Shares of Hewlett Packard Enterprise (HPE - Get Report) are up 29% thus far in 2016, but the stock's valuation remains cheap -- which bodes well for a second half run, said Robert Burnstine, president of Fairpointe Capital.

"HP Enterprises still trades at a deep discount to the market at less than 10 times earnings where the market is at around 16 times next year's earnings," said Burnstine.

Burnstine applauds CEO Meg Whitman's decision decision to spin off the company's enterprise services business and merge it with Computer Sciences Corporation (CSC) .

Burnstine helps oversee the ASTON/Fairpointe Focused Equity Fund, which is up 7.2% thus far in 2016, according to Morningstar. The $7 million fund is down 8.6% over the past 12 months and sports a trailing 12 month yield of 1.1%, according to Morningstar.

Burnstine is also bullish on HP Inc. (HPQ - Get Report) , up 9% year to date despite the long term decline of its printer business. HP's printing division revenue fell 16% year over year in the company's April quarter -- 10% excluding currency swings -- to $4.64 billion. The division's operating income fell 18% to $801 million. Supplies revenue fell 16% while printer sales fell 16% on a unit basis.

"Their printer business is declining but is a fantastic free cash flow-generating machine," said Burnstine.

He is positive on Twenty-First Century Fox (FOX) , up 7% year to date, saying its networks and programming will still be in demand even in the face of cord-cutting and so-called skinny bundles. "These assets are so strong ultimately that the cable operators will want to carry Fox's cable networks on their platforms," said Burnstine.

Finally, Burnstine is a fan of Walmart (WMT - Get Report) , up 17% thus far in 2016, saying the retailer is reinvesting in e-commerce and it is paying off.

CEO Doug McMillon "has come in to do the right things for the company, sacrificing some short-term profits for long-term gains. He's driving revenue and ultimately driving free cash flow," said Burnstine.