Bernie Williams, chief investment officer of USAA Investment Solutions, tells CNBC's "Power Lunch" on Wednesday it's time to look outside the U.S. for growth.
"Stocks in the U.S. look expensive as earnings have flattened out. We continue to expect a choppy, low return market," Williams said.
USAA recently upgraded emerging markets. "Valuation is cheap [and] the dollar/Fed may not be as big a risk now," Williams said.
Another good sign for Williams is earnings, which appears to be growing again in emerging markets.
The iShares MSCI Emerging Markets ETF, which tracks the MSCI Emerging Markets Index is up 2.6 percent year-to-date.