Relax. That’s Bob Michele’s message to investors concerned a rally in risky assets will lose steam.

The chief investment officer at JPMorgan Asset Management said money managers are sitting on too much cash and should be boosting their allocations to high-yield assets after the Federal Reserve’s dovish pivot.

The firm is putting its weight behind emerging markets as investors from BlackRock Inc. to Fidelity International warn of a break in the rally. To Michele, they should just “enjoy the ride.”

“There’s too much money in cash,” Michele told Bloomberg TV on Tuesday. “It’s been going into cash the last three years waiting for the Fed to finish hiking rates. They were supposed to finish hiking at the end of this year, not last year. That money has yet to come back into the market.”