明星基金经理的选择：2013年15大金股

CMS能源公司

莫拉·肖尼西MFS公用事业

股票代码：(CMS, 财富500强)

行业：公用事业

    由于投资者担心股息税可能上升，高派息的公用事业股票受到冲击。46亿美元MFS公用事业基金（MFS Utilities）的经理莫拉·肖尼西认为，市场反应过度。肖尼西说：“试图按政府思路投资是输家的游戏。”过去十年，这只基金的表现超过了98%的公用事业基金，年均回报率14.5%。她依然看好高派息股，首选股之一就是密西根公用事业公司CMS能源（CMS Energy），股息收益率4%。

    CMS是一家受管制的公用事业公司，即定价由当地一个委员会决定。肖尼西表示，密歇根监管部门已变得“非常透明、理性”，使得CMS能获得不错的回报率。肖尼西预计，未来五年CMS的利润增长将达到4%-6%，高于大多数同业。虽然前景出众，目前CMS的估值仍较同业折价10%左右。肖尼西表示，这是因为过去密歇根的监管环境较差，公司过去负债太多。目前，CMS的资产负债表已经有了改善，肖尼西预计公司或许不久就能获得投资级信用评级。

    --M.K.

CMS Energy

Maura Shaughnessy MFS Utilities

Ticker: (CMS, Fortune 500)

Sector pick: Utilities

    As investors fret that taxes on dividends may rise, high-yielding utility stocks are taking a beating. Maura Shaughnessy, manager of the $4.6 billion MFS Utilities Fund (MMUFX), thinks the market is overreacting. "Trying to invest in what the government is going to do is a loser's game," says Shaughnessy, whose fund has powered past 98% of utilities funds over the last decade, returning an average of 14.5% a year. She still likes dividend stocks, and one of her favorites is CMS Energy, a Michigan-based utility with a 4% yield.

    CMS is a regulated utility, which means a local board sets its rates. Shaughnessy says that Michigan regulators have become "extremely transparent and rational," enabling CMS to earn a decent return. Shaughnessy expects CMS to boost earnings at a rate of 4% to 6% over the next five years, while most peers earn less. Despite its superior prospects, CMS is trading at a discount of about 10% to the group. Shaughnessy says that's because the regulatory climate in Michigan used to be worse and because the company used to carry too much debt. CMS has improved its balance sheet, she says, making it likely to receive an investment-grade credit rating soon.

    --M.K.