The dollar had strengthened 15-20% in the last 3 months. The fund lost on the exchange rate as well as global markets tanking. Beware of a strong dollar when your money is overseas. This fund has done well for 20 years. $35-40 is probably a pretty good price to get in for the long haul. Unless world market drop another 30%. I sold a month ago and will get back in if it goes around $30. The market will not make sense for some time, so buy low and sell high.