Using data on portfolio holdings, we examine the performance of 143 global equity funds over 2002-2012. We find that the average global equity manager outperforms the benchmark by 1.2%-1.4% a year before fees. Attribution analysis reveals that the prime source of excess return is selecting stocks that beat their local markets. Modest contributions come from country selection, most notably in emerging markets, whereas currency effects are mixed. Our findings support considering active management in global equity markets, at least for institutional accounts that pay annual fees of less than 1%.