Median core EAFE managers beat the MSCI EAFE index by 4.7 percentage points in the fourth quarter and 9.6 percentage points for the year ended Dec. 31, according to InterSec Research. The MSCI EAFE index returned 16.9% for the quarter and 26.8% for the year. Allocations to Europe and emerging markets, along with stock picking in Japan, helped money managers, according to InterSec. The median manager in the MSCI All Countries Ex-U.S. universe beat that index by 8.6 points for the fourth quarter and 14.1 points for the year. The outperformance was due to overweights in emerging markets, according to InterSec. The index returned 18% and 30.4%, respectively, for the quarter and year. InterSec surveyed 95 core EAFE managers and 22 All Countries Ex-U.S. managers.