In a recent interview with Barron’s, BlackRock’s head of factor investing Andrew Ang said he favors momentum stocks.

Here are some highlights from the interview:

While Ang does not believe in market-timing in and out of factors, he leans toward a “multifactor combination” and rotation of factors throughout an economic cycle. “Our biggest theme,” he adds, “is that we are overweight momentum. Momentum has momentum itself right now.” He mentions the FAANG stocks as major contributors.

Given the current expansion of the global economy, Ang says he expects momentum and other “risk-seeking” factors to perform well. That said, Ang argues that the pace of growth in the U.S. seems to be attenuating, which has led BlackRock to underweight the small-cap factor in the U.S. while moderately overweighting it overseas. The firm’s macro model, says Ang, assumes future GDP growth of “around 2% for the G-7 and 2.5% for the U.S.”

Since factors tend to perform differently in each phase of the economic cycle, Ang argues, diversified exposure to factors is important.