Two "disappointing" stocks—Qualcomm and Nestlé—offer great opportunity, Oakmark Funds Portfolio Manager Bill Nygren said Monday.
"When you're a long-term value investor like we are at Oakmark, we end up buying things that had been disappointing for others," he said.
On CNBC's "Fast Money," Nygren said that Qualcomm held about a quarter of its $117.97 billion market capitalization in cash.
"They're aggressively repurchasing shares. They've taken in about 4 percent already this year and have announced another 4 percent," he said, adding that Qualcomm stock, excluding cash, sells for about 7 times expected earnings for next year, with most of its earnings coming from a royalty on global sales of smartphones.
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"And even though penetration of smartphones has gotten quite high in the U.S., on a worldwide basis, especially emerging markets, we think there's a lot of room ahead for growth in smartphone sales," he said.
Nygren also weighed in on Nestlé.
"We've generally thought that most of the U.S.-based food companies had been pretty fully valued, but one of the things we learned with our Heinz holding earlier this year was how much more people were willing to pay for emerging-market exposure," he said. "And with the concerns about near-term emerging-market growth, we had an opportunity to buy Nestlé without having to pay a premium for its exceptionally good emerging-market profile."
Nygren also discussed his financial stock holdings, which include Bank of America, Capital One and JPMorgan.
Despite JPM's potential $13 billion deal to settle mortgage claims arising from the financial crisis, he remains positive on the stock.
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"The business fundamentals here are great," Nygren said. "The stock price is not very demanding, in the low $50s per share for a company that has recurring earnings of $6, $7 per share ex its litigation issues. So, the more it gets behind it, the more investors will start looking at a very good fundamental picture."
JPMorgan is not in his top five holdings, which include Bank of America, CapitalOne, AIG, UnitedHealth and TE Connectivity.
"We don't think JPMorgan is quite as cheap as Bank of America, which is our largest holding," he said, noting that BAC is trading at two-thirds of book value and roughly 7 times next year's earnings.
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Nygren said his top financial stock picks represented strong value.
"They're all important holdings for us," he said. "We think they're all exceptionally well-managed companies and much cheaper than the average stock."
— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.