Pfizer  (PFE - Get Report)  dominated headlines this year with its failed Allergan  (AGN - Get Report)  merger and its Anacor Pharmaceuticals  (ANAC)  purchase. Nevertheless, Tom Forester, portfolio manager for the Forester Value Fund, said there is more to the drug giant's stock higher than making deals.
 
"Pfizer is not all about acquisitions, it has a great pipeline," said Forester. "It has easier comps on the horizon because it has been over a year since a number of its pervious blockbuster drugs came off patent."
 
Last week Pfizer, up 6.3% thus far in 2016, announced its plan to spend $5.2 billion on Anacor Pharmaceuticals to build up its inflammation and immunology business. The deal gives Pfizer access to Crisaborole, an anti-inflammatory drug currently under U.S. Food and Drug Administration review for the treatment of mild-to-moderate atopic dermatitis, or eczema.
 
The Forester Value Fund is down 60 basis points thus far in 2016, according to Morningstar. The $98 million fund has returned an average of 2% annually over the past decade, putting it in the 91% percentile in Morningstar's long/short equity category.
 
Forester is also bullish on shares of Chevron  (CVX - Get Report) , up over 13% year to date, and not just because oil has climbed back to $50 a barrel. He said the integrated oil giant has profitable production projects in place for the next four years and it trades at a 40% discount to Exxon Mobil  (XOM - Get Report) .
 
"Chevron is also protected on the downside because it has a refining business," said Forester. "So it is not as dependent on oil moving higher."
 
Finally, Forester is positive on Newell Brands  (NWL - Get Report) , which has seen its stock rise almost 9% so far in 2016. In April Newell Brands concluded its acquisition of Jarden, for which it paid $15 billion.
 
"The acquisition of Jarden was brilliant because it offers a ton of synergies in terms of both distribution and product," said Forester.