One ignored stock offered double-digit return potential, Oakmark Fund's Bill Nygren said Wednesday on CNBC's "Fast Money."
Asked about his top play right now, Nygren said it was DirecTV.
"Ten years ago, this company started an aggressive share repurchase plan, and they've repurchased 60 percent or more of their outstanding shares since then," he said. "So, if you owned DirecTV 10 years ago, and you own the same number of shares today, you own 2½ times of the company as you did then."
Nygren, whose fund has $12 billion in assets under management, said that satellite provider DirecTV was still growing, with 8 percent projected revenue growth this year and a total return of about 20 percent.
The fact that the company doesn't pay a dividends was a plus, he added, because its stock "hasn't attracted yield-hungry investors that have been coming from the bond market."
Nygren said that the fund no longer owns Dell, which had been among its top five largest holdings. The fund's exit from Dell came after the Blackstone Group withdrew its bid for the company.
"There are a lot of stocks to choose from that are significantly more undervalued than Dell is," he said.
Trader disclosure: On April 24, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long T; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is short SBUX PUTs; Pete Najarian is short BX Puts.