Something I've been mulling over for a while, is adding some emerging markets fixed income exposure to the portfolio. The rationale involved is adding more emerging markets exposure to the portfolio, while cutting back somewhat on the volativity that would result by merely adding some EM equities. EM fixed income is understandably more volatile than traditional fixed income, but still not as bad as the equities.
The vehicle I'm looking at using is FNMIX, a no-load Fidelity fund (one of 2 IRAs is with Fidelity). Going with an open end fund would be a departure for me, since I've always used CEFs and ETFs for areas where individual securitites weren't an option, for whatever reason. Fidelity does have an excellent reputation on the fixed income side of things, and this particular fund has performed well, historically, and has had the same manager since 1995. Like the market in general, this fund's up sharply since early/mid March (about 25%), so I might hold off for a bit, since I'm thinking a pullback is due. I also do some investigation of the closed end fund universe to see what's available there.