明星基金经理的选择：2013年15大金股

联合利华

斯图加特·瑞弗贝莱德全球基金

股票代码：(UL)

地区：欧洲

    没错，联合利华（Unilever）的总部或许在欧洲，但发家却是在新兴市场。这家包装食品和消费品提供商有50%以上的销售额来自发展中世界；剔除收购效应，今年这部分销售额已实现了12%的增长。管理着12亿美元贝莱德全球基金的斯图加特·瑞弗表示，这家公司在海外有很强的优势。瑞弗称：“联合利华在印度已有70多年的历史。”过去三年，他管理的基金年均回报9.4%，高于全球83%的股票基金。他说，当其他公司只是在新兴市场中设立销售网络和供应链时，联合利华已站稳脚跟，大踏步前进。“无需附加成本，他们就能将产品送到消费者面前。”

    正是基于此类原因，联合利华才能拥有健康的14%经营利润率，才能将50%的自由现金流返还给股东。瑞弗指出，过去几年该公司连续每年以6%-8%的幅度上调股息。他预计未来几年，联合利华的派息——当前股息收益率为3.3%——将继续保持增长。

    --M.K.

Unilever

Stuart Reeve BlackRock Global Dividend Income

Ticker: (UL)

Around the globe pick: Europe

    Unilever may be headquartered in Europe, but it's thriving in emerging markets. The purveyor of packaged foods and consumer products does more than 50% of its sales in the developing world, and those sales have risen 12% this year, excluding the effect of acquisitions. Stuart Reeve, manager of the $1.2 billion BlackRock Global Dividend Income Fund (BABDX), says the company has a strong advantage overseas. "Unilever has been in India for well over 70 years," says Reeve, whose fund has returned 9.4% a year over the past three years, topping 83% of world stock funds. While other businesses are just setting up sales networks and supply chains in emerging markets, he says, Unilever is already up and running. "They're well positioned to get their products in front of consumers without employing extra costs."

    That's one reason Unilever boasts a healthy 14% operating margin and why it's able to return 50% of its free cash flow to shareholders. Over the past few years, Reeve says, it has consistently raised its dividend at a rate of 6% to 8% per year. He expects Unilever's payout -- the stock currently yields 3.3% -- to continue its ascent over the next few years.

    --M.K.