明星基金經(jīng)理的選擇:2013年15大金股
穆迪 查克·阿克爾Akre Focus 股票代碼:(MCO) 行業(yè):金融 ????“穆迪(Moody's)當(dāng)然不是一家沒有爭(zhēng)議的公司,”查克·阿克爾承認(rèn)。這樣的說法太輕描淡寫了。這家評(píng)級(jí)公司在金融危機(jī)期間給予有毒債務(wù)以金光閃閃的AAA評(píng)級(jí),招來如潮的惡評(píng)。但穆迪扛過了那段時(shí)期——阿克爾相信它的未來是光明的。這位投資經(jīng)理所管理的12億美元Akre焦點(diǎn)基金自2009年以來年均回報(bào)率15%,好于84%的同類基金(他前一只基金在十多年的時(shí)間里年均回報(bào)率達(dá)到12.6%)。阿克爾指出:“投資債市就不能不了解它們的評(píng)級(jí)。”因此,穆迪有“極好的定價(jià)力”,這也是為何它能產(chǎn)生近30%的自有現(xiàn)金流利潤(rùn)率。 ????這只股票最近漲勢(shì)不錯(cuò),但阿克爾指出,該股目前16倍的動(dòng)態(tài)市盈率僅及危機(jī)前估值的一半。由于聲譽(yù)可能受損,這只股票的股價(jià)仍屬便宜。他說,事實(shí)上歐洲危機(jī)甚至有利于穆迪。隨著歐洲銀行業(yè)停止放貸,企業(yè)如果要籌集現(xiàn)金,就只能發(fā)行債務(wù)。阿克爾也看好穆迪在美國(guó)的業(yè)務(wù)前景:“在這樣的低利率環(huán)境下,債券融資的需求驚人?!?/p> ????--Mina Kimes |
Moody's Chuck Akre?Akre Focus Ticker:?(MCO) Sector pick:?Finance ????"Moody's is a company that is certainly not without its controversies," admits Chuck Akre. That's quite an understatement. The ratings agency was famously vilified during the financial crisis for awarding gilded AAA ratings to toxic debt. But Moody's survived -- and Akre thinks its future is bright. The money manager, whose $1.2 billion?Akre Focus Fund?(AKREX)?has returned 15% a year since 2009, besting 84% of peers (after he averaged 12.6% a year for more than a decade at his previous fund), notes, "You can't go to the debt market without one of their ratings, period." As a result, Moody's has "fabulous pricing power," which is why it generates free-cash-flow margins of nearly 30%. ????The stock has been on a tear recently, but Akre thinks that at 16 times next year's earnings -- half its pre-crisis valuation -- it remains a bargain because of the lingering damage to its reputation. Moody's could actually benefit from the crisis in Europe, he says. As banks there stop lending, companies will have to issue bonds if they want to raise cash. Akre also likes Moody's prospects in the U.S.: "The need for debt financing in this low-interest-rate environment is staggering." ????--Mina Kimes |