Hopefully you enjoyed the ride since the election because the "Trump trade" may already be overdone.

"Currently, stock investors are seeing a glass half full, and bond investors a glass half empty. Both asset classes continue to appear expensive," said Sebastien Page, co-head of the asset allocation group at T. Rowe Price (TROW - Get Report) .

Following the election, Page expected more, not less uncertainty. Now he believes "the tails have gotten fatter." He said he remains focused on valuations with a six- to 18-month investment horizon.

In terms of sectors, he said the surge in financials and healthcare stocks following Trump's victory is merited and specific stocks in those arenas have room to run.

"If you look at financials they will benefit from rising rates, a steeper yield curve and less regulation," said Page. "Healthcare will see winners and losers. Pharma will be on the positive side and hospitals on the negative side, so we are very careful about security selection within that sector."

Regarding sectors to avoid, Page said he is wary of bond proxies like utilities, which tend to struggle in rising rate environments. In fixed income, Page favors U.S. bonds over foreign ones, which he views as even more expensive. He also likes "carry more than duration" in a rising rate environment.

Finally, Page said inflation will likely continue to rise and he likes Treasury Inflation-Protected Securities (TIPS) to protect against it. "Trump has done more for inflation expectations with two million red hats that say 'Make America Great Again' than 10 years of aggressive monetary policy and quantitative easing," said Page.