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Investors looking to make money in this market should turn to companies that can perform regardless of what else is going on, portfolio manager Eric Schoenstein said Wednesday.
Therefore, he looks for names with emerging market growth, technology and aging demographics.
"Those companies that really produce no matter what the circumstances, that have that quality underpinning, are really the kinds of things we look at, and I think the kinds of things that people could turn toward now that we've had some of the runs we've had," said Schoenstein, who manages the Jensen Quality Growth Fund.
He's cautious about the market near-term because of the prospects of a more hawkish Federal Reserve, signs of a slowdown in global economic activity and an aging bull market.
That said, he's more positive long term because of the strength in the U.S. economy and the expectations of strong earnings growth.
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Schoenstein believes quality-growth businesses are an important part of every investor's portfolio.
He called Becton Dickinson, which makes needles and syringes, an all-weather kind of performer
"As health care increases in terms of consumption, that will be a very nice play," he said.
As for Praxair, Schoenstein believes the industrial gas producer has sustainable competitive advantages, strong balance sheets, robust free cash generation and high returns on capital.
"They're really insulated from some of the slowdowns that we sometimes see because of how broadly diversified they are from an industry perspective," he said.
Lastly, Schoenstein said Nike has been doing "terrific" business in the United States and has attractive emerging market opportunities.
—Jennet Chin contributed to this report.
Disclosure: Schoenstein and his family own BDX, PX and NKE through the Jensen Quality Growth Fund.