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Three Stocks for This Market: PIMCO Fund Manager

Investors must be extra diligent when picking stocks in this tough economic environment, Anne Gudefin, fund manager at PIMCO Pathfinder, fund told CNBC Monday.

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Three stocks, which she said offer long term value for investors, have caught her eye.

Ensco, a multinational oil and gas services company, was attractive because of its focus on deep water drilling and oil rigs it has under construction.

"It is the second largest driller and it's a cheap stock. With oil companies accumulating more discoveries in this segment, there will be a need for more and more rigs and this stock should do well," she said.

She also likes Reckitt Benckiser because she thinks it is undervalued as the market had not focused on its upside potential from emerging markets and the healthcare segment.

"There has been a lot of negativity on this stock because Procter and Gamble has been much more aggressive but this is a cheap stock which pays a large dividend, and investors should focus on high dividend yield stocks," Gudefin said.

Looking for value in the markets remains acute for investors, on heightened fears of a double-dip recession as worse-than-expected US jobless figures last Friday, coupled with the ongoing sovereign debt crisis in the euro zone, threaten to derail the fragile global economy.

Gudefin also suggested that Eutelsat Communications had the key attributes of being both defensive as well as having a lot of growth potential.

"It's almost impossible to get new satellite positions, it's capital intensive – you need around 200 million euros ($282 million) to launch a new satellite. There is also growth from emerging markets and high definition televisions so this is a stock worth looking at and should do well over the coming years," she added.