The rest of the world has not been immune to the economic slowdown, but a five-star fund manager has some offshore ideas for American investors.
Scott Snyder's ICON International Equity Fund is up 19.97 percent per year over the last three years.
"We are a value investor, so...we are focusing on industries that are showing and trading at a discount to intrinsic value, but they're starting to show strength in the market," he told CNBC.
Recommendations:
His first pick is France's BNP Paribas.
"A very good looking stock within the diversified banks group...trading at about a 70 percent discount to fair value," is the way he describes it. "The bar is set pretty low for this stock, high quality name, and even pays about a 5 percent dividend yield."
Snyder also likes British multi-line insurance company Aviva.
"The sweet spot within the cheap industries that are really now starting to show relative strength...has really been within the larger-cap side here...banks, insurance, and financial services,' he said.
- Video: Watch the entire Snyder interview (3 mins, 47 secs)
In this hemisphere, Snyder likes Mexico's America Movil.
"Basically, the whole emerging-market wireless space has really been pretty insulated from this whole economic slowdown here," he said. "We're still looking at about 20 percent earnings growth on this name."
Disclosure:
Disclosure information for Snyder was not available.