Richard Weiss is a key cog in the machinery that outlines how American Century’s asset allocation mutual funds play the market in 2015.

He is on the team overseeing the investment strategies for that group of mutual funds .

And he co-manages the firm’s nine One Choice target-date funds, its six One Choice target-risk funds, its three Strategic Allocation funds, its Global Allocation Fund and its Multi-Asset Income Fund.

American Century’s Richard Weiss says growth of online retailing in China benefits stocks like Alibaba. View Enlarged Image

That’s $19.6 billion in assets, in addition to his asset-allocation strategy work.

Just before the New Year, IBD asked the 54-year-old El Segundo, Calif.-based Weiss for his thoughts on the best stock investing opportunities in 2015.

IBD: Let’s clarify how your fund groups differ from each other, Rich. The One Choice funds whose names include a year, such as $1.5 billion One Choice 2020 Portfolio. are target-date funds, whose mix of stocks and bonds changes as the target date gets near, right?

Weiss: Yes.

IBD: And the One Choice mutual funds whose name includes a description of its investment style are target-risk funds, which some people call lifestyle funds, whose asset mix generally stays the same over time, right?

Weiss: Also correct, with one slight modification. In the target-risk funds, we do make tactical re-allocations from time to time, depending on the intermediate-term outlook.

IBD: And how do the target date and target risk groups differ from the Strategic Allocation funds?

Weiss: The One Choice portfolios are funds of funds. The Strategic Allocation funds invest in individual securities.

IBD: Characterize how all of those portfolios are deployed now, please.

Weiss: In the One Choice and Strategic Allocation portfolios, we have been and remain overweight in equities. At least (in all of 2014).

IBD: How would you describe the stock market’s performance in 2014?

Weiss: Without appearing too glib, you can sum up all of 2014 in two letters: U and S. The U.S. dominated, economically and marketwise.

The U.S. showed some of the strongest, if not the strongest, economic growth in 2014 and likely will in 2015 vs. most developed markets and emerging markets.

IBD: What does that tell investors about 2015?

Weiss: We’re seeing the bull market get long in the tooth. If you look at sector rotation, the market was led by a handful that are notoriously late-cycle economic sectors. They tend to thrive toward the end of an economic cycle.

IBD: Such as?

Weiss: Utilities, health care, consumer staples. Tech also was strong, but it’s a growth sector.