It may be time to reconfigure your portfolio with a more global focus.

"In the U.S., there about 3,000 publicly and widely traded stocks," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management. "Globally, there are around 18,000. Why limit yourself to one-sixth of the investment universe?"

Investing solely in the U.S. could mean you're missing out on a host of opportunities. "When it comes to construction of portfolios, I firmly believe that the wider the opportunity set that you can look at, the better the portfolio you can construct," said Jacobsen.

He said investors should look at emerging markets and Europe.

"The more the Federal Reserve pushes out that first liftoff date or the lower the trajectory of rate hikes when they do start -- I think that would actually be very beneficial for emerging markets," he added. "Investors are fearful of an exodus of capital out of emerging markets once the Fed pulls the trigger."

A Fed rate hike -- or even the expectation of higher rates -- would push yields on bonds higher, leading to investors flocking towards the U.S., which is safer than emerging markets, for yield.

The Federal Reserve holds its next two-day policy meeting next week. Many economists expect the Federal Open Market Committee to approve its first rate hike in nearly a decade during its December meeting.

Within emerging markets, Jacobsen points to opportunities in Brazil and commodity-oriented emerging markets like Brazil, Chile and South Africa. He thinks commodities are finding a bottom.

Aside from emerging markets, Jacobsen points to the potential for more growth in European stocks.

"If the European Central Bank is willing and able to expand or extend their asset purchase program, that should be further supportive of European equities," he added. Such an announcement could come following the ECB's October meeting, which wraps up on October 22.

The ECB embarked on a $1.2 trillion stimulus program, known as quantitative easing, earlier this year -- similar to the one that the Fed used during the crisis and recovery in the United States.