The first quarter of the year is a great time for investors to update their shopping lists for 2023. The search for new investment opportunities is a year-round prospect for many, but I'm of the view right now is an excellent time to go shopping. That's mainly due to the rather remarkable broad-based decline seen in 2022, which could lead to a shopping list that's longer this year than in the past.

The question is, where should investors start their search? Of course, growth stocks have been among the hardest-hit assets in 2022. There are plenty of great companies trading at discounted valuations worth considering.

And then there are discounted value stocks that investors may view as great ways to hedge against another potentially difficult year in the market. The list of low-beta companies (companies that tend to move in lower-correlation to the overall market) with reasonable growth (and reasonable valuations, as well) is longer than usual.

These three under-$20 stocks are ones I'd put in the latter bucket. I think that defensive positioning could be well-rewarded this year. Thus, for those looking to add some "forever" stocks this year, here are three places I'm looking at right now.

1. AT&T

One of the best-performing stocks of 2022, AT&T (T 1.02%) reported fourth-quarter earnings that beat Wall Street expectations. The company's numbers, which included adjusted earnings per share of $0.61, represented 9% year-over-year growth and highlighted the company's focus on profitability.

That said, it wasn't necessarily the company's bottom-line results that impressed investors. Another key metric for the wireless company also came in much better than expected -- free cash flow. AT&T noted a rosy outlook for 2023, with a minimum of $16 billion in free cash flow (2022 came in at $14.1 billion). This is slightly lower than analyst expectations but still represents 13.4% year-over-year growth for this key metric.

AT&T is among the few stocks that are "all-weather" in terms of its ability to produce relatively consistent cash flows through any economic environment. The cellphone bill is among the last expenditure consumers will be delinquent on. Accordingly, investors have cash-flow visibility with AT&T that's hard to get in other areas of the market.

As the company continues to build out its 5G networks around the world, AT&T's growth profile supplements this defensive posture well. While AT&T has underperformed the market over the past 25 years (total return of roughly 250% vs. 561% for the S&P 500), I think this stock should outperform over the next one to five years. Thus, for those with an intermediate-term investing time horizon, this is among the smartest stocks to consider right now.

2. Barrick Gold

Barrick Gold (GOLD 0.06%) was the talk of the mining industry this week as its Tanzanian mining results for 2022 were released to the public. The company reported combined output of 547,000 ounces during the year, settling at the higher end of guidance. This was a significant jump from last-year's numbers and exceeded market expectations.

Barrick Gold's impressive performance was likely due, at least partly, to the company's commitment to modernizing and reducing costs in its African mines. Improvements in infrastructure have allowed Barrick Gold to manage expenses better while increasing production efficiency and output. The company is also actively engaged with local stakeholders and government authorities to maintain strong community relationships within its operating region.

Gold's performance as a hedge against market uncertainty is one that's constantly being debated. During the great inflation of the 1970s and 1980s, gold certainly acted as a market hedge (though much of this likely had to do with the removal of the gold standard in 1971). However, during more recent market crashes, it's clear that gold has underperformed expectations as a way to hedge against uncertainty and the money supply expansion which also took place following recent crises. 

That said, I'm old school in my view that, as gold's value as more of an insurance policy than a hedge against uncertainty, is worthwhile. Thus, my portfolio does include a concentration of roughly 5% in gold and related miners. In this space, Barrick is one of my top picks for investors with a similar viewpoint.

3. New York Community Bancorp

Another top stock in the financial-services sector, New York Community Bancorp (NYCB -3.26%) has been witnessing impressive institutional investor interest of late. The regional lender saw a number of hedge funds increase their stakes in this company dramatically. Hourglass Capital is one such fund, which boosted its stake by almost a third in New York Community Bank stock.

There are many reasons why investors of all sizes may consider regional banks as compelling plays at this point in the market cycle. For one, New York Community Bank stock yields 6.9% at the time of writing, which is enticing for those seeking passive income. For those looking at valuation, this bank is trading at 7.7 times trailing earnings. This is cheap, even compared to many of its peers in the regional banking sector (just under 25-times).

However, it's New York Community Bancorp's recent Q4 earnings report that has shone some light on why this stock is a great buy. The company reported net income of $603 million, with fully diluted earnings per share of $1.23 (roughly flat on a year-over-year basis). That said, the lender's net interest margin improved 6 basis points over the same quarter last year, and was up 9 basis points excluding prepayment income (suggesting margins are likely to remain solid this year).

While the broader macroeconomic picture remains murky for 2023, higher net interest margins and strong operating results from New York Community Bancorp are encouraging. Among the regional banks, this is one stock I've got atop my watch list right now.

Wrapping up

When looking at sub-$20 options in the stock market right now, AT&T, Barrick Gold and New York Community Bancorp each provide high-value defensive positioning that long-term investors may want to stick with in these uncertain times. 

Secular growth catalysts are underpinning each business, but they have been overshadowed by the current negative investing climate. Thus, these are stocks I think are somewhat contrarian picks that could outperform many of the more attractive growth stocks for the next year or two.