NEW YORK (TheStreet) -- Vivendi (VIVHY) has spent the past few years shedding unwanted and unprofitable assets. Matthew Fine, portfolio manager for the Third Avenue International Value Fund (TAVIX) , said the Paris-based media giant is now poised to benefit from its streamlined operations, most notably in its Universal Music Group.
"As the world shifts from music distribution via downloads to streaming, the distribution chains are becoming increasingly fragmented and the demand for content -- which Universal Music Group has in spades -- is increasing, so the world is really coming their way," said Fine.
Shares of Vivendi are down 2.6% year-to-date. The Third Avenue International Value Fund is down 9.7% so far in 2015, according to fund-tracker Morningstar.
Fine is also positive on Global Logistic Properties (GBTZY) , which has seen its shares drop 23% this year. He said the Singapore-based owner of warehouses and ports has seen its share price unduly affected by negative sentiment over the Chinese economic slowdown, and fears that it will drag down the global economy.
"We think that between development of additional facilities, which they have land for today, between rising rents at existing facilities where the fundamentals remain very, very good, and a move towards an asset-management type of platform, which the company is doing very quickly, they can compound value at double-digit rates and we are paying something like a 30% discount to NAV today," said Fine, adding that the company has been buying back shares recently.
Another company Fine remains bullish on is CNH Industrial (CNHI - Get Report) , down 8% thus far in 2015. In his view, shares of the London-based agricultural equipment-maker will turn once grain prices start to rise.
"This is a business for which you can have a high degree of confidence that a normal operating environment will reoccur at some point in the future," said Fine. "The timing is difficult to predict, but we feel like we are paying a very modest multiple for a normal operating earnings for this business, which will recur with some degree of reliability."