Unlike traditional value investors, Mr. Rollingson does not focus on companies with low price-to-earnings or price-to-book multiples.

First, he wants a low price-to-earnings ratio - at least 30 percent lower than the market average, which is currently about 26.

Foreign fund managers prefer to buy shares of Chinese companies listed in Hong Kong, which generally have lower price-to-earnings ratios.

Instead, they favor stocks with lower price-to-earnings or other valuation ratios.

But Mr. Barish doesn't pile into industries with the highest dividends or the lowest price-to-earnings or price-to-book ratios.

Temporary increases are less valuable and should garner a lower price-to-earnings multiple for a company.

But investors seem wary of some of the companies, giving them low price-to-earnings multiples.

But a group of value investors are also digging in their heels, attracted by Salton's low price-to-earnings multiple - less than 4.

The Big Three auto stocks now have extremely low price-to-earnings ration and strong dividend yields.

In both funds, the founder, James L. Kaplan, 52, looks for companies with low price-to-earnings or price-to-assets valuations.