A W-shaped recovery is more likely than a V-shaped one this year, and stocks look relatively attractive compared to other asset classes such as bonds, Juerg Zingg, managing partner at Q Investments, told CNBC.
"Markets could have a nice rally from here, probably up to 20 percent," Zingg said.
Consumer staples in the US, health care in Europe via Exchange Traded Funds, Japanese industrials and precious metals, especially gold, are his favorites.
Zingg also likes agriculture companies like Archer Daniels Midland , Syngenta and Potash as they "have very nice margins" and are "very attractively priced."
He would also avoid investing in countries with little or no stimulus packages like Spain, Italy, Portugal and Greece and rather look to the Nordic markets for investment potential as they are "better positioned for any real upturn."
Global equities will be the best performing asset of 2009, a research report from Goldman Sachs also noted.