Anywhere But Here

Just how overvalued is the U.S. stock market? Take a peak inside the portfolios of some of the top funds to find out how their managers would answer that question. Extremely.

Some global fund managers at BlackRock, Goldman Sachs and Waddell & Reed are showing their lowest allocation in U.S. equities in nearly a decade, Bloomberg News reports. The three outfits have the top performing funds with global asset allocations, and they are all beating the performance of the S&P 500 so far this year.

Even though corporate earnings growth in the U.S. is still relatively strong, concerns about housing, a slowing economy, and the falling dollar outweigh any good news corporate America has to offer for these managers. The growth, they say, is simply not here anymore.

Where are they placing their bets today? Plenty of their money is still in emerging markets like India, China, Brazil and Russia. Goldman Sachs is heavily invested in Germany and Switzerland, while Waddell & Reed likes Southeast Asia and Eastern Europe.

So even if that weak dollar is ruining your overseas vacation plans this summer, it's not too late to let your portfolio take your place on that European tour.

by Megan Barnett