Capital Group Equity Portfolio Manager Carl Kawaja said he thinks Sony is on its way to becoming a "significant company" again.

"I think they are on the verge of coming out of that" decline, Kawaja said Wednesday at the Sohn Conference in San Francisco. "I think they are on [their way to] becoming a significant company once again."

Kawaja said he likes Sony for its new management, especially its chief financial officer, Kenichiro Yoshida. The Japanese company also has strong businesses opportunities in gaming, image sensors and music streaming, he said.

Kawaja pointed out that Sony is under-appreciated by the market because despite the breadth of its business units, the company has a market value of about $50 billion, around the same size as Activision Blizzard.

Los Angeles-based Capital Group sells a variety of mutual funds and had $1.4 trillion in assets under management, as of the end of last year.

Wednesday's event is the West Coast version of the prominent investment conferences which began in New York and are best known for hedge fund managers making market-moving presentations. The Sohn conferences benefit pediatric cancer and other causes for underserved youth. The conference is presented in partnership with CNBC.

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