Top value investor Bill Nygren buys 4 stocks

Four stocks with long-term potential are worth a look amid the recent market selloff, one top value investor said Wednesday.

"I think one of the differences when you approach things with a value framework, like we do at Oakmark, you think about how price impacts risk in an investment," Bill Nygren, portfolio manager of the five-star Oakmark Fund, said. "And the lower the price gets, the lower the risk is."

On CNBC's "Halftime Report," Nygren, who oversees $13 billion in assets, said he was using the stock-price declines as an opportunity to put more capital to work.

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Las Vegas Sands Corp, Sands Macao.
Whhalbert | Wikipedia
Las Vegas Sands Corp, Sands Macao.

Among his new stock buys in the third quarter were Accenture, Glencore, Las Vegas Sands and Whirlpool.

"Accenture's a great consulting company," Nygren said. "I think it's a good example of the kind of ideas we'd been finding in the market over the past couple of quarters — excellent businesses that were being priced by the market like they were only average businesses."

On the more cyclical side was Whirlpool.

"We think we're buying Whirlpool at a cheap enough price that even though it's a riskier business, it's not a riskier investment," Nygren said, adding that its stock was selling at a price-to-earnings multiple of around 10, or two-thirds the broader market's value. "And we don't think it's a worse-than-overage business."

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Nygren added that day-to-day market fluctuations weren't a primary concern.

"At Oakmark, we try to look at where we think a company will be valued five to seven years from now," he said. "And when you think that far into the future, whether the next quarter is a little bit weaker or a little bit stronger than expectations doesn't really drive the long-term value."