The managers braving Spain pain to snap up 'cheap' stocks

The rally across much of Europe has passed Spain by so far this year, with the country's chief index lower than at the start of 2013.

However, European fund managers are now going overweight the country, snapping up the survivors of the recent turmoil as they look for attractive opportunities. Spain continues to struggle on in Europe, with terrible GDP figures compounding a severely damaged housing market, and its stock market over the past six months has reflected this. As other indices rallied, Spain year to date is flat, with a loss of 0.16% for the IBEX 35. This compares to the German DAX, up 8% so far this year, and the French CAC, ahead by 9.5%. The wider EURO STOXX 50 is also up 5.23%. Fund managers say...