基金经理的推荐：值得长线持有的五大美股

2. 欧莱利汽车

    美国人驾车的时间越来越长。它意味着美国人对汽车零部件的需求有增无减。对轩尼诗焦点基金（Hennessy Focus Fund）的经理布莱恩•麦考利来说，这正是他的重仓股欧莱利汽车（O'Reilly Automotive，财富500强企业）魅力四射的关键所在。这支基金由于在过去十年里重仓持有少数股票而实现12.9%的平均回报率。欧莱利汽车销售一系列汽车用品及配件。与竞争对手纳帕汽车零件公司（Napa Auto Parts）及AutoZone公司（财富美国500强企业）不同的是，欧莱利汽车在全美拥有4,000家门店，在直接消费者和汽车修理店两个细分市场的表现同样出色。欧莱利的毛利率（目前超过50%）以及经营利润率已经连年攀升。麦考利称，考虑到欧莱利优越的增长性和管理层的执行力，它完全能够超越同行获得17倍的市盈率。他预计，未来5到8年内，欧莱利的门店的增长幅度将介于5%至6%之间，主要是内生增长。但是他补充说，公司高管们还有另外的高招：不多花一分钱就能达成明智的收购交易。

--凯蒂•贝纳

2. O'Reilly Automotive

    Americans are driving their cars for longer and longer. That means they have ever more need for auto parts. For Brian Macauley, manager of the Hennessy Focus Fund (HFCSX), which has averaged 12.9% returns for a decade by holding big positions in a small number of stocks, that's a key part of the appeal of O'Reilly Automotive (ORLY, Fortune 500), one of his top holdings. The company sells a wide array of auto supplies and accessories. Unlike rivals such as Napa Auto Parts and AutoZone (AZO, Fortune 500), O'Reilly, which has 4,000 stores nationwide, is equally adept at selling to both consumers and garages. O'Reilly's gross margins (now above 50%) and operating margins have been climbing for years, and Macauley says the company's superior growth and execution justify its above-category price/earnings ratio of 17. He anticipates 5% to 6% store growth over the next five to eight years. Much of this will be organic, but he says the company's executives have yet another skill: making smart acquisitions without overpaying.

--Katie Benner