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This Sector to Outperform on Weak Dollar: Managing Director

Markets advanced on Wednesday as reports on the services sector and jobs came in better than expected. Where should investors put their money? Patrick Cunningham, managing director at Manning & Napier, and Jack Ablin, executive vice president and chief investment officer of Harris Private Bank, discussed their sector plays.

“The key to success in this business is having a process adhering consistently through all type of market conditions,” Cunningham told CNBC.

Cunningham said he favors the multinational firms that can “compete successfully” overseas.

“Long-term, there’s not a lot of pressure for the dollar to go up—it’s going to go down,” he said.

“Although it rallied 8 percent since the beginning of December, we think the long-term trend is flat to negative.”

As a result, Cunningham said the weak dollar should benefit the multinationals.

Ablin's Counterpoint:

In the meantime, Ablin said he likes commodities.

“We took money out of international stocks about a month ago,” he said. “The argument is that interest rates can’t offer protection against erosion of inflation...and that’s where the commodity position resides.”

Ablin said although he is a believer in the emerging market economies, the stocks are on the expensive side.

“I’d rather export key pieces to the emerging economies and play commodities, rather than jumping into the emerging markets with both feet,” he concluded.

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No immediate information was available for Ablin or Cunningham.

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