Top investor: Summer correction coming. Buy this

Saira Malik, a member of the "Squawk Box" Portfolio Challenge and head of global active equity portfolio management for TIAA-CREF, says U.S. stocks could drop 10 percent during the next three months as investors scramble to get out of the market before a Federal Reserve rate hike.

But she believes that drop will be a way to pick up quality companies for cheap. Here are two such stocks she just bought.