Investment managers are all over the map when it comes to remixing portfolios to cope with the many changes taking place right now in the U.S. and the world.

Many, but not all, are altering the allocations for their clients’ portfolios to try to take advantage of rising interest rates, the strengthening dollar, the upsurge in value over growth investments and political upheavals in the U.S. and Europe.

“Wait to see what shakes out” is the best policy, says Kevin Roskam, vice president of Portformulas, an RIA in Ada, Mich., with $450 million in AUM that is part of the USA Financial family. “We do not change anything because of immediate events; we focus on managing money unemotionally. We meet monthly to talk about asset allocation and have a repeatable process.”

“Brexit is a good example. We did not make any move right after the vote; we waited to see what would happen. The same is true this year for tax reform and deregulation under the new administration. We will wait to see what actually happens,” he explains. “Our disciplined, repeatable process let us avoid the 2008 crisis, so it does well.”

Ryan Caldwell, chief investment officer for Chiron Investment Management in New York City, which has $340 million in AUM,  says, to a certain extent, his firm also is waiting to see what tax reforms are put in place and how the economy reacts to policy changes.

“We are pretty optimistic the economy will grow both domestically and internationally, but we are less optimistic that the dollar will continue to strengthen,” he says. “We are starting to make some changes such as overweighting on the health care sector, where we were underweighted.”

Other money managers are making different changes. Dan Neiman, portfolio manager of Neiman Funds Management LLC in Williamsville, N.Y., with $250 million in AUM, says the improvement in the economy has prompted his firm to lower the amount of money clients hold in cash. If the economy continues to improve, they will move even more money out of cash and put it back in the market.

Neiman is also moving out of emerging markets to large-cap investments both domestically and globally.

Ron Weiner, managing director and partner at RDM Financial Group at Hightower in West Port, Conn., with $750 million in AUM, says RDM is optimistic about ETFs and the number of new investments available there. “We’re going to add back some foreign holdings with ETFs because domestic stocks are becoming pricey. It is worth an allocation to Europe now [despite elections coming up in Germany, France and the Netherlands] but we will not become over weighted globally.”

“We are also moving into financials, energy and technology” because that is where the growth is, he adds.

Financials will be hot this year because of deregulation promised by president-elect Donald Trump, agrees J.J. Feldman, portfolio manager at Miracle Mile Advisors in Los Angeles, which has $473 million in AUM . But Miracle Mile is moving away from Europe. There may be some uncertainty about what will happen in the United States, but there is even more uncertainty in Europe, he says.

“Our markets are one tweet away from a 3 percent correction,” warns Feldman, referring to Trump's penchant for controversial tweetins.

Julian Rubinstein, CEO and president of American Asset Managemen in Boca Raton, Fla., with $192 million in AUM, is even more cautious in his outlook. “I think the optimism over Trump is overblown and equities are far ahead of where they belong. There is no fear in the markets and history tells us that is a very bad thing.”

David Joy, chief market strategist at Ameriprise Financial, adds his warning. ”The anticipation of a very different investing environment ahead, whether in terms of faster growth, less regulation or tax reform, is not the same as its realization. Even if policy in the new administration is more investor friendly, how much of that was already reflected in the rally [that already transpired] remains open to question.”

However, “we anticipate 2.8 percent GDP growth this year, higher than some others say. The dollar is strengthening but it may face some headwinds in the future,” Joy adds. “If there is deregulation, it will be good for financials and energy.”

The election was a game changer, according to David Harden, chief investment officer for Summit Global Investments in Salt Lake City, with $520 million in AUM. “If president-elect Trump reduces corporate taxes it could put $200 billion back into the economy and boost GDP growth even more than anticipated. We’ll invest in the U.S. and developed countries internationally.

“Recently the dollar has risen and oil has fallen. Now both are rising. As a consequence, energy is particularly important. We were underweight in the past, but now we will do equal weight or even overweight. Drillers and other subsectors of oil are our bailiwick,” he says.