- The lack of policy coming from Washington, D.C., means investors can go back to focusing on fundamentals, Peter Anderson said.
- He believes there are contrarian plays with turnaround stories that could provide some upside return.
- Meanwhile, investment strategist Bill Stone is focusing more overseas, where valuations are cheaper.
The "Trump gridlock" may have some investors worried about the U.S. stock market, but expert Peter Andersen believes there may be some benefits to the lack of policies coming from Washington, D.C.
Because of this "gridlock," investors can get back to looking at fundamentals, Andersen told "Power Lunch" on Friday.
"There are plenty of stocks out there that we just haven't been paying attention to because we've been so distracted with trying to integrate all the Trumponomics and now finally we're decoupling that," the chief investment officer at Fiduciary Trust said.
He believes there are contrarian plays with turnaround stories that could provide some upside return.
For example, Andersen likes General Mills, "one of the most hated stocks" on Wall Street. He thinks it could see 10 to 20 percent upside.
"Some simple logic tells you they can probably cobble together an action plan to get themselves back on track," he said.
Anderson also likes Oracle, because he believes it is finally getting serious about its cloud business.
Meanwhile, investment strategist Bill Stone is focusing more overseas.
While there are still good names to buy in the U.S., valuations are cheaper internationally, Stone told "Power Lunch." He especially likes Europe right now.
"You probably will see some real earnings momentum there because they never really got it after the financial downturn — because, well, they never got much economic momentum either. But they're finally seeing some of that," the global chief investment strategist at PNC Asset Management said.
— CNBC's Brenda Hentschel contributed to this report.
Disclosures: Fiduciary Trust owns General Mills and Oracle.