As we turn the page to a new year, investors may be interested in updating their shopping lists for 2023. January tends to provide a great opportunity for investors to look for opportunities. And considering the marketwide decline seen in 2022, the shopping list could be 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 names that investors may view as great ways to hedge against another potentially difficult year in the market. The list of low-beta companies 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 -0.70%) 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 manage 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.

2. Barrick Gold

Barrick Gold (GOLD -0.81%) 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, including those in Tanzania. 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.

For those looking to hedge against market uncertainty by adding some precious-metals exposure, Barrick is a great way to do so right now.

3. New York Community Bancorp

Another top stock in the financial-services sector, New York Community Bancorp (NYCB 3.46%) 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 financials space. 

However, it's New York Community Bancorp's recent Q3 earnings report that has shone some light on why this stock is a great buy. The company missed analyst expectations for earnings per share by $0.01 but posted a return on equity of 10.1% and a net margin of 33.1% for the quarter. These operational metrics should continue to attract capital, particularly at this beaten-down

Foolish bottom line

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.