Anthony Bolton, one of the U.K.’s top fund managers, says he thinks the bull market in equities has a ways to go, and says the bull is now in a phase in which growth stocks should fare well.

“I think we are in a multi-year bull market,” Bolton told InvestorDaily, an Australian subsidiary of Morningstar. “The first phase of that finished earlier this year and we then had a decent consolidation like many bull markets have.”

Bolton says the first phase saw cyclical, low-quality companies — which were hit hardest during the financial crisis — fare best. Back around the end of April, the bull entered a second phase, he says. “In this next stage and in a low-growth world I believe what investors are going to be turned on by and pay for are companies that can grow in a low-growth environment or regions or countries, so I expect them to pay up for growth and I expect that growth to get quite overvalued,” he says.