明星基金经理的选择：2013年15大金股

电子支付服务供应商VeriFone Systems

凡·特兰Delaware Select Growth基金

股票代码：(PAY)

股票类型：大盘股

    凡·特兰关注变革：那些产品或行业正处于大变革中的公司，变革往往也会抑制股价。她致力于发掘长期赢家，用她的话来说就是“时间套利”。特兰从2010年开始共同管理Delaware Select Growth基金，这样的策略帮助这只基金在过去十年实现了9.1%的年回报，同期标普指数的涨幅为6.2%。

    特兰深信当POS支付行业的震荡变革完成时，VeriFone会成为赢家。支付方式从现金到卡片、再到如今的手机支付的变迁，移动支付Square、贝宝（PayPal）和谷歌（Google）等新的移动支付公司不断涌现，推动行业大洗牌，过去两年VeriFone的市场份额已经下降了20%，虽然公司仍期待2013年实现销售额增长11%。特兰怀疑像Square这样的新公司能否拿到巨额投资实现规模化扩张。VeriFone在美国软件和POS终端市场拥有高占有率（60%），而且“没有将自己的业务押注于任何特定的支付领域，”她说。“它更多地是在现有生态系统中拓展，推动可能的趋势。”

    --Ryan Derousseau

VeriFone Systems

Van Tran Delaware Select Growth

Ticker: (PAY)

Small and large pick: Large-caps

    Van Tran focuses on transformation: Companies whose products or industries are in the midst of major change, which tends to depress stock prices. She aims to predict the long-term winner -- she calls it "time arbitrage." That strategy has helped the Delaware Select Growth Fund(DVEAX), which Tran began co-managing in 2010, produce 9.1% annual returns over 10 years, vs. 6.2% for the S&P.

    Tran is betting that when the shakeup is complete among companies that handle point-of-sale payments, VeriFone will emerge triumphant. The ongoing shift from cash to plastic and now phones, combined with the entry of new mobile-payment players like Square, PayPal, and Google, has shaken the industry and helped push VeriFone shares down 20% over two years even as the company expects 11% sales growth in 2013. Tran is skeptical that newbies like Square can swing the massive investment needed to scale up. VeriFone, with its software and high market share in point-of-sale terminals -- 60% in the U.S. -- is "not betting their business on any given payment technology," she says. "It's more about working within the existing ecosystem and enabling what might come."

    --Ryan Derousseau