As Donald Trump's presidential priorities become clearer, there will be a greater likelihood of an upside surprise, said Lowell Yura, head of multi-asset solutions at BMO Global Asset Management.

The bad news is, the lack of specifics around foreign trade increases risk to the down side.

"A Trump presidency means we are less confident about steady, but below-trend growth, like we've had over last few years," said Yura.

In Yura's view, global equities have further upside and he is overweight them relative to bonds. Drilling down, he said he favors U.S. equities relative to foreign equities, given the divergences between central bank policies and upcoming European elections.

"The U.S. election has distracted many investors from greater policy risk abroad, particularly in Europe," said Yura. "Elections in Europe over the next twelve months could reshape Europe and will have major ramifications for the Eurozone."

Unless there is a major reversal in economic data in the coming months, the Fed is likely to get on with a hike in December, according to Yura.

Foreign central banks have a much more challenging environment than the Fed, however, and will continue to wade into new territory with untested policies.

"The longer this continues without a pickup in growth, the greater the risk to investors," said Yura.

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