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.

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