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Growth stocks got hot this summer, but -- like the season -- the tide will soon turn again in favor of value, says a slew of top value managers.

Year-to-date the

iShares S&P 500 Value Index

(IVE) - Get iShares S&P 500 Value ETF Report

has returned 3.7% versus 2.3% for the

iShares S&P 500 Growth Index

(IVW) - Get iShares S&P 500 Growth ETF Report

. Over the past three months, however, growth has made a strong comeback as traders have jumped back into higher-multiple stocks and overall economic expansion has stalled, leading fund managers to search high and low for growth.

Despite this summer's turnaround, value managers remain confident cheap stocks will outperform higher-priced ones through the rest of this year and into next. And they say that there are plenty of underappreciated stocks still out there. Here are a few of their favorites:

Fuel Systems Solutions


-- "Fuel Systems Solutions is a bargain stock on the cutting edge of 'green' technology for internal combustion engines."

-- Barry James, portfolio manager of the James Balanced: Golden Rainbow Fund

(GLRBX) - Get James Balanced: Golden Rainbow Ret Report

Business summary:

The company designs, makes and supplies alternative fuel components and systems for use in the transportation and power-generation industries on a global basis.

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Market Cap:

$644 million

Trailing P/E (TTM):


General Cable


-- "Although General Cable trades at less than 9.5 times 2011 expected earnings, we expect the company to experience robust growth from electric grid upgrades in the U.S. and grid expansion in emerging markets."

-- Kent Croft, CIO and portfolio manager of the

Croft Value Fund


Business summary:

General Cable develops, designs, makes, markets, distributes and installs copper, aluminum and fiber-optic wire and cable products.

Market Cap:

$1.36 billion

Trailing P/E (TTM):



(WHR) - Get Whirlpool Corporation Report

-- "Whirlpool is the leading global producer of innovative branded home appliances and is well positioned worldwide to take advantage of the emerging middle class in developing countries."

-- Matt Fahey, portfolio manager of the

Marshall Mid Cap Value Fund

(MRVIX) - Get BMO Mid-Cap Value I Report

Business summary:

Whirlpool makes and markets a full line of appliances and related products for home use. It makes washers, dryers, refrigerators, air conditioners, dishwashers, freezers, microwave ovens, ranges, trash compactors and air purifiers.

Market Cap:

$6 billion

Trailing P/E (TTM):



(WMB) - Get Williams Companies, Inc. Report

-- "Natural gas is an abundant, low-cost, clean energy source. WMB will benefit from the long-term growth in the demand for natural gas, and with 4.2 trillion cubic feet of reserves and 14,000 miles of pipeline, Williams will be a leader in the exploration, production and transportation of natural gas."

-- Don Wordell, portfolio manager of the

RidgeWorth Mid Cap Value Fund

(SAMVX) - Get Virtus Ceredex Mid-Cap Val Eq A Report


Business summary:

Williams is engaged in finding, producing, gathering, processing and transporting natural gas, with operations in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern Seaboard and the province of Alberta in Canada.

Market Cap:

$11 billion

Trailing P/E (TTM):



(MCD) - Get McDonald's Corporation Report

-- "McDonald's continues to see an increase in sales in existing restaurants due to expanding menu options and healthier choices. Combine that with a healthy quarterly dividend, and McDonald's will continue to be a stock worth holding in today's volatile markets."

-- Dan Neiman, co-portfolio manager of the

Neiman Large Cap Value Fund

(NEIMX) - Get Neiman Large Cap Value No Load Report

Business summary:

McDonald's franchises and operates McDonald's restaurants in the food service industry. The company and its franchisees buy food, packaging, equipment and other goods from numerous independent suppliers.

Market Cap:

$80.37 billion

Trailing P/E (TTM):


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