Advice from a Street-topping fund manager

U.S. Treasurys likely will stay range bound for a while, but certain global bonds present a great investment opportunity, portfolio manager Jack McIntyre told CNBC Wednesday.

McIntyre's strategy appears to be paying off. His fund, the Legg Mason Brandywine Global Opportunities Bond Fund, is beating the Street. It is up about 8 percent over the past year, compared with the Barclays Global Aggregate, which is only up about 1 percent.

"There is a lot of global capital that's coming from places like Japan. It's looking for yield," he said in an interview with "Closing Bell."

"Yes, some of it is going into Treasurys but there are still some opportunities in some sovereign bond markets away from German bunds, Japanese government bonds and U.S. Treasurys."

Traders in the 10-year bond options pit at the Chicago Board of Trade signal orders.
Frank Polich | Reuters
Traders in the 10-year bond options pit at the Chicago Board of Trade signal orders.

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In fact, Brazilian bonds are yielding 12 percent and Mexican bonds are yielding 6 to 7 percent, McIntyre said.

He believes global monetary policy will continue to be biased towards being stimulative. Add to that lower energy prices, and he sees 2015 setting the stage for a little more global growth.

So what should investors do?

While individuals probably won't want to buy South African, Brazilian or Indonesian bonds, "as part of a diversified bond portfolio I think it is a great way to be positioned," McIntyre said.

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He believes the dollar will continue to be strong against the Euro and the Japanese Yen, but said a contrarian play could be the dollar weakening against the currencies of Mexico, Brazil and Indonesia.

—CNBC's Stephen Desaulniers contributed to this report.