By James Thorneley Baillie Gifford's European Oeic fund is negative on telecom operators but bullish...
By James Thorneley Baillie Gifford's European Oeic fund is negative on telecom operators but bullish on mobile telephone stocks such as Ericsson and Nokia. Andy Strathdee, who runs the portfolio, said the main problem operators will face is the cost of licences to allow them to provide upgraded infrastructure, in particular data transmission. He believes there will be a large amount competition within between operators for the licences, which will increase the cost of obtaining one. He has no exposure to either Telecom Italia and Deutsche Telecom which make up 1.93% and 1.7% of the portf...
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