Instead, he has his eye on small- and mid-cap stocks.
"As the U.S. economy continues to pick up steam and interest rates move higher, the smaller caps and the mid-caps are going to start to gain on the larger-cap companies," Blackstein said.
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He likes Salesforce.com and Biogen Idec.
However, Allianz Global Investors' Kristina Hooper believes the avoidance of large-cap stocks is unfortunate because they can offer good dividends.
"If investors have a long enough time horizon, they should have adequate exposure to large caps," she said.
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"It looks like small caps will continue to outperform this year and that's largely because of the monetary policy backdrop but at a certain point that will go away. The Fed will become less accommodative and the investing landscape may return to a more normal environment," she added.
Hooper likes financials, oil producers and selective tech names, calling them "attractively valued."
—By CNBC's Michelle Fox. CNBC's Jennet Chin contributed to this report.
Disclosure: Noah Blackstein owns Salesforce.com and Biogen Idec in his portfolio.