"A quick end to the current crisis would make American Express a very attractive stock," he said.

"Intel is really one of the more attractive stocks right now," he added.

"But the wild card in Macy's offer is that they are betting on what could be a very attractive stock."

Yet, his style is flexible enough so that the fund also looks for chances to buy attractive stocks when they have been beaten down.

Other fund managers conceded that the recent decline could make selected stocks more attractive, but were less enthusiastic.

In fact, there's a strong case to be made for investors to maintain their fixed-income exposure, no matter how attractive stocks become.

And they both think there are still plenty of attractive stocks around, despite the low average yields offered by today's overheated stock market.

THE fund's management team uses quantitative screening with a point system to find attractive stocks.

"We know that the stock is a very attractive stock," he said.

"We think the valuation does make it an attractive stock to own."