美國合眾銀行

蒂姆·哈奇BBH 核心優(yōu)選基金

股票代碼：(USB,?財富500強)

股票類型：大盤股

????大多數(shù)銀行都很復雜，但美國合眾銀行（U.S. Bancorp）靠保持簡單本色，實現(xiàn)了大發(fā)展。蒂姆·哈奇管理的35億美元BBH核心優(yōu)選基金（BBH Core Select）自2007年以來年均回報率6.4%，輕松擊敗了標普500指數(shù)1.4%的年均漲幅。美國合眾銀行直接明了的業(yè)務模式深深地吸引了他。他說，美國合眾銀行不依賴交易和投資銀行，靠傳統(tǒng)方式賺錢：吸納儲蓄，發(fā)放貸款以及客戶財富管理。“如果讓監(jiān)管部門許個愿，”他說?！耙欢ㄊ窍Ｍ秀y行都像美國合眾銀行那樣簡單?！?/p>

????當然，這家全美第五大銀行在行業(yè)危機中也并不是全然無事：新的監(jiān)管規(guī)定和創(chuàng)紀錄的低利率（抑制銀行利潤，因為銀行不能對貸款加收太多利息）。但美國合眾銀行仍然受益于龐大的支付處理業(yè)務，即幫助零售商戶處理電子交易。“這是一個不錯的利潤來源，無需太多資本，”哈奇表示。他補充稱，在美國所有的大型商業(yè)銀行中，美國合眾銀行的權(quán)益收益率最高，資產(chǎn)回報率蕞高。但該股當前11.8倍的靜態(tài)市盈率仍低于行業(yè)(本身已低)12.6倍的市盈率。

????--M.K.

U.S. Bancorp

Tim Hartch?BBH Core Select

Ticker:?(USB,?Fortune 500)

Small and large pick:?Large-caps

????Most banks are complicated. U.S. Bancorp has thrived by keeping it simple. Tim Hartch, whose $3.5 billion?BBH Core Select fund?(BBTRX)?has returned 6.4% a year since 2007, easily besting the S&P 500's 1.4% annual return, is impressed by U.S. Bancorp's straightforward business model. Instead of relying on trading and investment banking, he says, it makes money the old-fashioned way: collecting deposits, issuing loans, and managing people's wealth. "If the regulators could have their wish," he says, "all banks would look like U.S. Bancorp."

????The country's fifth-largest bank isn't immune to its sector's challenges: new regulations and record-low interest rates (which compress profits, since banks can't charge much for loans). But it is insulated by its sizable payment-processing business, which helps retailers handle electronic transactions. "It's a nice earnings stream that doesn't require a significant amount of capital," says Hartch. Of all the big commercial banks in the country, he adds, U.S. Bancorp reaps the highest return on equity and the highest return on assets. Yet with a P/E of 11.8 times trailing earnings, it trades below the (already low) sector P/E of 12.6.

????--M.K.