Rising Bond Yields A Portfolio Concern

Doomsday fears have started to recede around the globe and this has led investors to sell bonds and buy into equity markets. "It reflects the return to risk and risk tolerance, as opposed to the risk aversion we saw last year," said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors.

However, if the rise in bond yields continues to increase, it would become a concern, he said on CNBC Asia Pacific's "Protect Your Wealth".

While these concerns are pressuring equity markets, the turnaround in economic data globally has taken investors by surprise and that positive sentiment has fed into the markets.

"Investors who have missed out on the rally are forced to buy into the market and that cushions the extent of the pullback ... and then the rally continues,"Oliver noted.

When it comes to his favorite plays, Oliver is overweight commodities such as natural gas, oil and copper.

"Going forward, the problem will be a shortage of natural gas, particularly relatively to oil, so at the moment we're overweight natural gas and (we) tend to think that will probably do well ... having underperformed so badly," Oliver predicted.

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Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."