With the tech-heavy Nasdaq Composite Index closing in on 5,000, a level it hasn't seen since its peak in 2000, some investors are wondering if it's time to get into technology, or pull out.
For Burns McKinney, portfolio manager at NFJ Investment Group, there are two reasons to be bullish on tech.
The first is that tech is trading at a discount to its long-term averages, unlike the , which is trading at a premium, he told CNBC.
"The technology stocks on a P/E [price-earnings] multiple basis trade at about a 20 percent discount to their 15-year averages," McKinney said Wednesday in an interview with "Power Lunch."
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Plus, he said tech accounts for more dividends paid than any other sector in the S&P 500 and the payout rations still remain fairly low.
"Not only have they been growing dividends by the greatest amount but they also have the ability to grow those payouts more than any other sector," McKinney said.
Kevin Mahn, president and chief investment officer of Hennion & Walsh Asset Management, is bearish on the large-cap Nasdaq 100, specifically information technology, consumer discretionary and health care, which he said will hold the index back.
That's because research shows the last time the Federal Reserve gradually raised interest rates back in 2004 to 2006, those were the worst performing sectors, he said.
"While this time may be different, there may be better places to put your money than in the Nasdaq 100 index," Mahn said.
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Instead, he'd put his money into REITs, or real estate investment trusts, because those were up on average of 24.5 percent during 2004-06.
"If you look past mortgage-related RIETS and you look to other areas of the REIT markets that could benefit from a slowly improving economy, it's hard not to make a good, convincing argument to consider REITs for your portfolio," Mahn said.