Market veteran Nancy Tengler says it’s too early to talk about another bull market, as she calls her favorite stocks “reliable.” “I think this rally has been excellent,” Tengler, who is managing director and chief investment officer of Laffer Tengler Investments, told CNBC’s “Squawk Box Asia” last week. “We’ve been increasing the risk in our portfolios since mid-June and it̵[ads1]7;s worked very well. But I don’t think we’re in another bull market,” she added. She pointed to recent data suggesting inflation may have peaked, but stressed there was “some work to be done” to bring down inflation, which remains high compared to a year ago. There is also uncertainty about the course of further interest rate increases, given that the US central bank has been “somewhat unreliable in sticking to the plan”. “You shouldn’t be chasing this rally because we don’t know if the Fed is going to go 75 [basis points]. We don’t know if they’re going to make a policy mistake,” Tengler said. She noted the “tug of war” between conflicting data: commodity, food and energy prices have fallen, for example, but rents and other inflation. The numbers remain high. . ‘Don’t be a hero’ Tengler’s advice to investors? ‘Don’t be a hero.’ She is shifting her portfolio to include “more reliable growers,” or companies with a proven track record of growing earnings and dividends. “We got rid of some of the more cyclical names and added the defensive names last fall … their earnings growth is reliable, and we’ve really tried to stick to reliable dividend growers,” she said. the stock currently in her portfolio is music streaming service Spotify. Tengler acknowledged the high-profile challenges facing rival Netflix, but believes the companies have different views because of their different business models .” You can keep the music on when you leave the house. It’s not a game at home. And you can listen to podcasts. They’ve really strengthened that part of their business,” she said. Read more Tesla’s valuation doesn’t make sense until it reaches this level, fund manager says Time to go all-in on technology? Top investor Paul Meeks shares his take — and reveals what he buys ‘Quite compelling value’: Analyst picks his top global stocks to withstand slowing growth She’s also bullish on some cloud and cybersecurity names in the tech space. “We like companies that can deliver with pricing power, and we saw during earnings season that cloud providers has an excellent return on performance,” she said. She named Microsoft, Amazon, Oracle and Google parent Alphabet among the stocks she likes. “We also saw that cybersecurity names delivered excellent returns and will continue to do so,” she added. In the semiconductor space, she favors “broadly diversified” companies that she believes will benefit as the sector begins to recover and have good capital allocation plans. Her top picks are Broadcom and Texas Instruments — two companies that return the majority of their free cash flow to shareholders through dividend increases and share buybacks.