The latest economic data, as well as hardships in the banking sector, suggest that it is time investors shifted to a more prudent approach when it comes to stocks, and look for quality, BlackRock Vice Chairman Robert Doll told CNBC Wednesday.
"I think the market is churning a bit… economic releases (are) a bit mixed, bank lending is a problem," Doll, who is also global chief investment officer at BlackRock, told "Squawk Box."
The economic picture has turned a bit mixed lately and future data releases are not likely to unleash euphoria among investors.
The fact that lending is not coming back shows that the economy is going to progress at a steady, but slow pace, he said. The turn of the year is not likely to have a major effect on trade.
"I don't think the calendar page turn will make a whole lot of difference… we'll get some dollar strength at some point, we'll find out that the US can grow," Doll said.
There is "lots of money on the sidelines, I think that's why we've seen everything long-dated, bonds, Treasurys, go up," he added.
Doll said he was "fully invested" during the rally and that he wasn't getting out of stocks.
"I don't want to run to the sidelines, I just want a little balance in the portfolio. I want a little quality growth, I want a little health care," he said.