The bull market underway in equities is like a “fine wine” — it’s great, but it isn’t getting any better, according to Richard Weiss, chief investment officer of multiasset strategies at American Century Investments.

That’s why right now he’s not buying on the dips.

“Decelerating economic growth, equity valuations fair at best, rising interest rates, the specter of inflation — this is not a recipe for a bull market,” he told CNBC’s “Power Lunch” on Thursday.

In fact, his firm, which has $169 billion in assets under management, is neutral to underweight in stocks, particularly for those investors near or in retirement. Within the equity portfolio, he said he’ll likely be rotating from growth stocks to consumer staples and other defensive sectors.