After the return of volatility to the market this week, some investors may be wondering if the bull run is over. Rich Weiss, portfolio manager at American Century Investments, doesn't think it's over, but he does believe the bullish case for equities is beginning to wane.
While he remains marginally overweight in stocks, he said the underlying composition has changed.
"We see earnings growth slowing, decelerating, but there is still is a case to make for equities overall, particularly in the mid- and late-cycle sectors—the growth-oriented stocks for which we remain committed to with an overweight across the board," Weiss said in an interview with CNBC's "Power Lunch."
U.S. stocks fluctuated Friday, a day after a turbulent market swung from large losses in the morning session to the Dow closing just 70 points lower and the S&P 500 down 8 points. It was the Dow's biggest one-day reversal in 13 months.