Pimco may cause short-term dislocations in bond market: Pro

5-Star bond strategies
5-Star bond strategies

Bill Gross' unexpected exit from Pimco may cause some "short-term dislocations" in the bond market, but it will not necessarily have big effect overall, bond fund manager Jack McIntyre told CNBC Tuesday.

"[Pimco is] obviously a big player in fixed income but the world bond market is huge. Even Pimco is not going to necessarily move the needle in all these different bond markets," said McIntyre, who manages the Brandywine Global Flagship Fund.

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Bill Gross
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Bill Gross' announcement Friday that he was leaving Pimco, the asset management firm he founded in 1971, stunned Wall Street. The Pimco Total Return exchange-traded fund saw $448 million of , and another $98 million on Monday. Morningstar downgraded the firm's flagship Total Return fund to bronze from gold late Monday.

Read MorePimco executives: 'The firm is moving forward'

McIntyre, who told "Power Lunch" that Brandywine Global has seen some inflows since Gross' departure, is reducing his exposure to Treasurys. He's said there is good value in Mexican, Indonesian and Brazilian bonds.

Bond manager Brad Friedlander, who runs the Angel Oak Multi-Strategy Income Fund, sees domestic opportunities for his portfolio.

Read MoreGross fallout: Morningstar downgrades Pimco fund

"We tend to focus on strategies that are prepared for a rising-rate environment but also tend to be a bit heavier on the income side," he told "Power Lunch."

Friedlander has found a lot of value in the structured credit market, like non-agency mortgage-backed securities.