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Where the World's Wealthy Are Investing

While stocks appear on target to post up to double-digit gains, other investment opportunities could be worth a look, Steve Bodurtha of Citi Private Bank said Wednesday.

"We still think stocks over the next two years can produce anywhere between 5 and 10 percent annualized returns," he said. "Long bonds, we're encouraging people that there's more, much more downside than upside."

When picking stocks, Bodurtha said he didn't recommend "going after the highest handle" in terms of dividend yield, opting instead for companies with a promise of dividend growth, as well as less sensitivity in a rising-rate environment and strong balance sheets.

On CNBC's "Fast Money," Bodurtha, Citi Private Bank head of investments for North America, said that bonds and equities were fully priced.

"We could see an interim correction," he added, noting that downside protection was a good idea.

Bodurtha also said that valuation on U.S. assets were leading him to look to hedged strategies for continued gains.

(Watch Video: Japanese Stocks a 'Buy,' Jeff Gundlach Says)

Such alternatives included distressed investing in Europe, as well as "interesting" Japanese currency plays over equities, he added.

Bodurtha suggested that shorting the Japanese yen "would be the way a wealthy investor might want to consider approaching that market."

And while he saw vulnerability in the Nikkei, Bodurtha was still positive on the index.

"I think it's still going to have a great 2013 at the end of the day," he said.

(Read More: Japan Fires 'Third Arrow,' but Will It Work?)

Trader disclosure: On June 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long BBRY; Stephen Weiss is long LCC; Stephen Weiss is long AAMRQ; Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is short BHP; Mike Murphy is long BAC; Mike Murphy is long T; Mike Murphy is long LEN; Mike Murphy is long INTC; Pete Najarian is long AAPL; Pete Najarian is long AAPL CALLS; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBR; Pete Najarian is long SBUX; Pete Najarian is long FB; Enis Taner is long GS; Enis Taner is long ZNGA; Enis Taner is long T CALLS; Enis Taner is long WMT CALLS; Enis Taner is long VIX CALLS; Enis Taner is long SPY PUTS; Enis Taner is long XLE PUTS; Enis Taner is long XLE PUTS; Enis Taner is long UUP; Enis Taner is long FDX PUT SPREAD.

Symbol
Price
 
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%Change
S&P 500
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US 10-YR
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NIKKEI
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USD/JPY
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