2011年共同基金業五虎

Artisan中型價值股基金

????基金經理: 詹姆斯?基弗爾、喬治?瑟特和斯考特?賽特懷特

????交易代碼： ARTQX

????資產規模： 70億美元

????今年迄今回報率： 6.5%

????中型價值股平均回報率：-3.0%

????目前看好的投資：安富利（Avnet）

????這家電子元件經銷商的當前股價僅為正?；抗墒找娴?倍。瑟特對該公司5億美元的股票回購計劃表示贊賞。

????喬治?瑟特和其聯席經理們運用一個簡單但有效的模式來運營基金：購買資本回報率高、當前股價為預計正?；抗墒找?-12倍的股票，市盈率超過15倍后即賣出。2010年預見到困難的經濟時期即將到來，他們賣出了熱門的周期性股票，買入冷門但業績穩健的公司，如報稅服務業巨頭H&R Block等，在它的股價從22美元跌至11美元的過程中他們增持了該股。自那以來，該股股價已躍升了50%。新進加入投資組合的股票是Loews，這家涉獵廣泛的集團企業資產包括電影院、石油鉆探公司等等。瑟特稱，該股當前股價較資產值有30%的折讓。另外，Loews還持有一些上市公司股權；這些股票目前被市場低估。他打算將這些股票持有多年?！拔覀兿Ｍ覀兂袚娘L險能帶來不錯的回報，”瑟特表示。但他們量力而行，不想吸納過多資金。2009年以來，這支基金一直處于封閉狀態。

Artisan Mid Cap Value

????Mangers: James Kieffer, George Sertl, and Scott Satterwhite

????Ticker: ARTQX

????Assets: $7 billion

????Year-to-date return: 6.5%

????Midcap value average: -3.0%

????What they like now: Avnet

????The electronic-component distributor trades for just eight times normalized earnings, and Sertl applauds the company's $500 million stock buyback plan.

????George Sertl and his co-managers run their fund with a simple but effective formula: Buy companies with strong returns on capital, trading at eight to 12 times their estimate of normalized earnings. And sell when that ratio reaches the mid-to-high teens. In 2010, foreseeing rough economic times ahead, they sold hot cyclical stocks to purchase out-of-favor but stable companies like tax giant H&R Block, to which they added as it fell from $22 to $11. It has since jumped 50%. A recent addition to the portfolio is Loews, the sprawling conglomerate whose holdings include cinemas and an oil driller. Sertl says it trades at a 30% discount to the value of its assets. Plus, it owns stakes in public subsidiaries that are undervalued. He's content to hold it for years. "We want to be paid well for the risk we take," says Sertl. They won't, however, take more money from investors than they think they can manage well. The fund has been closed since 2009.