明星基金经理的选择：2013年15大金股

穆迪

查克·阿克尔Akre Focus

股票代码：(MCO)

行业：金融

    “穆迪（Moody's）当然不是一家没有争议的公司，”查克·阿克尔承认。这样的说法太轻描淡写了。这家评级公司在金融危机期间给予有毒债务以金光闪闪的AAA评级，招来如潮的恶评。但穆迪扛过了那段时期——阿克尔相信它的未来是光明的。这位投资经理所管理的12亿美元Akre焦点基金自2009年以来年均回报率15%，好于84%的同类基金(他前一只基金在十多年的时间里年均回报率达到12.6%)。阿克尔指出：“投资债市就不能不了解它们的评级。”因此，穆迪有“极好的定价力”，这也是为何它能产生近30%的自有现金流利润率。

    这只股票最近涨势不错，但阿克尔指出，该股目前16倍的动态市盈率仅及危机前估值的一半。由于声誉可能受损，这只股票的股价仍属便宜。他说，事实上欧洲危机甚至有利于穆迪。随着欧洲银行业停止放贷，企业如果要筹集现金，就只能发行债务。阿克尔也看好穆迪在美国的业务前景：“在这样的低利率环境下，债券融资的需求惊人。”

    --Mina Kimes

Moody's

Chuck Akre Akre Focus

Ticker: (MCO)

Sector pick: Finance

    "Moody's is a company that is certainly not without its controversies," admits Chuck Akre. That's quite an understatement. The ratings agency was famously vilified during the financial crisis for awarding gilded AAA ratings to toxic debt. But Moody's survived -- and Akre thinks its future is bright. The money manager, whose $1.2 billion Akre Focus Fund (AKREX) has returned 15% a year since 2009, besting 84% of peers (after he averaged 12.6% a year for more than a decade at his previous fund), notes, "You can't go to the debt market without one of their ratings, period." As a result, Moody's has "fabulous pricing power," which is why it generates free-cash-flow margins of nearly 30%.

    The stock has been on a tear recently, but Akre thinks that at 16 times next year's earnings -- half its pre-crisis valuation -- it remains a bargain because of the lingering damage to its reputation. Moody's could actually benefit from the crisis in Europe, he says. As banks there stop lending, companies will have to issue bonds if they want to raise cash. Akre also likes Moody's prospects in the U.S.: "The need for debt financing in this low-interest-rate environment is staggering."

    --Mina Kimes