Meanwhile, fears over China’s slowdown seemed to subside at the end of last year on signs that the world’s second largest economy was finally beginning to re-accelerate. In November, government data showed that industrial output and retail sales in China grew much faster than expected, bolstering the bullish case for Chinese and emerging-market stocks. Since then, the Shanghai Stock Exchange Composite Index has soared nearly 20 percent.

The improving global economy, though, isn’t the only reason risk-taking may be re-emerging.

Money managers note that fear over Europe’s debt crisis has been driving investors into defensive-oriented stocks overseas for several years. This is particularly true for shares of consumer companies that manufacture staples like food and household products that continue to be in demand regardless of the health of the economy.

“In an environment where returns for the equity markets were quite poor, you saw very decent returns in those staples,” said Harry Hartford, president of Causeway Capital Management. As a result, though, “consumer staples outside the U.S. looks pretty fully priced,” he said.

Take Diageo. Shares of the British spirits maker, which has sales in about 180 countries, have climbed more than 26 percent a year for the last three years. That means Diageo shares now trade at a price/earnings ratio of more than 18, based on forecast profits. By comparison, the average P/E for MSCI EAFE stocks is less than 14.

Unilever, the packaged food and household goods company, is another example. In 2008, amid the global financial crisis, the stock was trading at around 11 times earnings. Today, Unilever’s P/E ratio stands at 17 times earnings.

“A lot of the defensive industries had big runs, so valuations got extended,” said W. George Greig, head of international investing for the asset manager William Blair & Company. As a consequence, he said, “some investors are starting to say that the defensive stocks aren’t as defensive as they thought.”

NOT all money managers are convinced that the worst of the economic storm is behind us. “We know that after a financial crisis, it takes a long time to recover,” said Simon Hallett, chief investment officer for the asset manager Harding Loevner. “We think a conservative approach is still appropriate — there are still an awful lot of things that can go wrong.”

Mr. Greig said investors were not seeking economically sensitive stocks out of a newfound sense of euphoria. “This is not a venturesome ‘risk on’ mind-set,” he said. Rather, investors are reluctantly seeking out cyclically oriented stocks because their valuations are so low that they now look compelling, and there may be better values in areas that had been considered riskier.