NEW YORK (TheStreet) -- All of the stocks that had value before the U.K. voted to leave the European Union last Thursday, still have value, The Oakmark Funds portfolio manager Bill Nygren said on CNBC's "Fast Money Halftime Report" Monday.

"We think bonds are expensive, relative to stocks. We think bond proxies in the stock market are expensive relative to other businesses. We think non U.S.-based income streams are cheap relative to U.S.-based income streams. And that's regardless of whether the company is headquartered in the U.S. or outside," Nygren stated.

Meanwhile, the "names" that Nygren "thought were cheap" got a "lot cheaper" after the U.K. voted in favor of the Brexit, which has weighed heavily on markets across the world including the U.S. since Friday.

One of Nygren's top value picks is Alphabet (GOOGL) - Get Report  Oakmark's "largest holding."

Despite Alphabet being an "unusual" name for a value manager because it sells at a mid to upper multiple of trailer earnings, Nygren argued that the holding company, which owns search engine giant Google, has various beneficial assets.

"First off, the earnings would be about 10% higher if they weren't investing in new business opportunities, what they call the 'other bets segment,'" Nygen explained.

Second, Alphabet has many non-earning assets with more than $100 per share in cash, he continued.

"They have all the money that they've invested in the venture cap, like opportunities like autonomous vehicles," Nygren added.

YouTube, which does not earn any money, accounts for 30% of the company's revenues, according to Nygren.

"If that was valued the way cable networks were valued, based on hours of TV watch, that would be another couple hundred dollars a share for Alphabet," he noted.

In addition, Nygren suggested investing in banks, which he sees as "cheap" stocks.

"I think lost in the Brexit news was how well banks did on the stress tests. They've all got a lot of excess capital, almost all of them are selling at large discounts to book and I think most of them will be allowed to return most of their earnings to the shareholders," Nygren concluded, mentioning that Citigroup (C) is one of Oakmark's "favorites."

Shares of Alphabet are declining along with the majority of the U.S. market on the uncertainties surrounding the Brexit. The stock is down by 0.68% to $680.54 on Friday afternoon.

(Alphabet is a core holding in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial here.)

Separately, TheStreet Ratings rated Alphabet as a "buy" with a score of A-.

This is based on the convergence of positive investment measures which can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. Although no company is perfect, currently TheStreet Ratings does not see any significant weaknesses which are likely to detract from the generally positive outlook.

You can view the full analysis from the report here: GOOGL

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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