Shares of Telecom Italia (TI) surged 25% last year, but that impressive run-up should not stop investors from buying the stock in 2016, said David Marcus, portfolio manager of the Evermore Global Value Investor (EVGBX) - Get Report .

"It is the biggest phone company in Italy, but (they) are now undergoing an operational and financial restructuring, plus you have an aggressive investor in Vivendi (VIVHY) pushing to accelerate everything," said Marcus. "So we think it is substantially undervalued here."

Vivendi holds a 20% stake in Telecom Italia. The Evermore Global Value Investor fund is up 4% in the past 12 months, according to fund-tracker Morningstar. The fund has outperformed 98% of its peers in Morningstar's World Stock category over that period.

Marcus is also bullish on Marine Harvest (MHG) , which saw its stock sink 4% last year. He said the Norwegian salmon producer is consolidating as the consumption of salmon continues to grow worldwide, especially in Asia.

"The stock is ridiculously cheap, it's barely 10 times earnings and you have a huge dividend yield," said Marcus. "You have wonderful management here and I don't think the market really understands how undervalued the situation is."

Shares of Vivendi fell 11% in 2015, even though its investment in Telecom Italia proved fruitful. Marcus said there is more to go for the French entertainment giant's stock as its chairman Vincent Bollore continues to push for changes at the company.

"You have aggressive management here that is really transforming this into a media powerhouse and so it is actually one of our largest holdings today," said Marcus, adding that it is "very cheap".

Finally, Marcus is bullish on CK Hutchison (CKHUY) , which is the world's largest operator of container terminals and the world's largest health and beauty retailer. The company's chairman, Li Ka-shing, is the richest person in Asia with a fortune of more than $30 billion.

"They have been making a lot of changes to the company as Li Ka-shing transitions out and hands it to his son and I think that's the perfect time to get in," said Marcus.