With the summer slowdown and geopolitical events unfolding around the world, investors should be a little more defensive, Morgan Stanley Wealth Management's Andrew Slimmon told CNBC. However, he would not get out of the market.
Instead, Slimmon, who is the firm's managing director and senior portfolio manager, likes multinational oil stocks, which have 3 to 4 percent yields.
"There's a thirst for yield," he said in an interview with "Power Lunch."
"Multinational oil stocks have just as good yields as some of the utilities and REITS and they haven't done nearly as well. So [they are a] great defensive play, especially with all these geopolitical issues."