Although there may be great opportunities abroad in countries like China, some investors instead are focused on activism here in the United States.
"Nobody cares about whether you label it hostile or activism," Donald Drapkin, chairman of the activist fund boutique Casablanca Capital, told CNBC's "The Strategy Session" on Tuesday.
"We see tremendous value in the $6 billion market, in U.S. companies," Drapkin said.
"We go out and identify a target, we do all our homework and then we take that target to our investors and ask them if they want to invest in it," he said.
This model, according to Drapkin, makes more sense because "you are investing blind into a fund."
"With us, our investors do their own research and decide whether or not they like the deal," he said.
And when it comes to next year, Drapkin said he is not quite bullish.
"Everyone comes on and says oh it's going to be the greatest possible world, I just don't think it's going to happen," he said.
"It's harder today then it was six months ago. Ten of the targets we had identified are up 50 percent, Drapkin said, adding, "I am not buying them up 50 percent."
Watch CNBC's "The Strategy Session" weekdays at Noon ET.