European and emerging markets stocks. Although a BUY, it has a negative 7.28 percent one-year return, and a negative 2.91 percent three-year return. The five-year period is in the positive with a 29.8 percent total return.

So, although still in the BUY range, the fund is beginning to show return struggles. Keep an eye on it by adding it to your Watchlist and we will let you know when and if a change in rating takes place.

With European mutual funds not looking too promising, if you want to find an investment worth your attention, jump over to the other side of the world to Japan, where you will find several of them.

We used our mutual funds screener to find the highest rated and best performing Japanese mutual funds. First, we selected all BUY rated funds (A and B investment rating), “Japan Stock” as the category, and above average one-, three-, and five-year total returns. The search returned six funds matching the set criteria:

Hennessy Japan Fund Investor Class (HJPNX) is the highest rated fund on the list with an A- investment rating. The fund has $125.5 million in total assets with at least 80 percent of them invested in the Japanese stock market. The fund does not pay a dividend, but has an 89.6 percent five-year total return.

T. Rowe Price Japan Fund (PRJPX) invests in common stocks of companies of any size located, or with primary operations, in Japan. It has $417.42 million in total assets, pays a 0.57 percent dividend, and has achieved a 63.7 percent return over the last five years. The fund currently holds a B+ investment rating from Weiss.

Matthews Japan Fund Investor Class (MJFOX) is the largest fund on the list, has $3.35 billion in total assets, and currently holds a B investment rating. The investment seeks long-term capital appreciation with investments in the common and preferred stocks of Japanese companies. It has achieved a 71.7 percent total return over the last five years.

Hennessy Japan Small Cap Fund Investor Class (HJPSX) offers a 96.6 percent five-year return, the highest among the six BUY funds. It currently holds a B rating and has $29.4 million in total assets. It invests at least 80 percent of its assets in smaller Japanese companies.

Fidelity® Japan Smaller Companies Fund (FJSCX) is a B rated fund with $582.3 million in total assets. It pays a 0.58 percent dividend and offers a 90.5 percent five-year total return. The fund seeks long-term growth of capital from investments in various size Japanese companies.

Nuveen NWQ Japan Fund Class A (NTJAX) invests in Japanese companies with small-, mid-, and large-capitalizations. The fund pays a 0.64 percent dividend and has a 35 percent five-year total return, the lowest return among the six companies on the list over the same period.

Any of the above six mutual funds could be a good investment option to consider if you’re looking for investment opportunities outside of the United States.