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Get More Selective With Risk: Pro

After a run-up in the market, it's time to pick stocks that will keep chugging along, Glenmede Director of Investment Strategy Jason Pride said Tuesday.

"Investors have to take risk, but at the same time, that doesn't mean that you just buy anything anytime at any price, any day as you move through this market," he said. "There are a lot of things that you can do to position portfolios differently."

On CNBC's "Fast Money," Pride said that leading economic indicators are starting to moderate and that investors could see lighter returns.

"We've been advocating investors need to take risks but be selective in the risks that they take," he added, calling out bank loans, emerging market debt and high-quality dividend-paying stocks.

After weeks of gains and new record highs for the S&P 500 and the Dow Jones Industrial Average, Pride said that it might be time for a decline.

"It wouldn't be unfathomable to see a 5 or 10 percent pullback in the market," he added. "We've already seen a 10 percent run-up year to date.

"What we do know is that long-term returns are perhaps a little bit subpar relative to the historical return, and volatility is likely still going to be high, even though we may have been through a period here for about two or three months where volatility's been relatively low."

Two of Pride's top picks were Colgate-Palmolive and Philip Morris.

"Companies like that can eke out long-term returns for shareholders and deliver that with half, 75 percent of the risk of the broad equity markets," he said.

Trader disclosure: On April 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long ORCL; Stephanie Link is long ACN; Mike Murphy is long AAPL; Mike Murphy is long BAC; Mike Murphy is long HTZ; Steve Weiss is long BAC; Steve Weiss is long AKAM; Steve Weiss is long HK; Steve Weiss is long BBRY; Steve Weiss is long CYH; Steve Weiss is short BHP; Steve Weiss is short RIO; Steve Weiss is short VALE; Steve Weiss is short AKS; Pete Najarian is long AAPL; Pete Najarian is long JPM CALLS; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long AMZN CALLS; Pete Najarian is long PFE.

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