Investors should 'judiciously' embrace risk and split between growth and value, says a BlackRock fund manager

• The economy now appears likely to avoid a recession, so investors can take on some risk, according to BlackRock's Russ Koesterich.
• Investors should not choose between growth assets and value assets. Rather, they can split the difference, he told Bloomberg TV.
• "I think it's more about picking your spots, having companies with strong cash flow, rather than making these big bets on tech or not tech."

The economy now appears likely to avoid a recession, so investors can take on some risk, according to Russ Koesterich, BlackRock's Global Allocation Fund portfolio manager.

Just a few months ago, the consensus on Wall Street was for a recession this year or next year. But recent economic data have started to shift sentiment toward a soft landing.