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Recent buys have been in emerging markets and small-caps.
But as it relates to where alpha can be produced when you look at all asset classes, emerging markets and small-caps is still where you can get alpha in a managed approach.
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But he said he was also advising clients to consider investing a part of their bonus in emerging-market and small-cap stocks through exchange-traded funds.
As the U.S. economy reels and credit markets freeze, small-caps are suffering.
Raymond James Financial, mostly a brokerage house but also an asset manager and an investment bank serving the mid- and small-cap markets, suffered badly during the bear market as trading volumes dropped and investment banking activity ground to a halt.
Terms such as "emerging markets" or "small-caps" come in handy when talking about broad investment themes.
With the decoupling of the technology market from other big-cap stocks and the growing gap in performance between big caps and small caps, the market is becoming increasingly compartmentalized.
Like emerging markets, small-caps will probably do much better in the next five years than in the past five.
"Historically, coming out of every recession and every significant bear market, small-caps lead the way because at that point investors are looking to a stronger environment and are willing to assume greater risk for the potentially higher returns that small-caps may provide," Laporte said in a recent client note.
The fund stopped accepting new clients three years ago when the market for cheap small-caps dried up.
CHARTS: Where the Bubbles Are: Signs that a tide of speculative investment is rising can be seen in the markets for small-cap stocks, junk bonds and commercial real estate.
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