Deutsche avoids large cap European telecoms

Deutsche Asset Management is overweight European telecoms with a focus away from the largest companies in this sector. James Anderson, fund manager, Continental European equities at Deutsche, is favouring stocks including Tele Danmark and Telefonica but is avoiding large stocks such as France Telecom on valuation grounds. Anderson said: "In the telecoms part of the market we are marginally overweight and the reason we do not have more is that the telecoms stocks that we like are not the bigger ones. Our approach is more about finding good stocks in particular areas and our sector weightin...