Being at the heart of today's smartphone and data usage explosion, it is hard to see how an investment in a European incumbent telecoms company could possibly have gone wrong in the past decade or so.
Period of heavy fines has passed
Pockets of value emerging
Managers stand firm as panic-selling continues
SVM's Hugh Cuthbert, co-manager of the All Europe SRI fund, has said the investment case for traditional utilities companies has come to a permanent end.
Which sectors are ripe for consolidation?
Fund managers reveal currency plays
Beware 'blue-chip dinosaurs'
Stocks to avoid as election looms
Are you positioned for rate rises or cuts this year?
Which asset class or event surprised you most?
What surprises will the post-QE era hold for investors?
UK defensives have been en vogue, but are cyclical stocks - bashed by sterling strength and de-ratings - even worth a look? SVM's Neil Veitch reports.
This year's test for active managers has been the sharp sell-off in mid-cap stocks, as many managers focus on this area for stock picking.
Hugh Cuthbert, manager of SVM's Continental Europe fund, asks whether there will be a level playing field between euro and non-euro currency plays now growth is returning to Europe.
Part II: Where is the best value: Large, mid, or small caps?
SVM UK Growth
Part I: Is peripheral Europe overvalued?
Neil Veitch is rotating his SVM UK Opportunities fund from domestic to international stocks, in the view optimism around the UK recovery has peaked and left sterling looking vulnerable versus the US dollar.