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Welcome to the second part of my article highlighting the top 10 picks of famed contrarian investor David Dreman.

In the first article, which you can see here, I touched briefly on the success of Mr. Dreman's fund and how he makes his picks as well as presented five of his top 10 holdings. The other five are listed below:

Total S.A. (NYSE:TOT)

Total is one of the largest publically traded integrated major oil companies in the world. The company's share price has been weak lately on Europe's problems. As the price is being driven down seemingly for no other reason than that the company has its headquarters in France, this may present quite an opportunity for value investors: by all metrics of valuation, Total is the cheapest oil major out there. Its 52-week trailing dividend yield is also a very tempting 6.46%.

Dividend investors should consider, however, that Total's latest semi-annual dividend payment was a big cut from the previous payout. Not to mention that those juicy dividends are being paid in euros

TOT's Key Metrics

Earnings Yield

12.5%

Dividend Yield

6.0%

Forward P/E

6.9

2011 Performance

-10.2%

Telecom Argentia S.A. (NYSE:TEO)

Telecome Argentina, not surprisingly, provides fixed telecom lines to costumers in Argentia. This stock has been absolutely crushed with the rest of the Argentinian market and its forward indiciated dividend yield is an amazing 11.1%. With a payout ratio of only 70%, and future eps growth expected, this looks like one of the few stocks yielding 10 plus that has a secure dividend.

Why is this stock so cheap, you may ask? Besides eliminating the dividend for a full nine years, which understandably makes dividend investors a tad nervous, we have to remember that we are talking about Argentina here. It seems to enjoy the occasional hyper-inflationary crash. If you are willing to put up with the risk of investing in this fiscal basket case, TEO could provide you some serious yield.

TEO's Key Metrics

Earnings Yield

7.8%

Dividend Yield

10.1%

Forward P/E

7.0

2011 Performance

-38.6%

Eni S.p.A (NYSE:E)

If you thought Argentina was risky, why don't we try Eni S.p.A. on for size? This Italian (yes, Italy, the "I" in that cute "PIIGS" acronyom) oil major has major assets in such pleasant countries as Libya, and Iraq. If the thought of investing in a company with headquarters in a bankrupt nation with assets in major war zones has you running for cover: fear not, you aren't alone! Despite choppy trading action, this stock has been dead money ever since the financial crisis despite the huge increase in the price of oil. E has a comfortably covered dividend yield of 4.5% and is trading at a significant lower valuation to other large oil companies. Value investors should take note.

E's Key Metrics

Earnings Yield

8.1%

Dividend Yield

4.9%

Forward P/E

7.5

2011 Performance

-13.5%

Triangle Capital Corp (NYSE:TCAP)

Triangle Capital Corporation provides specialty financing solutions to mid-market businesses. Given the way the average investor today views the financial sector, it's not surprising that the market hasn't been kind to TCAP or respected this company's earning power.

I am not sure if this is a true contrarian pick today, however, after years of going nowhere this stock is beginning to rally hard. In fact, the majority of analysts rate this company a "Strong Buy." No wonder: the easily covered dividend yield is kissing 10% and the company is dirt cheap with a p/e of only 6.7.

TCAP's Key Metrics

Earnings Yield

14.8%

Dividend Yield

9.7%

Forward P/E

9.6

2011 Performance

-0.2%

Banco Macro SA (NYSE:BMA)

For our final contrarian pick, let's head back to Argentina and consider a financial stock (eek!). Banco Marco actually started as an investment bank (think Goldman Sachs except Spanish…and less evil) but as the country roiled through yet another financial crisis, BMA started acquiring regional banks for dirt cheap prices.

Like a lot of people, I have a small, closed mind and dismissed an Argentinean financial stock out of hand. Seeing the company is a top holding of the famed Mr. Dreman's hedge fund, however, caused me to take second look. The fundamentals of this company are actually superior - and in most cases, far superior - to other emerging market banks. Remembering what happens when the market finally recognizes the potential of an undervalued EM bank stock, (CIB in Columbia, anyone?) I strongly urge investors to take a closer look at BMA.

BMA's Key Metrics

Earnings Yield

18.2%

Dividend Yield

8.8%

Forward P/E

5.5

2011 Performance

-69.7%

Source: 5 More High-Yield Dividend Stocks From A Famed Contrarian