基金经理的推荐：值得长线持有的五大美股

5.好时公司

    巧克力巨头好时公司（Hershey，财富500强企业）拥有苏姗•肯普勒所追求的领先市场地位、充裕现金流和可靠的管理层。她管理的TIAA-CREF增长和收益基金（TIAA-CREF Growth and Income Fund）在过去十年内的年化回报率为9.9%，而好时公司则是这支基金的一支重仓股。由于好时在整个糖果业务方面几乎没有任何一般意义上的竞争对手，因此，它有能力维持很高的利润率和定价能力。毋庸置疑，由此一来，好时公司每年产生约10亿美元的净现金流，用以增加派息、回购股权及业务扩张。肯普勒说，对于好时公司而言，在全球1,900亿美元的糖果市场获取成长的空间还很大，尤其是在中国及墨西哥地区。好时公司目前的年销售额为70亿美元。肯普勒又称，好时公司在打入新市场方面很讲究策略，在致力于将糖果打造成日常小点心的同时，最初只推出少量的产品，跟它在美国国内的做法如出一辙。肯普勒预计，好时公司未来三至五年的收益增速将保持在11%-16%这个大致范围内。（财富中文网）

--凯蒂•贝纳

    译者：默默

5. Hershey

    Chocolate powerhouse Hershey (HSY,Fortune 500) has the sort of leading position, strong cash flow, and dependable management that Susan Kempler seeks. Her TIAA-CREF Growth and Income Fund(TIIRX) has returned an annualized 9.9% over the past 10 years, and Hershey is a big holding. With virtually no generic competition in the candy business, Hershey is able to maintain high margins and pricing power. Little surprise, then, that Hershey generates about $1 billion in free cash flow a year, which it uses to increase its dividend, buy back stock, and fund expansion. There's plenty of room -- particularly in China and Mexico -- for the company, with $7 billion in sales, to grow within the $190 billion global confectionary market, says Kempler. She adds that Hershey has been smart about entering new markets, introducing only a few products while working to make candy an everyday snack, just as it is in the U.S. Kempler expects Hershey to maintain low- to mid-teen earnings growth for the next three to five years.

--K.B.