portfolio asset allocation

A question about : portfolio asset allocation

I have a portfolio of unit trusts and oeic's.
74% are in UK equity, 14% in North America and the rest in various including bonds.
About 60% of it is in ISA's
Some of them pay dividends and some are growth.
Year ending 2014 they increased in value by 5.3%. I also took about 3.2% in divis making the total about 8.5%
41% defensive, 33% sensitive, 26% cyclical
I have a company pension and these savings are not required for anything in particular apart from divis as added pension and will most likely be inherited.

Bottom line.

Should I diversify and reallocate x% from UK to global and would the cost of the sell/buy be cost effective?

Best answers:

• Nobody is going to be able to answer the "should I" for you. If you want to diversify, then that would be a way of doing so.
  As for the costs, that would depend on your investment platform for starters. On some platforms and for some funds you could switch and pay no charges whatsoever. On others, you may pay a trading charge and/or and initial charge on the fund.
• Is there a 'rule of thumb' regarding asset allocation?
• The UK's generally on the cheap-ish side compared to the global average, so I wouldn't necessarily move away from UK ... Most of those defensive firms probably get the bulk of their revenues from overseas, so the UK can give you deceptively good global exposure in many ways
  Like many, however, I'm seeing Asia and Emerging Asia as the future ... Developed world growth seems to be slowing, and soaring valuations in BioTech shares suggest we're all betting on a rapidly ageing population (who'll probably be working and producing less, but taking more drugs)
  I'm building up positions in Asia slowly, buying when valuations look reasonable ... I'd say your high allocation to dividend-payers is a fairly safe bet at the moment though