Mr. Daftary, 44, tries to buy growth stocks that are reasonably valued.

Conversely, "it is very unlikely that markets are reasonably valued when growth managers are dominant."

"WE'VE come off a very strong rally that has left credits reasonably valued, absolutely and relatively," he said.

After plunging through the fall, the market as a whole seemed reasonably valued, if not exactly cheap.

Strong Growth (15 percent) buys issues that are still reasonably valued and have good earnings growth, he says.

"But we take encouragement from the fact that we think you can find reasonably valued companies in the market today."

The stock isn't cheap, but I think it is very reasonably valued.

"The clear winner in this is Asia, a region with long-term, above-average growth prospects where equities are reasonably valued."

Now stocks are more reasonably valued, they said, and ready to follow the economy upward.

But again, I want that growth to be reasonably valued.