In March, John Apruzzese began keeping a close eye on clothing business Ralph Lauren. The company looked interesting to Evercore Wealth Management's chief investment officer, but the price wasn't right back then.
It wasn't until mid-June that an opportunity to buy the stock presented itself. Shares dropped 10 percent since the beginning of the year—and about 20 percent since August 2011—and its price was hovering around its 12-month lows.
"That caught our attention," he said about the share price drop. "We looked at the company and determined that its earnings were intact and it still had growth potential. So it was a very good buying opportunity."