In fantasy sports, a "sleeper pick" is a player who is either unknown or unloved, but has the potential to provide outsized returns for a team. As volatility has ratcheted up on Wall Street in recent weeks, market participants are looking for sleeper picks of their own to help protect and balance their portfolios.
In honor of the NFL season kickoff, CNBC's "Fast Money" traders each picked a beaten-down sleeper stock which could awaken in the coming months.
RiskReversal.com's Dan Nathan chose consumer goods giant Procter & Gamble as his pick. The stock has dropped 25 percent so far this year, and has been hit particularly hard in the recent sell-off. Nathan admitted that he hadn't liked the stock until recently, when valuations became more reasonable.
"I hated it, to be fair, at $90 in January, I hated it at $80 in July, and down at $70…I'm kind of warming up to it here," he said. According to Nathan, the Dow Jones Industrials component's dividend yield of 3.88 percent makes it a defensive play "if things start to get rockier in the markets."