Listed investment company (LIC) Hunter Hall Global Value Ltd (ASX: HHV) owns a portfolio of both Australian and international equities with an investment strategy focussed on value.

A reading of the recent Annual Report and the latest available monthly performance report highlights three stocks which the LIC’s investment manager Hunter Hall International Ltd (ASX: HHL) is bullish on.

These are the three largest portfolio positions as at 30 November 2015…

Sirtex Medical Limited (ASX: SRX)

The liver cancer treatment company took shareholders on a rocky rise in 2015 with the share price plunging after announcing preliminary trial results which spooked investors. The share price subsequently rebounded and the stock remains by far the largest position in the Hunter Hall Global Value portfolio.

The outlook for Sirtex remains positive with plenty of earnings growth expected. It should be noted however that Hunter Hall enjoys an average entry price which is a fraction of the current share price.

St Barbara Ltd (ASX: SBM)

With market volatility on the rise, some risk-averse investors will be flocking into both physical gold and gold producers.

One gold producer which has seen its share price rally around 14% since the beginning of calendar year 2016 is St Barbara. According to Hunter Hall, St Babara enjoys healthy margins at current gold prices, has a solid management team, large reserves and low costs.

Hunter Hall is obviously a fan of the company with the fund manager controlling 15% of the shares outstanding. If the gold price heads higher then there could be scope for St Barbara’s share price to keep climbing too, however the stock has already run hard so further upside may be limited.

M2 Group Ltd (ASX: MTU)

Telco business M2 is the third largest holding in the portfolio. M2 is currently in the process of merging with peer Vocus Communications Limited (ASX: VOC), which will create a larger company more capable of competing within what has become an increasingly consolidated industry.

Given the long-term tailwind of growing demand for data and telecommunication services, the merged entity will arguably remain a good long-term investment proposition.

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Motley Fool contributor Tim McArthur owns shares in Hunter Hall International Ltd and Vocus Communications Ltd. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.