As the Dow, Nasdaq and S&P head for a second straight week of losses for just the fourth time this year, two top-rated fund managers have weighed in with some longer-term advice.
Gregg Fisher, manager of the Gerstein Fisher Multi-Factor Growth Equity Fund, and Matt Litfin of the William Blair Small Mid-Cap Growth Fund are rated five-star money managers by research firm Morningstar.
U.S. stocks are no longer the only game in town, Fisher said.
"Now is a good time to take a look at where you are strategically and trim down U.S. exposure and add exposure to foreign markets, bonds and other asset classes," he said during CNBC's "Power Lunch" on Friday. It's a "good time to rebalance your portfolio," he added.
Litfin is more sold on sticking with U.S. stocks—for now at least—and said, "When you step back and look at the U.S. market, it does look pretty attractive to us. Inflation remains low—that's especially true in food and energy."
The models at William Blair show consumer discretionary stocks are stretched, but Litfin said he likes Under Armour—even with the stock up 16 percent over the past month and 43 percent so far this year. Though it won't overtake Nike anytime soon, he said, he thinks the space is big enough for both companies.
Litfin is also bullish on financial stocks, especially CBOE Holdings, which he called a "very strong, durable business franchise." CBOE is up 62 percent this year.
(Read more: Art Cashin: 'There's no sign of inflation anywhere')