1.   And at that time the emerging- market asset class was thought to be good for the diversification of a portfolio.

2.   As such, they carry some of the risks associated with each asset class.

3.   At that time, getting into emerging markets was buying the asset class.

4.   Bonds might sound boring, but they typically have a very low correlation to stocks, meaning the two asset classes do not move in tandem.

5.   A longer view, too, shows that American fund investors, like their Japanese counterparts, have abandoned an entire asset class when performance lagged.

6.   A. Your right that the MAS Multi-Asset fund spreads its investments around among various asset classes, but there are some very heavy concentrations.

7.   But because the market should outperform other asset classes over time, the tendency should eventually cause their returns to be lower than they would be otherwise.

8.   But by ignoring bonds, gold and other asset classes, you take away tools that could help you reduce risk without forfeiting return.

9.   Even within asset classes, there are ways to further reduce risk, according to the Mutual Fund Forum, a trade group in Bethesda, Md.

10.   Evensky recommends diversifying within asset classes.