明星基金经理的选择：2013年15大金股

奥伯尼国际

布莱德·伊文斯Heartland Value Plus

股票代码：(AIN)

股票类型：小盘股

    布莱德·伊文斯喜欢别人痛恨的股票。这个策略推动Heartland Value Plus过去五年取得了5.8%的年化回报率，击败了95%的竞争对手。Albany International就属于典型的伊文斯选的股票。这家公司过去是一家微型集团企业，出售的商品从工业门到盘绳无所不包。如今，它有两大块业务。一块是盈利（微薄）的造纸机织物和辊轴业务，另一块是生产轻质节能的工程复合材料，主要用于航天和国防。这块业务早就在为波音（Boeing）、空中客车（Airbus）等新机型配置的LEAP发动机提供风扇叶片，伊文斯非常看好其前景。这块业务目前的销售额只有6,000万美元（造纸业务近7亿美元），但伊文斯相信，到2020年，复合材料业务的销售额将达到3-5亿美元（经营利润率20%）。该股的动态市盈率为13.5倍，股息收益率2.6%。“市场估值将这家公司视为一家零增长的造纸机织物公司，以这样的水平，它的估值非常有吸引力，”伊文斯表示。除了复合材料业务，他说，Albany“没有得到应有的理解、青睐和关注。”

    ——A.F.

Albany International

Brad Evans Heartland Value Plus

Ticker: (AIN)

Small and large pick: Small-caps

    Brad Evans loves stocks that others hate. That approach has propelled Heartland Value Plus (HRVIX) to annualized 5.8% returns over the past five years, beating 95% of its competitors. Albany International is a classic Evans choice. The company used to be a mini-conglomerate, selling everything from industrial doors to fake down. Now it's got two key units: a lucrative (but flat) business in fabrics and belts used to make paper, and a line that produces engineered composites, which are lightweight and save fuel, mostly for aerospace and defense. Already providing fan blades for the LEAP engine, used on new planes from Boeing and Airbus, this unit could take off, in Evans's view. It represents only $60 million in sales, vs. nearly $700 million for the paper operations, but Evans argues that composites could be a $300 million to $500 million operation (with 20% operating margins) by 2020. The stock has a forward P/E of 13.5 and a yield of 2.6%. "The market is valuing the company as a no-growth paper machine clothing company, and it is very attractively valued on just that metric," Evans says. Add in the composites business, he argues, and Albany is "misunderstood, underloved, and underfollowed."

    --A.F.