Growth vs. value in a low rate environment

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters

US stocks in the red Thursday with the Dow Jones Industrial Average down triple digits midway through the session.

Investors continue to wonder what the fed will do and when. So how do you invest in a rising rate environment?

Two money managers with a different opinion on their market strategy. One favors growth, the other likes value.

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David MacEwen is Chief Investment Officer, Fixed Income with American Century Investments. He says his models continue to show a preference for growth over value stocks in the US. MacEwen also favors stocks over small-caps based on the firm's reading of large-cap momentum.

Andy Murray, is Co-Manager of the five star Morningstar rated Becker Value Equity Fund.

He favors a bottom-up stock pickers approach for the long-term. Murray says "the markets, while not cheap, are reasonably valued given the low interest rate environment we are in."

Murray looks for high quality companies that are unloved and undervalued.

One value stock he recommends is Amdocs. Saying the software and services company has a "good management team, strong balance sheet with significant net cast and delivers nice returns on invested capital." Murray also says Amdocs trades on 15x 2016 EPS. Shares of Amdocs is up 20 percent so far this year.