We examine the issue of divergent expectations of country fund investors after the Asian financial crisis period. Previous literature has shown that foreign investors turned pessimistic before local investors prior to the Asian financial crisis (Pan, Chan, and Wright, 2001). We further explore this issue by investigating whether local investors react differently from foreign investors in a post-crisis period. Our results show that closed-end country fund share prices (driven by foreign investors) in three Asian stock markets--South Korea, Malaysia, and the Philippines--Granger-cause their respective net asset values (mainly driven by local investors). These results are consistent with the hypothesis that foreign investors have more homogenous expectations than local investors in the post-Asian financial crisis period.