With the likelihood of a rocky stock market ahead, investors need to look at other ways to position themselves, BlackRock's Michael Fredericks said Friday.
"Well, we do think that vol will be with us, particularly in the fixed-income markets," he said, adding that that segment had been "lulled."
"I think it's the magnitude and the pace of this adjustment to the Fed announcement that's been jarring, but really I think the time to prepare for this was over the last four to six weeks, not now in the middle of the storm," he added.
On CNBC's "Fast Money," Fredericks said that his fund held about 25 percent in cash and that he had bought puts three to four weeks ago, "when they were pretty reasonable, and we stripped out a lot of our duration."
Fredericks said that the bond sell-off felt "a little bit overdone right now."
"I think guessing the direction of the 10-year Treasuries has become the new national pastime, and our view is that it probably does drift higher but with a lot of volatility around it," he added.
Fredericks said that outflows have been "pretty punishing" in higher-income-producing asset classes, as well as Treasuries.
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The need for income will likely push investors into high-quality stocks, as well as riskier assets, he said.