What do cheesecake and cable TV have in common? They're the signature products of two companies at the top of fund manager Michael Chren's list.
Chren's Allegiant Large Cap Value Fund is up an average of 13.99 percent per year over the last five years.
He likes Cablevision, and he's looking past the company's current battle with Verizon's FIOS for dominance in the living rooms of TV viewers.
- Video: Watch the entire interview (2 mins, 22 secs)
"It's really about what the assets are worth, and the dynamics in place to capture full value here," he told CNBC.
"We think what's going to happen here is when Jeff Bewkes at Time Warner splits up the company, Time Warner Cable gets spun out; they become an independent entity, and ultimately go after Cablevision or force [Cablevision's majority owners] to capture a higher value."
Next on Chren's list is dessert icon Sara Lee.
"It's under everyone's radar," he said.
"From what we're hearing, [CEO] Brenda Barnes has been a little disappointing in terms of being able to generate shareholder value and show tremendous earnings growth, so I think the board's getting a little frustrated...and if she's not able to show some progress...we could see some action taken by the board to create some shareholder value here."