The European economy may be struggling, but the faltering Euro is benefitting technology giant


(SI) - Get Report

, says Audrey Kaplan, portfolio manager for the

Federated InterContinental Fund


. In addition, she says the so-called "German GE" will benefit from the European Central Bank's recent decision to lower interest rates.

"They are already operating as number one or number two in every business area in which they compete, so we are big fans of Siemens," says Kaplan.

The $585 million fund, which garners 3 stars from


(MORN) - Get Report

, has lost 9% over the past year due to the turmoil in Europe, placing it in the 50th percentile for all funds in Morningstar's foreign large blend category. Over the past ten years, the fund has returned an average of 8.5% annually, outpacing 95% of its Morningstar rivals.

Another German pick in her portfolio is chemical-maker


, which she says is positioned well even if things deteriorate even further in the Eurozone. "We met with their CFO last week and their outlook was better than we even anticipated," says Kaplan.

Outside of Germany, Kaplan is a fan of Scandinavian stocks like Norway's



, because of the region's rich natural resource base and low debt-to-GDP economies.

Finally, Kaplan says German exporters will not be the only ones positively impacted by a weakened Euro. Mining companies will also benefit from the currency's deterioration including London-based

Rio Tinto

(RIO) - Get Report


"Mining is still operating at peak capacity right now and there is going to be demand because the emerging markets are still expected to grow greater than 5% each year for the next two years," says Kaplan.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.