The rest of the world has not been immune to the economic slowdown, but a five-star fund manager has some offshore ideas for American investors.
Scott Snyder's ICON International Equity Fund is up 19.97 percent per year over the last three years.
"We are a value investor, so...we are focusing on industries that are showing and trading at a discount to intrinsic value, but they're starting to show strength in the market," he told CNBC.
His first pick is France's BNP Paribas.
"A very good looking stock within the diversified banks group...trading at about a 70 percent discount to fair value," is the way he describes it. "The bar is set pretty low for this stock, high quality name, and even pays about a 5 percent dividend yield."
Snyder also likes British multi-line insurance company Aviva.
"The sweet spot within the cheap industries that are really now starting to show relative strength...has really been within the larger-cap side here...banks, insurance, and financial services,' he said.
- Video: Watch the entire Snyder interview (3 mins, 47 secs)
In this hemisphere, Snyder likes Mexico's America Movil.
"Basically, the whole emerging-market wireless space has really been pretty insulated from this whole economic slowdown here," he said. "We're still looking at about 20 percent earnings growth on this name."
Disclosure information for Snyder was not available.