Since January, holdings have been reduced in both domestic and overseas stocks, with most of the proceeds funneled into cash.

The biggest foreign investments, however, have come through American mutual funds that specialize in overseas stocks.

And it has very little in the world's largest overseas stock market, Japan, which is at six-year lows.

But investors who sold dollars to buy overseas stocks on their own markets in, say, January did much better.

In fact, investors interested in overseas stock can often do better by focusing on the country than on the specific stock or industry.

Earlier in the day, overseas stocks ended generally lower.

The fund has a bigger-than-usual exposure to overseas stocks, mainly in Europe.

The vast majority mix United States stock and bond funds, although five also dabble in overseas stocks.

Current Strategy: "We look for opportunities in the small-cap value area, and we're broadening our reach to include overseas stocks."

He also looks offshore for bargains, because overseas stocks held mainly by foreign investors may trade more cheaply than comparable American companies.