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"But when we look at Brazilian banks, Brazilian retailers, construction companies through the toll roads, even some health care stocks, we definitely see some good stuff there," he added.
Vale, Petrobras, Bradesco, Itau and America Movil were among the largest holdings in Landers's fund.
Landers also said that all the reasons investors were bullish on Brazil – the 2014 World Cup, the 2016 Summer Olympic Games and billions of dollars in infrastructure investments – were still valid.
"Brazil's trading about 9 times next year's earnings, so it's one of the most attractive markets from a P/E perspective," he said. "It's a large economy. It's a democratic country. So, I think that all the reasons why people were investing, were excited about investing in Brazil three or four years ago, are still there today, and the market is actually cheaper."
Landers said that his top pick was Itau Unibanco.
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"We definitely think that a bank trading at nine times earnings with an ROE in the high teens and a price-to-book just over 1½ times, I would definitely think it's very attractively priced here," he said. "It's a play on the continuation of the growth in the Brazilian middle-class story, which we've seen over the last 10 years and we definitely expect it to continue over the next 10 years."
Trader disclosure: On July 10, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long EEM; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long AIG; Mike Murphy is long BAC; Mike Murphy is long FB; Jon Najarian is long AAPL; Jon Najarian is short GLD; Jon Najarian is long MSFT; Jon Najarian is long NUS; Jon Najarian is long ZNGA; Jon Najarian is long FB;
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