The S & P 500 just notched a record high to declare its bull market status, but according to one money manager who helps oversee more than $1 trillion, there are a few names investors could focus on for the next leg of the cycle. Saira Malik, portfolio manager and chief investment officer at Nuveen with $1.1 trillion in total assets under management, said she remains cautious despite the market’s recent strength. For Malik, there is a laundry list of risks to worry about in 2024, including the Federal Reserve’s exact path to lower interest rates, the presidential election as well as possible weakness in U.S. consumer spending. “The Fed is more likely to keep its finger on the pause button until the second half of the year,” she said. “We’re concerned about U.S. consumers, who are burdened by record levels of credit card debt at elevated interest rates.” .SPX 1Y mountain S & P 500 The S & P 500 , which hit an all-time intraday peak Friday, roared back at the end of 2023, notching a 24% gain for the year. Investors were buoyed that the economy skirted a recession that many had expected early in the year, inflation fell to levels that allowed the Fed to stop hiking interest rates and artificial intelligence was thought to be spurring a productivity and profit boom. However, the incredible rally in late 2023 that has continued into the new year has made Malik wary of a potential drawdown looming on the horizon. She’s now recommending focusing less on companies with less cyclical businesses in favor of more defensive, less economically sensitive areas. Here are some of the picks she shared with CNBC Pro. Dividend growers The investor favors companies with the ability to grow their dividend payouts, as they tend to have ample free cash flow and sustainable growth. One name she highlighted is chemicals producer Linde , which she said is showing strong management execution amid continued demand for its industrial gases. “They are also investing in new areas such as clean hydrogen,” Malik said. “Linde is focused on shareholder returns through a combination of buybacks and dividends.” She added that Linde’s dividend increased 9% in 2023 and is expected to increase every year. The stock is little changed in 2024 after jumping 26% last year. Another dividend-growing stock she likes is communications equipment maker Motorola Solutions , which Malik said is benefiting from higher government spending and an increased emphasis on public safety. Separately, Deutsche Bank began research coverage of Motorola on Friday with a buy rating and $350 price target. For her part, Malik also likes Motorola’s stable and increasing earnings and cash flows. Shares have gained about 5% following a 21% gain in 2023. Infrastructure stocks Malik believes global infrastructure companies benefit from inelastic demand for the necessary services they provide, and are thus insulated from most recession risks. The name in the industry she particularly likes is utility provider CMS Energy . The Jackson, Michigan-based company with seven million customers is set to enjoy a tailwind from that state’s legislatively mandated shift to renewables and clean energy, Malik said. The stock yields 3.5% and underperformed last year, falling 8% and is off another 3% so far in 2024. “Both dividend growth and global infrastructure stocks have historically weathered down markets relatively well,” Malik said.