RidgeWorth Capital Management's Alan Gayle thinks it's time to move up the risk gauge — in both stocks and bonds.
"We have been increasing our exposure in the corporate bond market, and even into the high-grade, high-yield market," he told CNBC. "We're still not wallowing in the junk just yet."
Gayle believes that the Federal Reserve is getting better at making moves to stimulate the markets.
"We do think that the easing from the Fed, which started back in 2007, is starting to have an impact," he said. "Typically, we look for the Fed to be the 'blunt instrument' in terms of implementing policy — they either raise rates or they lower rates — now, the Fed is being a bit more surgical in what it's doing, and it's targeting various asset classes and particular loan types."
He thinks it's time for the effects of that "surgery": "There's a lot of stimulus that's already in the pipeline, and that's going to be supplemented in the next couple of months."
Among individual stocks, Gayle favors energy and technology.
He likes Exxon Mobil, XTO Energy, Gilead Sciences and Oracle.
Disclosure information for Alan Gayle was not immediately available.