Ed Campbell shared his market outlook in an exclusive interview for CNBC PRO with Mike Santoli.
On why he predicts a market pullback: "I don't think health care is the issue the market is focused on. It's much more focused on tax reform. But [with President Donald Trump and the Republicans] having failed so spectacularly on health care, it's not really a great omen for delivering on corporate tax reform," he said. "We're vulnerable to high expectations on the policy front and the possibility for disappointment."
On his investment playbook for the year: "We have pulled back from being more overweight equities to being more neutral," Campbell said. "If we do get a pullback here or an extended consolidation. … We would likely be adding back to an overweight position … I would be overweighting developed market economies relative to emerging market economies."
On financials: "We still like financials. They've pulled back a bit in the first quarter. But we do think we're going to be in a rising interest rate environment," he said. "And the business-friendly regulation that we've expected out of the administration is going to be supportive for financial companies."
Campbell is a managing director and portfolio manager at QMA, a division of Prudential Financial. Previous, he was a partner at Trilogy Advisors.
QMA has approximately $116 billion assets under management, according to its website.
Campbell also discusses:
The interview is exclusively for CNBC PRO subscribers.