Steven Romick, one of Morningstar’s fund managers of the year in 2013, has grown very bearish and has upped his cash position to about 40% of his portfolio.

“We are about as bearish as we’ve ever been,” Romick said in a speech given at a recent conference, Reuters reports. Historically, Romick has averaged a cash position of about 26%. But he says he’s holding substantially more today as record high corporate profits are likely to fall, with interest rates and corporate tax rates rising over the next five years.

Romick is looking at opportunities in private businesses, such as farmland near Phoenix and container ships. One stock he is finding value in, however: aluminum company Alcoa.