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The first place investors should focus their attention is the credit markets as there is "significant" value to be found here, James Bevan, chief investment officer at CCLA Investment Management said.
Bevan also likes Asian stocks as the region's markets have performed worse than its Western counterparts.
"The macro fundamentals for Asia are much stronger than in the last downturn and therefore good quality companies like Swire Pacific in Hong Kong are now arguably a real steal," Bevan told CNBC.
When looking at U.S. stocks, Bevan said he favors "relatively safe defensives" like Eli Lilly [LLY
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] , Wyeth [WYE
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] , Procter & Gamble [PG
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] and Altria [MO
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] , the "companies that are going to be there for the long haul."
Bevan also said that H.J. Heinz [HNZ
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] could rally substantially if there is a narrowing of the credit spreads.
Data is a real-time snapshot *Data is delayed at least 15 minutes