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Finding a Global Edge in Health Stocks

When it comes to health care, "mundane" products are quite exciting to Bill Schultz. The chief investment officer of McQueen, Ball & Associates joined CNBC's Mark Haines and Erin Burnett on "Squawk on the Street," offering health care industry insights -- and stock picks.

Schultz favors large caps with global exposure in the near term, both for international growth and because they circumvent the "domestic political considerations" health care firms may face in the U.S.

The CIO said he also opts for health care names that are diversified across product lines. He said he looks beyond the "big drug companies" to makers of "mundane" medical staples like syringes and diagnostic equipment. In this area, he favors Becton Dickinson "for sure," saying the firm offers "consistency you can count on."

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Schultz also pointed to Johnson & Johnson. Despite the firm's problems with stents and its Procrit drug, he praised it for "heading into consumer products" more and more, and said the name is on his "wish list for somewhere down the road."

He suggested holding off on Pfizer, until the pharmaceutical giant "figures out how they'll grow earnings in their drug pipeline."