2011年共同基金业五虎

Artisan中型价值股基金

    基金经理: 詹姆斯•基弗尔、乔治•瑟特和斯考特•赛特怀特

    交易代码： ARTQX

    资产规模： 70亿美元

    今年迄今回报率： 6.5%

    中型价值股平均回报率：-3.0%

    目前看好的投资：安富利（Avnet）

    这家电子元件经销商的当前股价仅为正常化每股收益的8倍。瑟特对该公司5亿美元的股票回购计划表示赞赏。

    乔治•瑟特和其联席经理们运用一个简单但有效的模式来运营基金：购买资本回报率高、当前股价为预计正常化每股收益8-12倍的股票，市盈率超过15倍后即卖出。2010年预见到困难的经济时期即将到来，他们卖出了热门的周期性股票，买入冷门但业绩稳健的公司，如报税服务业巨头H&R Block等，在它的股价从22美元跌至11美元的过程中他们增持了该股。自那以来，该股股价已跃升了50%。新进加入投资组合的股票是Loews，这家涉猎广泛的集团企业资产包括电影院、石油钻探公司等等。瑟特称，该股当前股价较资产值有30%的折让。另外，Loews还持有一些上市公司股权；这些股票目前被市场低估。他打算将这些股票持有多年。“我们希望我们承担的风险能带来不错的回报，”瑟特表示。但他们量力而行，不想吸纳过多资金。2009年以来，这支基金一直处于封闭状态。

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.