When companies put cash to work to increase shareholder value, it can be a very good thing. But top fund manager Bill Nygren says certain types of cash deployers are looking more attractive than others right now.

“One of the things we think investors have gone a little excessive on is bidding up companies that pay high yields, good income generators,” he recently told CNBC in discussing high-dividend stocks. “And we think it’s interesting that companies that have been large share re-purchasers — effectively, it should be the same to an investor whether the money comes back as money or share repurchasers. But those stocks aren’t as expensive, so we like the big share repurchasers.”

Nygren also talked about his overall patient approach, saying that he has an average holding period of about five years. “Investing’s not supposed to be fun,” he said. And he talked about some stocks he’s high on, including financials like Bank of America, JPMorgan and Capital One.