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Bill Nygren's new ideas

While stocks aren't as cheap as they were a year ago, Oakmark Funds' Bill Nygren said Tuesday that there are still attractive buys out there—and he revealed four new portfolio additions.

"Relative to our style, investors are almost always overweighting near-term events," he said. "We don't see the potential we did five years ago, when stocks have tripled from the bottom. But over the next five to seven years, when you compare the alternatives of stocks, cash or bonds, to us stocks look substantially better."

The Oakmark Fund earned a five-star rating from Morningstar and had $12.2 billion in assets as of Dec. 31. Nygren oversees a total of $13 billion in assets.

On "Halftime Report," Nygren said that Citigroup, a new holding for the fund, sells at a discount.