A red-ink market day may look gray to the untrained eye, but when Ned Gray looks at it, he sees opportunities.
Gray's four-star Delaware Global Value Fund is up an average of 20.9 percent per year over the last five years.
"In this kind of environment, with a weakening global economy, what we're looking for is not so much just devaluation, because that obviously hasn't been much support in the past year," he told CNBC.
"We're looking for companies with good solid fundamentals to propel the earnings forward, and we expect the multiples to follow."
Gray sees Royal Philips Electronics as a stock that's very badly misunderstood.
"The underlying strength resides in a few core businesses," he said. "The medical equipment business, the lighting equipment business, are both very solid leading producers within their industries globally, and I think it's too often been associated with the semiconductor business, which they have been gradually been working their way out of."