Many mutual funds are investing heavily in stocks outside of the U.S., Bloomberg reports. Funds at BlackRock, Goldman Sachs and Waddell & Reed Financial, in particular, are loading up on global stocks.

The Waddell Advisors Asset Strategy Fund, for instance, has about half of its assets invested outside of the U.S., and only 25% in American stocks. The manager of that fund joins a growing chorus of portfolio managers who say they are concerned about a housing buddle, the falling dollar and weakening consumer confidence.

“The gains in the U.S. were fun while they lasted, but we feel like growth lies outside the country,” said Dennis Stattman, manager of the BlackRock Global Allocation Fund, which currently has the lowest holdings in U.S. and Canadian stocks since nine years ago. Certainly, it seems to be a good call, for the fund has risen an average of 12.4% a year over the past five years, compared with the 8% return of the S&P 500 Index.

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