明星基金经理的选择：2013年15大金股

桑坦德银行墨西哥分行

拉吉夫·基恩 新兴市场基金

股票代码：不适用

地区：拉丁美洲

    掌管61亿美元Virtus Emerging Markets Opportunities基金的拉吉夫·基恩表示，投资者太过关注金砖四国(巴西、俄罗斯、印度和中国)，却忽视了墨西哥。该基金2002年以来平均年化收益率达到骄人的17%。他认为，这是一个错误。“墨西哥的增长已有约两年超过巴西，”他说。“这是个非常不错的市场。”

    今年秋季当西班牙金融巨头西班牙国际银行（Banco Santander）开始出售墨西哥业务的股票时，基恩抓住机会买入了这只股票。他说，该股目前动态市盈率为12倍。他说：“这真是只好股票，。”基恩指出，这家墨西哥银行拥有2.5%的“巨大”资产回报率，而且一级资本金充足率为14%。他说：“相比你在美国或欧洲看到的那些银行，这家银行资本金相当充足。”墨西哥的金融服务市场仍处于相对初期。他指出，私营部门的债务/GDP比率比巴西低了约50%，很多墨西哥人依然没有按揭贷款。因此，基恩预计桑坦德银行墨西哥分行（Grupo Financiero Santander Mexico） 今后几年的利润增长可能超过12%。而且，作为控制墨西哥近四分之三市场的五大银行之一，基恩表示，这应能阻止竞争对手赶上它。

    --M.K.

    译者：早稻米

Grupo Financiero Santander Mexico

Rajiv Jain Virtus Virtus Emerging Markets Opportunities

Ticker: N/A

Around the globe pick: Latin America

    Investors focus so much on the BRIC countries (Brazil, Russia, India, and China) that they forget Mexico, says Rajiv Jain, whose $6.1 billion Virtus Emerging Markets Opportunities fund (HEMZX) has averaged a blistering 17% a year since 2002. He thinks that's a mistake. "Mexico has been outgrowing Brazil for about two years," he says. "It's a wonderful market to be in."

    When the Spanish financial giant Banco Santander began selling shares of its Mexican division this fall, Jain jumped at the chance to buy the stock, which he says has a forward P/E of 12. "It really is a jewel," he says. Jain points out that the Mexican bank has a "huge" 2.5% return on assets, and its tier-one capital ratio is 14%. "They're a massively well-capitalized bank compared with what you see in the U.S. or Europe," he says. The market for financial services in Mexico is relatively nascent. The private debt-to-GDP ratio is about 50% lower than it is in Brazil, he notes, and many Mexicans still lack mortgages. As a result, Jain thinks Santander Mexico can lift its earnings by more than 12% a year over the next few years. And it's one of five big banks that control three-quarters of the market, Jain says, which should prevent competitors from nipping at its heels.