American Money: Park Some Offshore

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.

Recommendations:

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:

Disclosure information for Snyder was not available.

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