With $259 billion in assets under management, where is Jim McCaughan, CEO of Principal Global Investors, putting money to work?In a live interview on CNBC’s Fast Money Halftime Report, McCaughan tells us he likes stocks such as Caterpillar . “That’s exactly the kind of stock that should continue to do well in this market,” he says. “And I like Boeing as well as other transportation equipment names,” he says.

McCaughan thinks amid better than expected earnings and bullish commentary from central banks – the smart play is long manufacturing and capital goods names.

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