Pick: Ensco (ESV)
The $2.1 billion Pimco EqS Pathfinder Fund (PATHX) is still a newbie -- it launched in April 2010 -- but its co-manager, Anne Gudefin, is a proven star. During her five years at the helm of the $18.5 billion Mutual Global Discovery Fund (TEDIX), she achieved an annual 7% return, more than double that of the MSCI World Stock index. A committed value investor whose fund invests all over the globe, Gudefin thinks U.K.-based Ensco, one of the world's biggest rig operators, is a tremendous bargain. The stock, which has a 3.4% dividend yield, is trading at six times next year's earnings. "One reason the stock is cheap is that there's a market reaction correlated to oil prices in the short term," she says. (Oil prices are down 20% this year.) "In the long term the fundamentals are there." Oil producers, she says, are lining up to rent Ensco's rigs, many of which are used for ultra-deepwater drilling. "You can see some of the oil companies already looking to get equipment two years down the road," Gudefin says. "That's a pretty good sign."
--M.K.
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