The commodities market is a “much more constructive place to invest” right now — and “integrated” names in the energy sector in particular are “extremely attractive,” according to one portfolio manager. We are “at the beginning of a longer term commodity cycle,” Aaron Dunn, co-head of value equity and portfolio manager at Morgan Stanley Investment Management, told CNBC’s ” Squawk Box Asia ” on Wednesday. “Commodity cycles, historically, are long — they tend to be seven years. The peak of the last one was 2014. I would say [in] 2021/2022, we had really taken a lot of the capital spending out of the industry and now we’re sort of seeding the basis for the next upcycle,” he added. For now, Dunn said, he is “certainly concerned about and paying attention to the U.S. onshore shale era,” when evaluating what equities to invest in. What’s commonly known as the U.S. shale “revolution” refers to horizontal drilling and hydraulic fracturing techniques that helped the country boost its supply of oil and natural gas. “I don’t think [it’s] is over, but I would certainly say it’s nearing its peak. And I think productivity, ultimately, over time is going to decline and the growth rate of U.S. production will flatten out.” In light of that, Dunn said, “I need to invest in in who may have U.S exposure, but they’re also investing outside of the U.S.,” adding that integrated energy names are compelling for that reason, thanks to their “global footprint.” Integrated energy companies typically engage in the exploration, production, refinement, and distribution of oil and gas. Examples of such companies include U.S multinationals ExxonMobil and Chevron , French player TotalEnergies and British multinational BP . One of the companies Dunn likes is ConocoPhillips . “It’s a U.S. company, but they have a lot of assets outside the U.S. and they have been investing outside the U.S.,” he said. COP YTD mountain YTD performance of shares in ConocoPhillips. ConocoPhillips has liquefied natural gas hubs in the Netherlands, Qatar and Australia, and has plans to double its footprint in the coming decade, according to a press release. ‘Uncover interesting equities’ While the ongoing pullback in the U.S. stock market presents concerns on what stocks to invest in, Dunn said it can help “uncover very interesting equities.” “Anytime we get a pullback like this, I think it creates opportunity,” he said, adding that this has come at a time when markets have been sloppy and skewed by the “Magnificent Seven” tech stocks. Stocks on his radar include French pharmaceutical and health-care player Sanofi , U.S. marketer and producer of spirits Constellation Brands , drug company Zoetis and warehouse club chain BJ’s Wholesale Club .