When Janus Capital's Dan Kozlowski goes hunting for contrarian plays, he focuses on three things: management changes, spinoffs and industry consolidation, the portfolio manager told CNBC on Wednesday.
However first, "we come into the office each day and try to avoid the gravitational pull of the Wall Street herd consensus," he said in an interview with "Power Lunch."
Kozlowski runs the firm's contrarian fund, which just won the 2015 Lipper Award for best multi-cap core fund.
A good example of a play on management changes is Air Products, he said. The industrial gas company was taken over by a new CEO six months ago who "de-bureaucratized the business, restructured it and realigned incentives," Kozlowski noted.