Mr. Young said investors should probably keep about 15 percent of their total portfolios in developed-market foreign shares, with an additional 5 percent or so in emerging-market stocks.

American investors owning emerging-market stocks have been hurt by the decline in the value of the stocks and by the rebound of the dollar, especially last month.

And he says international and emerging-market stocks should be as much as 30 percent of retirement assets, a level that will make many uncomfortable.

He believes that investors should avoid risky assets like emerging-market stocks and shares of energy companies, as well as those of smaller companies in general.

In the meantime, he finds some emerging-market stocks worth keeping.

Actually, it was even better for foreign stock portfolios, which soared 10.3 percent, on average, in the quarter, thanks to another huge rally in emerging-market stocks.

She currently recommends that investors' portfolios be overweight in foreign shares, particularly emerging-market stocks.

And many emerging-market stocks, considered by many to be the most speculative types of equities, have posted 20 percent declines.

He said global investors should also consider shifting from risky assets like emerging-market stocks to safer bets like blue-chip companies in Western Europe.

Mutual fund and pension fund managers routinely put $500,000 to $5 million in a single emerging-market stock.