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Bull run for stocks beginning to wane: Pro

After the return of volatility to the market this week, some investors may be wondering if the bull run is over. Rich Weiss, portfolio manager at American Century Investments, doesn't think it's over, but he does believe the bullish case for equities is beginning to wane.

While he remains marginally overweight in stocks, he said the underlying composition has changed.

"We see earnings growth slowing, decelerating, but there is still is a case to make for equities overall, particularly in the mid- and late-cycle sectors—the growth-oriented stocks for which we remain committed to with an overweight across the board," Weiss said in an interview with CNBC's "Power Lunch."

Read MoreStocks have room to run, hedge funds bet

U.S. stocks fluctuated Friday, a day after a turbulent market swung from large losses in the morning session to the Dow closing just 70 points lower and the S&P 500 down 8 points. It was the Dow's biggest one-day reversal in 13 months.

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Sandy Villere, co-manager of the Villere Balanced Fund, said the market may pull back, but only when it gets to much higher levels.

"Look at the jobs numbers, up 288,000 in June, unemployment 6.1 percent. The economy is doing much, much better," he said.

Read MoreMore jobs being posted, but wages aren't budging

Villere said he also expects a good earning season.

He would look to take profits in sectors like utilities, which is up 15 percent this year, and would sell bonds that went from 3 percent to 2.5 percent.

He said he would buy "good quality growth companies are reasonable prices."

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For Weiss, the great opportunities in growth-oriented stocks are overseas.

"Economic growth and earnings growth [are] likely to be much higher in the developed markets, particularly in Europe, than domestic securities or even emerging markets," Weiss said.

When it comes to fixed income, he's pulling back on duration because of the high probability of higher rates and inflation to come.

—By CNBC's Michelle Fox. CNBC's Jennet Chin contributed to this report.

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