Savvy U.S. investors should consider looking for higher-yielding stocks outside the boundaries of America, Barron’s reports.

“It’s very important to have a global approach to income in general, but particularly in a very low-rate environment,” Giorgio Caputo, senior manager of the JOHCM Global Income Builder fund (JOFIX) told Barron’s.

Barron’s explained that when rates rise, higher-yielding American stocks that serve as bond proxies, such as utilities, can be hit hard.

Barron’s suggested these six stocks, all of which sport yields of at least 2.8%.

1. Allianz   
2. Hang Lung Properties
3. HeidelbergCement 
4. Nestlé
5. Royal Dutch Shell
6. Sanofi

Barron's did offer a word of warning: U.S. taxpayers are often subject to dividend-withholding taxes imposed by foreign countries.

To be sure, American investors must proceed with caution when looking to put their money in overseas markets of all types.

For example, Newsmax Finance Insider Mohamed El-Erian warned it may be too soon for investors to reallocate away from U.S. stocks into emerging markets.

El-Erian, the chief economic adviser to Allianz SE, says that the macroeconomic backdrop isn’t favorable for developing nations even as a growing chorus of fund managers and strategists from UBS to Morgan Stanley Wealth Management tout their potential.

The S&P 500 Index outperformed the iShares MSCI Emerging Markets ETF by 20 percentage points in the first three quarters of 2018, leading some to believe the trend was due to reverse.

“Investors need to be cautious,” El-Erian, who is also a Bloomberg Opinion contributor, said on Twitter. “History suggests that rising oil prices, strong dollar, tighter global liquidity conditions and slowing global growth can be a disruptive combination for quite a few emerging economies.”

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