Winkowski

Mr. Winkowski, co-portfolio manager of the Federated International Leaders Fund FGFAX, has been getting daily questions from investors about the idea.

A Confident Vote in Europe Banks David Benoit 2011

Mr. Winkowski said the financial stocks are trading too low, and that if there is clarity on Greece, there will be a rally.

A Confident Vote in Europe Banks David Benoit 2011

Mr. Winkowski said Wednesday's plan and a vote on implementing the plan Thursday were important dates and put the country on a "path for recovery."

A Confident Vote in Europe Banks David Benoit 2011

NEW YORK—While Europe's finances are crumbling, Richard Winkowski is picking Europe's banks to be pillars in his fund.

A Confident Vote in Europe Banks David Benoit 2011

Mr. Winkowski described HSBC, which last month set an ambitious cost-cutting plan and strategy that could see it shrink, as a "pillar."

A Confident Vote in Europe Banks David Benoit 2011

Mr. Winkowski also likes building-materials stocks, again because they have been so beaten up.

A Confident Vote in Europe Banks David Benoit 2011

And since the fund's strategy calls for companies with global reach and strong capital positions, the banks it holds should be cushioned from debt write-downs or capital issues, Winkowski said.

A Confident Vote in Europe Banks David Benoit 2011

Mr. Winkowski said the financial stocks are trading too low, and that if there is clarity on Greece, there will be a rally.

A Confident Vote in Europe Banks David Benoit 2011

Trading at 1.15 times book value, the stock looks cheap to Mr. Winkowski, who also sees HSBC's significant presence in emerging markets as attractive.

A Confident Vote in Europe Banks David Benoit 2011

And while he knows the top holdings elicit questions, Mr. Winkowski trusts the fund's due diligence.

A Confident Vote in Europe Banks David Benoit 2011