International energy stocks have done extraordinarily well this year, juiced by a recovery in oil prices and stabilization in the value of the Canadian and Australian dollars—currencies that had come under significant pressure in recent years.

On a year-to-date basis, the 13 holdings in our International Portfolio’s conservative sleeve have gained an average of 20.5 percent. The seven stocks in our aggressive sleeve, which entail more exposure to commodity prices and absorbed a harder hit during the down-cycle, have generated an average total return of 55.9 percent.

As part of our background work for this issue, we’ve updated our comments and ratings for the more than 90 names in our International Coverage Universe. We discuss our key takeaways from this exhaustive (and frequently exhausting process) and highlight our best investment ideas in this universe.