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NEW YORK (TheStreet) -- Despite slowing global economic growth, some companies are in hot industries, benefiting revenue and profits, says Chris Brown, manager of the Pax World Balanced Fund (PAXRX) . He says John Deere (DE) and Timken (TKR) can resist prospects for slow or no growth in the overall economy.

The $2 billion mutual fund, which garners three of five stars from Morningstar, has returned over 9% in the past year, better than nearly two-thirds of its Morningstar peers. During the past three years, the Pax World Balanced Fund has gained an average of 2.2% annually, better than most of its rivals.

Why do you want to be in Deere stock with worries about a global slowdown on the horizon?


We like John Deere because it's a growing emerging-markets play. More people in the emerging markets are eating like Americans. They are spending more of their money on food. Also, cash receipts in the United States from farmers are up and are projected to go up even more. All in all, it's great play on food and it trades at 10 times forward earnings, with a decent dividend yield of over 2%. It's a great holding.

Similarly, you like ball-bearing maker Timken, which supplies machinery companies.


Timken is really in friction management. So it's actually an efficiency technology. They make really precise bearings that are used in any type of equipment, from cars to aerospace to tractors. So, really, this is a way for companies to save money.

A lot of people are worried about a water crisis, and they are looking for ways to play it. Why is owning shares of Pentair (PNR) your solution?


Since 1995, Pentair has been transitioning to a water company. They do filtration, they make water pumps. And filtration is key to having clean, safe drinking water.

Another company in your portfolio is EMC (EMC) . Is storage still a hot space?


Storage remains hot. It's one of the few areas that's still growing. Because of all the data that's coming out, there is still a need for more storage. And if you back out the cash on the books of the company, and you back out their ownership stake in

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, this company is extremely cheap. It trades around six times earnings, which is a great value for a growing company.

Finally, you are also a big investor in Qualcomm (QCOM) . Is it all about the patents now?


Yes. As we have seen with



Motorola Mobility

, it's really vital to own patents in 3G and 4G. And the migration from 3G to 4G is going to really benefit Qualcomm. They should do very well in this environment. If you want a smart play on smartphones, Qualcomm is one of the companies to own.

-- Reported by Gregg Greenberg in New York.

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