It’s an all-star investing theme day at CNBC Wednesday, and we're talking to five-star fund managers to get their best advice on where to put your investment dollars in the current market .

Let's start with bonds. Things have gotten a lot tougher for fund managers, even those rated five stars by Morningstar such as Jason Brady, head of fixed income and managing director with Thornburg Investment Management.

His funds are up 2 percent so far this year, and he controls $14 billion.

"The market is pretty...global central bank driven. So I’m feeling pretty cautious right now," he told CNBC's " Squawk on the Street ". Investors are being driven out of "risk-free assets" like Treasurys and into riskier assets including stocks, high-yield bonds and convertible bonds. That's what he's doing in many of the funds he manages.

"You have to start thinking about risk assets as part of capital preservation, and that’s driving people into stocks and convertible bonds as well," he said. "You have to have a much broader view of risk right now and I think that’s a challenge for some people."

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