Investors looking for strong value plays may find an unusual one in Alphabet, Oakmark portfolio manager Bill Nygren said Tuesday.
"It's one of the few, that you would call, growth stocks that we own. We think that the market generally underestimates how profitable search is, and we like the new reporting structure that Google's going to be using," Nygren told CNBC's "Fast Money: Halftime Report."
He also said Alphabet's new reporting structure will help investors see the company's search profitability as well as its large investments. "In the past, it's just been reported together, and it's just been anybody's guess as to how much the profits are versus how much the losses are."