Major stock indexes recently have hit record highs, but a correction might be around the corner, says Edward Bonham Carter, vice chairman of Jupiter Fund Management.

"After such a strong run, one should be a bit more cautious and valuations are getting a bit more stretched," he told CNBC.

The S&P 500 had a trailing price-earnings ratio of 19.3 as of Friday, according to Birinyi Associates.

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"All I know is our fund managers are finding it a bit harder to find value out there, so it would be prudent to expect some sort of sell-off," said Bonham Carter, the brother of actress Helena Bonham Carter.

To be sure, "the basic economic conditions around the world are still pretty solid," he argued.

Moreover the Federal Reserve's massive easing program has created an environment that is "artificial and somewhat Alice in Wonderland," Bonham Carter noted.

And guessing when the correction will come is "notoriously difficult," he added. The S&P 500 hasn't seen a 10 percent correction in 32 months, compared with the post-1946 average of approximately 18 months.

Some investors agree with Bonham Carter that it may be difficult for the market to rise much further.

"You're sitting up at all-time highs, and you do have a geopolitical situation remaining out there that's weighing on the market,” Bill Stone, chief investment strategist at PNC Wealth Management, told Bloomberg.

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