Investors have poured money back into unloved European telecoms stocks on expectations that costly investments have peaked and that a resurgence in mergers and acquisitions could lead to fatter returns
The return of inflows could signal a turning point for a sector that as recently as February logged its worst underperformance against the market in more than three decades.
"Some of the historical headwinds are fading away," said Luca Finà, head of equity at Generali Insurance Asset Management, which is now selectively overweight in telecoms, having been underweight in 2021 and neutral last year. So far in 2023, telecom sector funds have seen $1.8 billion worth of net inflows, recovering more than 80% of last year's outflows, data from fund tracker EPFR showed.
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