Carmignac's Europe head: Why my worst hit stock of 2015 is my largest holding

Increased weighting by 50% in four months

Muhammed Yesilhark, head of European equities at Carmignac, has increased allocation in telecoms company Altice to make it his largest holding, despite a significant fall in its share price last year.

The manager of the €407m (£310m) Carmignac Grande Europe fund said Altice was his worst performing stock in 2015, but he has maintained his conviction in the company and nearly doubled his position. As at 31 December, Carmignac Grande Europe had 7% in the telecom giant, nearly twice its weighting at the end of August. Yesilhark said: "One stock we had that was negative, but that we think is going to come back, is Altice. We have added to the position, now making it our largest holding. "It was a tremendous player in 2014 and was one of the best performing stocks in Europe that year...