Retail, financials and homebuilding. Sectors to avoid at all costs? Not according to Bob Turner, chief investment officer and portfolio manager at Turner Investment Partners.
His five-star Turner Core Growth Fund is up an average of 15.23 percent per year over the last five years.
And on a day when the upscale department store chain Nordstrom
announced same-store sales declined 5.8 percent in February, Turner said he likes the company's stock.
"We think it's time to invest in some of the early-cycle stocks," he told CNBC. "You've got to go with high quality; Nordstrom's is high quality."
Also on his list, Merrill Lynch.
"Merrill Lynch is certainly one that's controversial now," he admitted. "We like the management change; we like the fact that they've done a lot of write-offs; they've got a great retail network; their interest in both Blackstone and Bloomberg is good as well."
Another of Turner's "early-cycle" stock picks is NVR, a middle-market homebuilder.
"First of all, their geography's good; they're around D.C. and Baltimore; the government doesn't necessarily lay people off in an economic slowdown, and they've got a ready group of buyers there," he said. "It's extremely well managed; the company's generating significant cash flow; they bought back shares; there's nice insider buying in the company right now."