In the seemingly endless quest for investors to get the most bang for their buck, Barron's has once again completed a quest for "cheap stocks with strong growth prospects."

"Buying at a discount may not pay off in the near term, since cheap stocks usually face headwinds related to the company or industry. But it can increase your odds of long-term success, especially if you layer in growth factors," the financial publication said.

Barron's looked for relative values at the industry level in the S&P 500. The financial publication screened for stocks trading at least 10% below their industry average, based on the estimated price/earnings ratio for the next 12 months, according to FactSet.

Barron's then screened for estimated 12-month growth in Ebitda (earnings before interest, taxes, depreciation, and amortization). Ebitda tends to be closer to operating earnings than earnings per share, and analysts often focus on Ebitda when compiling profit estimates and stock price targets.

Highlighting 8 of Barron’s 14 picks:

• In aerospace and defense, L3Harris Technologies (LHX) turned up one of the best combinations of value and growth. At 14 times earnings, the defense contractor trades at 41% of the industry average of 34.
• Leidos Holdings (LDOS), a government contractor and health-care technology company, also looks attractive. FactSet classified it as an information-technology services company, trading at 15 times earnings, below the average of 26.8 in the industry.
• FedEx (FDX) screens well in the airfreight/courier category. The shares trade at 15.8 times earnings, a 27% discount to the industry average of 21.7.
• Among biotechs, Amgen (AMGN) and Regeneron Pharmaceuticals (REGN) score near the top of the pack, trading at 14.7 and 17 times earnings, respectively, below the industry average of 22 times.
• Values in tech include Akamai Technologies (AKAM), Facebook (FB), and Alphabet (GOOGL). All trade at discounts to the 41 times average P/E ratio in the internet software/services industry.

However, not everyone is in a rush to gamble on stocks of any kind.

Global funds recommended cutting equity allocations to the lowest since early 2010 and increasing bond holdings to their highest since then, according to a September Reuters poll which found a correction in world stocks before year-end was likely.

Volatility in equity markets resurged this month ahead of the November U.S. election and as the death toll from COVID-19 rose past 1 million - a bleak statistic in a pandemic that has devastated the global economy, Reuters said.

The Reuters Sept. 15-29 poll of 35 wealth managers and chief investment officers in the United States, Europe and Japan showed a cut in equity allocations to an average 42.7% of the model global portfolio, down from 43.1% in August.

At the start of the year, recommended global equity allocations were at an average 49.7%, the highest in nearly two years but have been cut gradually since. September's was the lowest since comparable polling began in early 2010.

"The market remains at risk of a deeper correction, both because of the several macro and geopolitical risks - COVID-19, U.S. election, U.S.-China frictions - and the fragile structure of the market itself," noted the investment team at Generali Investments Partners.

Over 70% of 21 funds who provided a view said a correction in world stock markets by end-year was likely.

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