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Forget election-proofing portfolio, focus on election aftermath, strategist says

Instead of worrying about election-proofing their portfolios, investors should focus on the election aftermath, Natixis global strategist David Lafferty told CNBC Friday.

Although the gap in the polls between Donald Trump and Hillary Clinton has narrowed, the market is still pricing in a Clinton victory.

Therefore, if there is a "dramatic outcome" in a Trump victory, there could be some assets to pick up if the market goes down, he said in an interview with "Power Lunch."

On the other hand, if Clinton wins, "I think the market could see a little bit of modest relief rally upside, if only because it's been so soggy as Trump has closed in the polls a little bit," said Lafferty, who manages $875 billion.

He believes that means there could be some selling opportunities into what may be an "unjustified rally."

While the election is the number one question on the minds of his clients, he's not doing a lot of strategy around the polls leading up to Election Day.

"I'm not sure I'd want to be getting enormously defensive at this point because you might miss a little bit of upside," Lafferty said. "So I think it's hard to prepare for but if you get a dramatic move in either direction, there might be a rebalancing opportunity."