基金经理的推荐：值得长线持有的五大美股

4. 3M公司

    如果要说罗伯•麦凯佛挑剔，这个词都有点显得轻描淡写。他只投资过去至少10年中年均净资产收益率至少为15%的公司。他正是使用这样的选股方法为简森优质成长型基金（Jensen Quality Growth Fund）在过去十年内实现了6.9%的年均回报率。3M公司（3M，财富500强企业）正是符合他选股标准的公司之一。3M公司生产约5.5万种产品，销往全球200个国家，产品从面向消费者需求的百事贴和思高透明胶纸到航天工业用的特种薄膜和涂层材料，不一而足。麦凯佛说，丰富的产品线再加上一贯的企业创新文化赋予了3M公司强大的定价能力。公司约有6%的收入用在研发上。麦凯佛指出，新兴市场正在带动3M公司的收益增长，它销售额的65%来自美国境外。3M公司96年里做到年年派息，且在过去55年逐年提高了股息率，经济危机、衰退乃至萧条时期也不例外。目前股息率为2.3%。

——凯蒂•贝纳

4. 3M

    To say Rob McIver is choosy would be an understatement. He invests only in companies that have had a minimum 15% return on equity every year for at least 10 years, an approach that has helped his Jensen Quality Growth Fund (JENSX)average 6.9% returns over the past decade. One model of consistency: 3M (MMM, Fortune 500). The company makes some 55,000 products, sold in 200 countries, everything from Post-it notes and Scotch tape for consumers to specialty films and coatings for the aerospace industry. Such products and 3M's culture of constant innovation have given it major pricing power, says McIver. About 6% of the company's revenue is spent on R&D. McIver notes that emerging markets are helping drive earnings growth, with 65% of sales coming from outside the U.S. How's this for constancy: 3M has paid an annual dividend for 96 straight years and has raised it every year for the past 55, through crises, recessions, and depressions. The current yield: 2.3%.

--K.B.