David Sowerby's got a way to play a weak dollar and an economic recovery at the same time. He's the Loomis Sayles portfolio manager who's just been named Stock Manager of the Year by Lipper.
"There's more headwinds in this earnings season," he told CNBC, but "ultimately...more Fed easing to come, and that will prove quite positive to stocks."
He sees a strong upside following the current earnings season.
So what stocks does he like? Start with watch-and-handbag maker Fossil.
"They're modest-priced watches, with Swiss timing," he said.
"It's...a play on the tax rebate, for individuals who will win there. The handbags, the accessories, that's less fashion-sensitive, half of Fossil's revenues come from outside the United States...a weak dollar play, as well asn an under-followed, more mid-cap type stock, with great cash flow."
Sowerby sees middle-market retailers getting the most help from the economic-stimulus plan.
"Two-thirds of this tax rebate, I think, will be spent, one-third will be saved," he said. "Corning , who makes liquid-crystal displays for flat-panel screens, that'll be a winner; DirecTV, more subscriptions, better cash flow."
Disclosure information for Sowerby was not available.