Shares of Telecom Italia (TI) are down 30% thus far in 2016 due to worries about the Italian government and the company's own corporate governance. David Marcus, portfolio manager for the Evermore Global Value Fund (EVGBX) , however, called the media giant a "classic restructuring story" set to rebound in the coming year.

"It's been under-managed forever," said Marcus. "You have new management. You have cost-cutting. You have a real focus on the business and turning it around."

The Evermore Global Value Fund is up 16.8% thus far in 2016, according to Morningstar. The $379 million fund has returned an average of 12.1% annually over the past five years, outpacing 90% of its rivals in Morningstar's world stock category. The fund sports a trailing 12 month yield of 1.7%, according to Morningstar.

Marcus is also bullish on Norway-based salmon farmer Marine Harvest (MHG) , up 36% year to date, saying the growth in the consumption of fish, especially salmon, has been explosive as more people prefer fish in their diets. He added that the stock is cheap trading at 11 times his own estimate of 2017 earnings and pays a dividend of just over 6%.

"It continues to do well in the environment that we are in because the company is the best in the business and they are taking advantage of everything going on in the sector," said Marcus.

Finally, Marcus is a fan of Ambac (AMBC) , which is up 48% year to date even after a more than 20% selloff last week after a downgrade by Wall Street research firm MKM Partners.

Ambac was once the largest municipal bond insurance company in the U.S., but filed for bankruptcy during the financial crisis. The company currently manages the runoff of its old book of insurance policies and no longer writes new insurance.

"Ambac has over $4 billion in tax losses that may be able to be used as the company slowly transforms back into an operating company," said Marcus. "And while Ambac does have exposure to Puerto Rico munis, we believe the market has over penalized the company for this exposure."

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