電子支付服務(wù)供應(yīng)商VeriFone Systems

凡·特蘭Delaware Select Growth基金

股票代碼：(PAY)

股票類型：大盤股

????凡·特蘭關(guān)注變革：那些產(chǎn)品或行業(yè)正處于大變革中的公司，變革往往也會(huì)抑制股價(jià)。她致力于發(fā)掘長期贏家，用她的話來說就是“時(shí)間套利”。特蘭從2010年開始共同管理Delaware Select Growth基金，這樣的策略幫助這只基金在過去十年實(shí)現(xiàn)了9.1%的年回報(bào)，同期標(biāo)普指數(shù)的漲幅為6.2%。

????特蘭深信當(dāng)POS支付行業(yè)的震蕩變革完成時(shí)，VeriFone會(huì)成為贏家。支付方式從現(xiàn)金到卡片、再到如今的手機(jī)支付的變遷，移動(dòng)支付Square、貝寶（PayPal）和谷歌（Google）等新的移動(dòng)支付公司不斷涌現(xiàn)，推動(dòng)行業(yè)大洗牌，過去兩年VeriFone的市場份額已經(jīng)下降了20%，雖然公司仍期待2013年實(shí)現(xiàn)銷售額增長11%。特蘭懷疑像Square這樣的新公司能否拿到巨額投資實(shí)現(xiàn)規(guī)模化擴(kuò)張。VeriFone在美國軟件和POS終端市場擁有高占有率（60%），而且“沒有將自己的業(yè)務(wù)押注于任何特定的支付領(lǐng)域，”她說。“它更多地是在現(xiàn)有生態(tài)系統(tǒng)中拓展，推動(dòng)可能的趨勢。”

????--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