Most investors still don't have enough international stocks - especially those from emerging markets - in their portfolios.

By Mina Kimes, writer

When it comes to investing, people tend to prefer home cooking. For decades Americans gorged on U.S. stocks and barely touched foreign ones. There was good reason for that -- U.S. equities were, until recently, more widely traded and less volatile than their international counterparts -- but globalization and the continued downturn at home have given investors more reason to look outside the U.S. for growth.

Fund managers have responded: 30% of U.S. stock-fund assets are now invested abroad, according to a recent Vanguard report. That's roughly double the figure a decade ago.

That still isn't enough, according to some money managers. Consider the composition of the global market: The MSCI All Country World index, which holds market-capitalization-weighted stakes in indexes across the globe, now has 60% of its portfolio in non-U.S. stocks. The average world allocation mutual fund, according to Morningstar, keeps 50% of its equities investments overseas. John Calamos, CEO of Calamos Investments, thinks the fifty-fifty breakdown makes sense. "One of the things we've been telling investors is that they need to think more globally than before," he says.

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