The economic downturn has had a "surprisingly depressive" effect on the number of patients' visits to health-care providers. This lower utilization rate has impacted managed-care earnings more than unemployment has, Funtleyder said.
While health-care utilization has decreased, health-care prices have increased due to inflation .
In addition to Bristol Meyers Squibb and Novartis , Funtleyder also likes United Health Group and Humana .
He added that he would steer investors away from utilization-sensitive areas, such as medical devices and life-science tools, since he believes they are "in for tough sledding for the next couple quarters."
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Les Funtleyder owns stock in Humana and United Health.