Value still works, says one mutual fund manager, but investors have to be willing to look for it.

Even though analysts from many firms, including Goldman Sachs, have started lamenting the “death of value” after a decade-long period of underperformance in the strategy in the U.S., there’s still life in the world’s first investment factor if you look abroad. The best opportunities for value investors are not in the U.S. or in emerging markets, but Europe, says David Marcus, CEO and founder of Summit, N.J.-based Evermore Global Advisors.

“The U.S. has been hitting new highs over and over and over again, but the other markets are way behind, not just because of where valuations are, but also in how they’re taking advantage of the environment to restructure themselves and focus on their businesses,” says Marcus.

Marcus manages the Evermore Global Value Fund, a $484 million mutual fund that takes a go-anywhere approach to find value opportunities throughout the world. Trading under the ticker EVGBX, the fund had posted 13.65 percent five-year returns as of Wednesday, and returned 7.67 percent year to date.

The fund’s go-anywhere approach allows Marcus to find the opportunities he likes without worrying about meeting allocation mandates to geographies or sectors. Currently, 72 percent of the fund’s assets are allocated to Europe, he says.

“We have no preconceived notions of what we want to do,” says Marcus. “We get to go to where the best opportunities are.”

His fund invests in no more than 40 companies, and carries a 150 basis point expense ratio.

His model does not assume that a company is growing. Instead, Marcus looks for companies trading at a discount to his calculation for their intrinsic value, companies that also might be going through strategic changes or business transitions that would unlock further value.

According to Marcus, most opportunities are currently in European developed markets.

“It’s been tough in Europe,” Marcus says. “Before the financial crisis, it was not set up to be conducive for companies to restructure themselves; there were rules and regulations set up to keep people employed and receiving a paycheck. A lot of those regulations changed during the crisis, and companies found it was easier to streamline their operations.”

Over the past several years, Marcus has taken to investing in family-controlled conglomerates within developed markets. As European companies become more efficient to compete globally, they naturally unlock some of their intrinsic value, says Marcus.

Since many traditional European conglomerates already had strong balance sheets and quality management, any move to create efficiency naturally creates earnings growth. If the companies the Evermore fund selects also grow their revenue, “explosive” earnings growth may occur.

U.S. companies, for the most part, are not creating these “explosive” growth opportunities in 2017, says Marcus, even as more positive earnings reports and projections roll in.

Rather than investing directly in growth and value opportunities within emerging markets, Marcus prefers finding companies doing business within frontier and emerging markets that are domiciled in Europe, Japan or the U.S.

“We’ve found that we can sneak into emerging markets through cheap European stocks and we end up with high growth businesses at no-growth or low-growth valuations,” says Marcus.

The Evermore fund also invests in what Marcus calls “compounders,” long-term holdings with strong management that tend to expand in value over time.

Political instability, crises and other disruptions provide more chances to invest, says Marcus.

“We look for opportunities during periods of disruption, fear, stress and strain,” Marcus says. “Most of these companies adapt because of a crisis, they adapt because they understand that they need to change to be successful, they adapt because they have good management. We don’t just bet on companies, we’re betting on the people who are running the business.”