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Recommendations for increasing foreign stock allocation

There are some (e.g., Warren Buffet) who say that the S&P 500 already has plenty of international business built in.
I invest in international equities through two ETF: IEMG for emerging markets, and IEFA for ex- U.S. Developed Markets.
lhamo has good ideas. How about IXUS, which is basically IEFA + IEMG with allocations of the two preset?
(12-19-2018, 06:56 AM)stoaX Wrote: lhamo has good ideas. How about IXUS, which is basically IEFA + IEMG with allocations of the two preset?

As many have noted, your 10 year results do not indicate that you need to make change just for the sake of change
My sole unvarying advice is to never change something that is working unless you have a good reason.  A wealth advisor's recommendation does not qualify as a good reason.  His/her advice may have been based on 10 underlying considerations,  all good.  But has he given you those justifications?  At this point we're simply discussing an action with no rationale.
I can guess that the advisor thinks you should be more diversified in your allocation, and that bonds and foreign equities would be two ways to diversify.  But I can also easily picture a small minded advisor who has a one-size fits all standard portfolio, and he's suggesting changes just to make your portfolio look more like his ideal.  No idea which is the case.
If and as you think about increasing your allocation to foreign,  think about the large/midcap US companies you already have that make much of their profits overseas.  Intel or Boeing or Apple or CitiGroup or Pepsi or Caterpillar or …..   What effect do you want from foreign allocation, and how much do you get from US companies with large international sales?  Maybe your pragmatic international allocation is a lot higher than you think.
Also think about the issues of growing nationalism and tariffs.  Is the world really changing, and is the rationale for foreign holdings waning?  Worth thinking about, whatever answer you come up with.
More personally and specifically,  I suggest that, at age 63, your impetus for gradual change to your investment philosophy should be prepping for a cash-flow oriented distribution mode (retirement use of funds) rather than the savings/accumulation/growth phase you have been in all your life.  I'm not saying more or less foreign allocation is right or wrong,  but I am saying you have a much more important change in your near future.  Your asset plan in retirement may or may not want more of an international flavor.  My own experience is that I want and need less international in retirement, not more.
I'd say start orienting your portfolio toward your retirement years.  This doesn't need to mean a big immediate wholesale change. It could mean a 5% to 10% change per year.  If you find that an international component is appropriate to the long term retirement view, go for it.
But for the 2-4-7 years remaining before you retire,  do you really need or want the hassle of a significant change to your accumulation phase strategy overlaying your prep work for retirement (cash flow/distribution mode) planning?

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