Q. Will Google Inc. stock do well in the future? Y.W., via the InternetA. The company whose name has become a synonym for “search” still derives most of its profits from its free search engine and related advertising.Future success depends on not only fending off competition in global search, but in introducing profitable new lines of business. It is a stretch to expect the same dramatic results it has enjoyed in its primary business.Some recent events reflect the competitive landscape:Google was surpassed by Facebook in 2010 as the most-visited US website, relinquishing the top spot it held in 2008 and 2009, according to Experian Hitwise.Its Android mobile-phone operating system gained about six percentage points in smart phone market share in the three-month period ended in November. It ranks second with 26 percent, behind Research in Motion and slightly ahead of Apple, according to comScore Inc.Notebook computers running Google's Chrome operating system will be shipped by Samsung and Acer in the second half of this year to compete with Microsoft's Windows and Apple's Mac computers.Its new Android 3.0 for tablet computers, nicknamed Honeycomb, will be used by manufacturers taking on Apple's iPad.Google shares were down four percent in 2010 after a 102 percent gain in 2009.The Mountain View, California, company has many positives: Its brand strength that encourages customers to try new products, an outstanding technical staff and strong online advertising potential.Consensus analyst rating on Google stock is “buy”, according to Thomson Reuters, consisting of 16 “strong buys”, 18 “buys”, three “holds” and two “underperforms”.The enormous amount of cash that Google holds allows it to be aggressive in obtaining new technologies and quality staffers. It is also spending nearly $2 billion to purchase an office building in Manhattan. The firm's track record shows that it connects well with major manufacturers, such as Motorola Mobility, Sony Ericsson, Dell and Toshiba.Larry Page and Sergey Brin founded Google in 1998 and now lead the company as a threesome with Eric Schmidt, the CEO since 2001. Schmidt is the former CEO of Novell and the former chief technology officer of Sun Microsystems.Google earnings are expected to increase 16 percent this year compared to the 24 percent growth rate forecast for the Internet content and information industry, according to Thomson Reuters. The five-year annualized growth rate is expected to be 18 percent, about in line with its peers.Q. Columbia Acorn International Fund was recommended to us. Please give an opinion. B.F., via the InternetA. You'll need to get your head around its two goals: International investing and small- to mid-cap investing.Because of the second consideration, the fund can be more volatile than a typical international fund that holds mostly blue-chip stocks. That said, however, it has been a steady performer and features a strong management team.The $6 billion Columbia Acorn International Z gained 18 percent over the past 12 months to rank above the midpoint of global small and mid-cap growth funds. Its three-year annualised return of less than one percent places it in the upper one-fifth of its peers.“Portfolio managers Zach Egan and Louis Mendes have been solid in their stock picking, with a patient long-term orientation in which they stick with stocks three to five years on average,” said Kevin McDevitt, mutual fund analyst with Morningstar Inc. in Chicago. “It should still be considered more of a complementary than a core holding for an individual.”Egan and Mendes joined the fund as analysts in 1999 and 2001, becoming co-managers in 2003. They seek strong balance sheets, cash flows and dividend yields. Valuations and diversification are also important. The fund especially benefited from the 2003 through 2007 rally in small to mid-sized foreign funds.Among its holdings, one-third is in the UK and Western Europe, with Japan representing 16 percent and non-Japanese Asia 26 percent. Only 7 percent is in North American stocks. In terms of industries, one-fourth of the 191-stock portfolio is in industrial materials, with other concentrations in business services in financial services and business services.Largest stock holdings of Columbia Acorn International were recently Singapore's Olam International Ltd., Brazil's Localiza Rent A Car S.A. and Suzano Bahia Sul Papel e Celulose SA, Sweden's Hexagon AB, Japan's Kansai Paint Co. Ltd., the UK's Serco Group plc. and Intertek Group plc., and the Netherlands' Imtech and Fugro.This “no-load” (no sales charge) fund requires a $2,500 minimum initial investment and has an annual expense ratio of 0.99 percent.Q. What are the most important things to keep in mind when I look at a company's proxy statement? M.L., via the InternetA. The proxy statement has never been more important to both companies and investors.This document, which is filed with the Securities and Exchange Commission, must be received by investors before the shareholder vote at the annual meeting. It explains general matters of concern to be discussed, shareholder proposals, as well as director salaries, perks, bonuses and options plans.Investor anger over high CEO compensation and the fact that a rising number of shareholder proposals have been passed in recent years have turned the proxy from a ho-hum document to must-see reading.“The proxy statement exists so shareholders can make informed voting decisions,” said John Chevalier, director of investor relations at Procter & Gamble Co. “That means matters such as election of directors to the board, approval of the company's audit firm and renewal or changes to management compensation plans.”The factors that trigger higher compensation for management should be the same factors that will eventually drive higher returns for shareholders, said Chevalier.When voting on directors, consider the experience and strengths of each individual, as well as the collective experience of the board, he added.Andrew Leckey answers questions only through the column. Address inquiries to Andrew Leckey, 555 N. Central Ave., Suite 302, Phoenix, Ariz. 85004-1248, or by e-mail at andrewinv[AT]aol.com(C) 2010 TRIBUNE MEDIA SERVICES INC.