'The PIIGS are flying, so I am buying'

“The banking sector is geared towards European economic growth, so this is the most obvious way to invest in these recovering economies,” Mr Norris said.

“There is a big boom in the savings industry in Italy at the moment. This, combined with Italy’s improving economy, will help boost Intesa Sanpaolo’s dividend yield from 4pc to 8pc in three years’ time, I believe.”

A more familiar name in Mr Norris’s fund is Ryanair, the Irish airline. However, in general he said shares in northern Europe, such as those listed in Germany, were “expensive”.

Instead Mr Norris said he preferred to buy “more risky shares” with greater potential. “A common view is that southern Europe is doomed, while countries such as Germany will always do fantastically. I disagree,” he said.

“The winners and losers in Europe are changing, with economic growth becoming more balanced and peripheral economies on the recovery path.”

So far this year he’s been proved correct: his fund has been one of the best performers in its sector.

Expert views: Should you buy Argonaut European Alpha and what are the alternatives?

Fund experts said that although Mr Norris had consistently achieved stronger returns than competitors over the past decade, investors should expect a bumpy ride.

Patrick Connolly, a financial adviser at Chase de Vere, said Mr Norris’s focus on browbeaten economies – the PIIGS – made the fund “stand out from the crowd”. But to put a large chunk of money behind a strong recovery for indebted southern Europe was a gamble.

“The fund could be a good one to sit alongside other European funds,” Mr Connolly said. “But because it is riskier I would not recommend it as my first choice.”

Ben Wills, a financial adviser at Whitechurch Securities, agreed. “It should not be considered a core fund,” he said.

Instead, Mr Willis favours the Henderson European Special Situations fund, managed by Richard Pease.

“Mr Pease hunts to find small and medium-sized European companies, buying and holding for the long term,” Mr Willis said. “He has an exemplary track record through buying out-of-favour shares.”

Mr Connolly said savers would be better off buying the JPM Europe Dynamic fund. His second choice was Threadneedle European Select.

Another popular fund is the Jupiter European Opportunities investment trust. Alexander Darwall, the manager, buys shares that have been overlooked by others.

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