The Allan Gray Africa Equity fund has an exceptional track record, and manager Andrew Lapping recently told Barron’s how he finds attractive stocks, and where he sees them now.

Lapping looks for companies that dominate their markets, generate lots of cash that is spent wisely on expansion or dividends, and have little debt, Barron’s reports. He likes firms that are on track to be strong long term growers, but which come from countries where macroeconomic or political factors are keeping share prices down.

Because he’s focusing on areas that are being hit by macroeconomic fears, Lapping must be patient. “Things are extremely tough and likely to remain tough,” he says of the current landscape in Africa. “But we’re patient, long-term investors. We’ll just collect dividends and wait.”

Lapping is currently buying cash-rich oil stocks and banks in Nigeria, Barron’s says. He also likes exporters in South Africa, and some stocks in Zimbabwe.