Mr. Malone told the group that Liberty might create a separate tracking stock for its international holdings.

But he is reshuffling his international holdings.

The account's international holdings help explain its lag.

The first issue featured the international holdings, listing the top 10 overseas investments, although not by account.

For long-term investors he suggests a regular contribution to selected funds, with perhaps 10 percent in international holdings.

Under his leadership, Bell Atlantic substantially increased the size and scope of its domestic and international wireless holdings.

Over all, taxable bond funds, including Treasuries and corporate and international holdings, returned 8.85 percent last year.

During the 1980s and 1990s they increased their international holdings, first in the Gulf of Mexico, then into places like Yemen and the North Sea.

ANYONE disappointed by a stock fund's performance early this year might do well to check its international holdings.

Affiliated with the Shari Arison group, it is also an international holding and investment company.