It may be time to reconfigure your portfolio. ‘In the U.S., there about 3,000 publicly and widely traded stocks,’ said Brian Jacobsen, chief portfolio strategist, 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 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 in the U.S., or even the expectation of higher rates, would push yields on bonds higher, leaving investors flocking towards the U.S. for yield, which is safer than emerging markets. TheStreet’s Scott Gamm reports from New York.