Shares of Telecom Italia (TI) surged 25 percent last year, but that impressive run-up should not stop investors from getting into the stock in 2016, said David Marcus, portfolio manager for the Evermore Global Value Fund (EVGBX). 'It is the biggest phone company in Italy, but you 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 percent stake in Telecom Italia. The Evermore Global Value is up 4 percent in the past 12 months, according to fund-tracker Morningstar. The fund has outperformed 98 percent 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 percent last year. He said the Norwegian salmon producer is consolidating as the consumption of salmon continues to grow all over the world, especially in Asia. 'The stock is ridiculously cheap, it’s barely ten times earnings and you have a huge dividend yield,' said Marcus.