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VanCronkhite said that part of the selloff might be due to the tightening of the Federal Reserve's monetary policy.
"It stands to reason that the stocks that benefit most from QE, small-cap, low-quality stocks are probably the ones that probably feel most of the pain, the majority of the pain, as we move away from that," he said.
But two stocks are being underestimated, VanCronkhite said.
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The first is WD-40.
"It's a name that everyone's familiar with but many people don't realize the demand for that product is very long term," he said. "It's a very diversified portfolio from WD-40."
VanCronkhite also said that the market was mispricing the company's free cash flow, "and the balance sheet has extreme flexibility that the market really doesn't give credit for," both in the near-term and long-term.
His second pick is Brown & Brown.
VanCronkhite is portfolio manager of the Wells Fargo Advantage Special Small Cap Value Fund (ESPAX), which is down 0.92 percent year to date. It was up 11 percent, 22 percent and 14 percent over one-year, three-year and five-year periods, respectively.