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Hi H - yes, ADR's s/b considered part of your international asset allocation. Here is a great link for further info on ADR's and their close relatives: GDR's, etc.

Also be sure to hunt around the site, where you'll find the 'DR Directory' and one of the most comprehensive lists of what your investment opportunity set is in regard to ADR's.

One final thing to mention is you may also want to dig further beneath the surface to ensure your foreign firm is indeed driven by non-U.S. events. For example, Taiwan Semiconductor (TSM) is based in Taiwan, but the majority of its clients are U.S.-based semiconductor and related firms.

Hope that helps - let us know if you have any further questions.

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