Stocks in airlines and credit-card companies can pay off for you even as growth slowa and the dollar rises following a Federal Reserve interest rate hike, says Bob Doll, Nuveen Asset Management's chief equity strategist.

He told CNBC that he is preparing himself to account for the knock-on effects that come with higher rates, such as a stronger dollar, which negatively impacts companies that drum up much of their sales overseas.

"All year, my focus has been on companies that get most of their earnings from here, and not so much multinational, because [of] slower growth overseas and the rise in the dollar," he said. "I don't think that game has changed, so you have to focus on a lot of domestic companies in my view."

The U.S. consumer is in "pretty good shape," Doll said. He likes credit-card companies and said investors have to own an airline.

To be sure, even bond king Bill Gross is adjusting his investment strategy as he said there is a “100 percent chance” the Federal Reserve will raise interest rates in December after jobs surged.

Gross, manager of the $1.4 billion Janus Global Unconstrained Bond Fund, said his fund had a negative duration coming into the jobs report, meaning that he was positioned to make money from rising rates. He also said he was shorting the 30-year Treasury bond and advises investors to reduce risk.

"So what I would be doing is to pursue risk-off types of trades, meaning don’t invest in stocks to a significant extent and don’t invest in high-yield bonds," he told Bloomberg.

Gross, who has urged the Fed to raise rates, said he expected the central bank to increase rates at a pace of about 50 to 75 basis points a year. Fears that a strong U.S. dollar could hurt the global financial system may restrain the pace of rate hikes, Gross said.

(Newsmax wire services contributed to this report).

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