European stocks have taken it on the chin.

This year going into Thursday, iShares Europe (ARCA:IEV ) was up a scant 0.39% vs. 9.70% for SPDR S&P 500 (ARCA:SPY ). In the past three months, IEV plunged 4.77% while SPY rose 3.53%. European stock mutual funds tracked by Morningstar were down 2.05%.

Or is a beaten-down Europe a buying opportunity, especially for shareholders with patience?

It depends on how successfully European companies navigate three sets of shoals, says John Maxwell, manager of $2.5 billion Ivy International Core Equity .

One is the continent’s economic slowdown, which threatens a recession.

Second, jitters stemming from the Ukraine conflict.

Third, bearishness fostered by Scotland’s independence vote.

Cyclicals have been hurt most by disappointment over the economic signs, Maxwell says. So cyclicals should benefit most once Europe’s problems start to wane.

Maxwell says that he is buying cyclicals that do business globally. They will benefit from the weaker (euro), he said.

He likes Bayer because of the cyclical aspects in its agricultural and materials science businesses.

He says that some larger advertisers and auto makers should also benefit from the weakening euro.

Athletic Apparel

Marc Lavoie, a manager of Eaton Vance Hexavest’s $55.4 million Global Equity and $8.7 million International Equity. has added to Adidas on weakness.

The stock has been hurt by having 10% of its sales in Russia and by weakness in its golf gear line.

But the firm is working to overhaul its golf business. And activist investors’ calls for new CEO after profit warnings have in recent sessions pushed the stock up. Lavoie says.

Lavoie also likes Nestle and Unilever (NYSE:UN ).

We expect the market to be weaker than in the past few years, so we’re focusing on defensive sectors, Lavoie said.

Those consumer-staples names also have dividend yields of 2.7% and 3.2%, respectively.

In pharmaceuticals, Lavoie likes stocks whose prospects are based on their pipelines rather than a tax inversion strategy.

Novo Nordisk (NYSE:NVO ), a leader in diabetes treatments, fits that description, he says. As diabetes becomes more widespread, Novo’s market grows. They’re a solid company, the leader in a health franchise with only a few players, he said.

Philippe Brugere-Trelat, a manager of Franklin Mutual’s $26 billion Global Discovery and $2.9 billion European funds, feels that the Ukraine conflict has taken a toll on the region’s equities.

But he sees the situation as a buying opportunity.

Strong corporate earnings momentum, high dividend yields and the possibility of additional support from the European Central Bank are some of the reasons why he is confident that, once the crisis clears, the recovery in Europe should resume.

And Russia, he wrote in his blog, can’t afford to prolong the Ukraine crisis. Russia’s economy is heading into or already in recession. And consumer prices are rising.