It's a bond-picker's market out there. Both at home and abroad.

"Spreads have come in a lot, not just on corporate bonds, but on all the spread products since February of last year. A lot of people are questioning whether there is still value left and we still see pockets of value pretty much in all the sectors," says Robert Tipp, portfolio manager for the Prudential Total Return Bond Fund(PDBAX) - Get Report .

The Prudential Total Return Bond Fund is up 44 basis points thus far in 2016, according to Morningstar. The $19.9 billion fund has returned an average of 3.4% annually over the past five years, outpacing 90% of its rivals in Morningstar's intermediate-term bond fund category. The fund sports a trailing 12-month yield of 2.6%, according to Morningstar.

Tipp expects the 10-year Treasury yield to remain range-bound around 2.5% until it becomes clearer as to how much stimulus is going to be pumped into the economy. And he says that benchmark could move lower within the next 24 months, so investors should not sign too quickly onto the notion that yields have nowhere to go but up.

Last year, foreign buyers were helping keep U.S. yields low buy snapping up domestic bonds. Tipp says there are opportunities now for U.S. investors looking abroad, especially in emerging markets.

"Mexico's bonds trade incredibly cheap relative to its fundamentals," says Tipp. "And it's the same in Brazil and Argentina."

"These are not going to be your bread and butter in a core U.S. bond fund, but in a global or emerging markets hard currency fund the returns there are going to be very attractive," says Tipp.