Scudder Kemper Investments is set to start up two internationally focused mutual funds this week.

The Scudder International Growth Fund will seek long-term growth of capital by investing in a wide range of companies. The fund will have exposure to companies in Japan and elsewhere in the western Pacific, where economic turmoil has roiled markets, contributing to volatility in the U.S. markets.

The fund also will invest in companies in Latin America and Europe. Scudder said the fund is designed for more aggressive investors with a longer investing horizon.

The Scudder International Value Fund will pursue long-term growth of capital by investing in undervalued mid- and large-cap foreign stocks selected from among 3,500 companies. The fund managers will follow a quantitative, proprietary investment approach.

"We certainly take the market environment into consideration when launching funds," a Scudder spokesman said.

He said Scudder does not pursue a country allocation style but rather "a bottom-up stock picking strategy." Neither fund is an index portfolio, he added.

Scudder, which manages $100 million of mutual funds, now has 13 international portfolios.

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