Castellini said sovereign debt issues in Greece and Portugal have been problems for a while and the fact that markets are going down on past news shouldn’t worry investors.
“If you look forward, there are a lot of great things that are going on in the economy and the markets that you should be excited about,” he said.
Castellini told investors to look into places where there are going to be big consumers.
“Tech stocks, industrials, there’s been nice pullbacks in energy, and materials. Use this opportunity to get exposed to those markets where, as the world economy start kicking in, in the second and third quarters—you’re going to see more pressure in pricing earnings on the upside and you want to be exposed to those names,” he said.
In the meantime, Clark said he sees this correction as a buying opportunity.
“There have been four pullbacks since the bull market began in March 2009—this is the deepest by far,” he said. “There has not been a bull market since 1929 where we have not seen a 10 percent correction and then higher highs. So we’re viewing this as a pullback with more cyclical room to run on the upside.”
Clark is overweight the international and emerging markets andparticularly likes some of the Asian and Latin American markets.
“We still own high-yield debt, and within the U.S., we like the economically sensitive areas such as consumer discretionary, retail, homebuilders, small-caps and mid-caps,” he said.
“We think they are in the sweet spot in this cycle. And as the economy continues to move ahead, they should be benefactors.”
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No immediate information was available for Castellini or Clark.