Protection playbook: Time to buy Japan & Europe

An employee scans barcodes on copper rods as they sit stacked outside at the Aurubis AG headquarters in Hamburg, Germany.
Krisztian Bosci | Bloomberg | Getty Images

U.S. stocks gaining 250 points Monday, as the markets reacted to some positive corporate earnings and China's move to stimulate its economy.

Jason Pride, director of investments at Glenmede, told CNBC's Power Lunch Monday that he is putting more money to work in overseas markets instead of the U.S.

"While we still have a large holdings here, valuations in the U.S. have gotten a little expensive, Pride said. "There's great opportunity in Europe and Japan, and therefore we want to overweight that. It's not a slam-dunk, but better than what we see in the U.S."

Cheap markets outside the US

Cheap markets outside the US

In particular, Pride is overweight European equities on the strength of ECB policy and Eurozone bank lending. "Stimulus from the European Central Bank (ECB) and other global central banks is helping rebalance global economic growth," Pride said.

Pride also prefers Asia's emerging markets. "We're bullish on Asia's rising consumer class, Pride said. "They have money to spend and are willing to deploy it."

"As for the other BRIC markets, we are avoiding Russia and Brazil. But we won't rule out investing in there in the future. Whenever things are cheap, you do have to start thinking."

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