Eric Freedman, CIO of US Bank's $170 billion wealth-management business, pointed out the long term trends and undervalued areas he's investing in.
"You tend to have companies that are well managed, that are gaining more of a global perspective, and have diversified revenue streams," he said."That's almost the best of both worlds."His top sector pick — healthcare — has also struggled this year.
"We don't think that growth is going to surrender and roll over anytime soon," he said. Freedman notes that trends in economic productivity are a big challenge, and businesses will have to spend a lot of money to try to overcome them. He calls that supportive for growth stocks. Evaluating stocks regionally, though, Freedman has more of a consensus view. He expects US stocks to maintain their lead over other areas and thinks emerging-market stocks still have downside risk.In his quest to find yield for clients, he says that structured credit is also an area that's promising because it's big index funds overlook it.
He added that non-agency mortgages from private institutions, not from Fannie Mae, Freddie Mac, or Ginnie Mae, also have an appealing"scarcity value."
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