A $1 billion fund manager who sold 70% of his firm's stock holdings says these are the opportunities he's waiting to jump on

NYSE

• One wealth management firm has sold 70% of its assets in recent months, boosting cash holdings.
• Eddie Ghabour of Key Advisors Wealth Management says a defensive strategy makes sense right now.
• He plans to purchase beaten-down stocks on the dip but thinks it is still too early to jump in.

Many investors are focused on navigating the highly volatile stock market right now. One fund manager has whittled down his firm's holdings and is biding his time for the right opportunity.