Looking for a diamond in the rough? Stephanie Link, TIAA-CREF portfolio manager, is watching Procter & Gamble. She points to their strong balance sheet.

Procter & Gamble is a multinational manufacturer of family, personal and household care products.

The consumer giant reported better-than-expected second quarter earnings and gave 2016 revenue guidance that exceeds analyst forecasts.

Link believes in their new CEO and turnaround plan.

"The new CEO is just barely in his new role and I think there's a lot he can do" Link said on CNBC's "Halftime Report".

She expects this recovery to be similar to the rebound she called in McDonald's amid a management shakeup.

"Core organic growth was better-than-expected and they haven't repositioned their portfolio yet" she added.

Link concludes P&G is an under-owned stock.

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly