明星基金经理的选择：2013年15大金股

费森尤斯医疗保健公司

艾里克·沃尔什Harding Loevner International Equity基金

股票代码：(FMS)

地区：欧洲

    费森尤斯医疗保健公司（Fresenius Medical Care）运营透析中心，为肾功能衰竭患者提供不可或缺的服务。随着人口老龄化，这一市场看来将不断增长：研究人员预计到2020年，患有晚期肾脏疾病的美国人将达到785,000人。相比2005年增长60%。费森尤斯总部位于德国，但运营主要在美国。据艾里克·沃尔什称，市场占有率约为30%。沃尔什是资产规模22亿美元的Harding Loevner International Equity基金的联席经理。

    费森尤斯的优势：沃尔什表示，它能够凭借规模效应降低成本，因此盈利能力优于规模较小的竞争对手。2007年以来，该公司已将净利润率提升了20%多。

    费森尤斯最近公布的业绩弱于分析师预期，推低股价。但过去十年所管理基金年均回报达9.1%的沃尔什将此视为一个机会。他将（业绩不佳）归咎于一次性的经营问题。而且，分析师们预计未来五年净利润的年均增幅为11%。前景大好的目标市场：新兴市场。沃尔什指出，亚洲透析患者数量正在以每年10%的速度增长。

    --M.K.

Fresenius Medical Care

Alec Walsh Harding Loevner International Equity

Ticker: (FMS)

Around the globe pick: Europe

    Fresenius Medical Care runs dialysis centers, providing an indispensable service to patients whose kidneys are failing. With an aging population, that market is burgeoning: Researchers expect the number of Americans with end-stage renal disease to reach 785,000 in 2020. That's up 60% from 2005 levels. Fresenius, which is based in Germany but operates primarily in the U.S., commands some 30% of the market, according to Alec Walsh, co-head of the $2.2 billionHarding Loevner International Equity Fund (HLMNX).

    Fresenius's edge: It can leverage its size to tamp costs down, he says, making it more profitable than tinier rivals. Since 2007 the company has boosted its net profit margin by more than 20%.

    Fresenius recently reported earnings that lagged analysts' projections, nicking its shares. But Walsh, whose fund has returned 9.1% a year over the past decade, sees that as an opportunity. He blames one-time operational issues. And analysts expect 11% annual earnings increases for the next five years. One promising target: emerging markets. Walsh notes that the number of dialysis patients in Asia is increasing by 10% a year.

    --M.K.