Three stocks — Apollo Group, Microsoft and Cisco Systems — could be worth a look on a pullback in either those names or in the broader market, Don Yacktman of Yacktman Asset Management said Thursday.
"If you look at our behavioral patterns, you will see that if you're a patient, long-term investor, you like to look at things that are basically near their lows, not near their highs. Apollo fits that category," he said. "I'm not telling people that they should rush out and buy it, but I think a package of those kinds of things."
On CNBC's "Fast Money," Yacktman emphasized that a couple of holdings in his portfolio were in the red: Hewlett-Packard and Apollo Group.
"The average stock fluctuates about 50 percent from its low to its high on an annual basis," he said, noting that some stocks will swing even more wildly, such as BlackBerry's 100 percent price changes.
Yacktman's largest holdings include News Corp., Procter & Gamble, PepsiCo, Cisco and Sysco.
"I think six of our 10 largest holdings have dividend yields between 2.6 and 3.3, somewhere in there," he added. "I don't understand why anybody would prefer Treasuries over them."
As for the underperformers with potential upside, Yacktman said that price was an important factor.
"As my son, Steve, puts it, we're Dumpster divers," he said. "So we like to buy a lot of things that are out of favor."
Yacktman also added a caveat.
"But just 'cause the storm comes through and shakes the fruit tree and knocks some stuff on the ground and may be easier to examine, but it doesn't mean you should eat everything that's on the ground," he said.
Trader disclosure: On March 28, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long IBM; Josh Brown is long AAPL; Josh Brown is long GDX; Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long WMT; Josh Brown is long HES; Steve Weiss is long BBRY; Steve Weiss is long TBF; Steve Weiss is long LCC; Steve Weiss is short JCP; Brian Kelly is long TREASURIES; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short COPPER; Brian Kelly is short S&P; Brian Kelly is short CAC; Brian Kelly is short DAX; Brian Kelly is short EUROSTOXX; Brian Kelly is short KOSPI.
