Pick: Ericsson (ERIC)
The telecommunications equipment industry has been a "competitive bloodbath" lately, says Barnaby Wiener of the $4.8 billion MFS International Value Fund (MGIAX). But Ericsson, the Swedish maker of cables and routers, has grabbed market share -- now 40% -- and continues to supply profits. Wiener, whose fund has returned 7.7% a year since 2002, outdoing 99% of competitors, says he seeks "high quality companies that are mispriced" and sees those traits in Ericsson. Its stock has dropped 42% over the past year due to weak earnings partly caused by the cost of implementing new contracts. Shares trade at a P/E of 12 (vs. a category average of 16), and Wiener thinks they'll rise as those contracts pay off in the long run and the company benefits from the global rise in mobile data use.
--M.K.
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