Artisan中型價(jià)值股基金

????基金經(jīng)理: 詹姆斯?基弗爾、喬治?瑟特和斯考特?賽特懷特

????交易代碼： ARTQX

????資產(chǎn)規(guī)模： 70億美元

????今年迄今回報(bào)率： 6.5%

????中型價(jià)值股平均回報(bào)率：-3.0%

????目前看好的投資：安富利（Avnet）

????這家電子元件經(jīng)銷(xiāo)商的當(dāng)前股價(jià)僅為正常化每股收益的8倍。瑟特對(duì)該公司5億美元的股票回購(gòu)計(jì)劃表示贊賞。

????喬治?瑟特和其聯(lián)席經(jīng)理們運(yùn)用一個(gè)簡(jiǎn)單但有效的模式來(lái)運(yùn)營(yíng)基金：購(gòu)買(mǎi)資本回報(bào)率高、當(dāng)前股價(jià)為預(yù)計(jì)正?；抗墒找?-12倍的股票，市盈率超過(guò)15倍后即賣(mài)出。2010年預(yù)見(jiàn)到困難的經(jīng)濟(jì)時(shí)期即將到來(lái)，他們賣(mài)出了熱門(mén)的周期性股票，買(mǎi)入冷門(mén)但業(yè)績(jī)穩(wěn)健的公司，如報(bào)稅服務(wù)業(yè)巨頭H&R Block等，在它的股價(jià)從22美元跌至11美元的過(guò)程中他們?cè)龀至嗽摴?。自那以?lái)，該股股價(jià)已躍升了50%。新進(jìn)加入投資組合的股票是Loews，這家涉獵廣泛的集團(tuán)企業(yè)資產(chǎn)包括電影院、石油鉆探公司等等。瑟特稱(chēng)，該股當(dāng)前股價(jià)較資產(chǎn)值有30%的折讓。另外，Loews還持有一些上市公司股權(quán)；這些股票目前被市場(chǎng)低估。他打算將這些股票持有多年?！拔覀兿Ｍ覀兂袚?dān)的風(fēng)險(xiǎn)能帶來(lái)不錯(cuò)的回報(bào)，”瑟特表示。但他們量力而行，不想吸納過(guò)多資金。2009年以來(lái)，這支基金一直處于封閉狀態(tài)。

Artisan Mid Cap Value

????Mangers: James Kieffer, George Sertl, and Scott Satterwhite

????Ticker: ARTQX

????Assets: $7 billion

????Year-to-date return: 6.5%

????Midcap value average: -3.0%

????What they like now: Avnet

????The electronic-component distributor trades for just eight times normalized earnings, and Sertl applauds the company's $500 million stock buyback plan.

????George Sertl and his co-managers run their fund with a simple but effective formula: Buy companies with strong returns on capital, trading at eight to 12 times their estimate of normalized earnings. And sell when that ratio reaches the mid-to-high teens. In 2010, foreseeing rough economic times ahead, they sold hot cyclical stocks to purchase out-of-favor but stable companies like tax giant H&R Block, to which they added as it fell from $22 to $11. It has since jumped 50%. A recent addition to the portfolio is Loews, the sprawling conglomerate whose holdings include cinemas and an oil driller. Sertl says it trades at a 30% discount to the value of its assets. Plus, it owns stakes in public subsidiaries that are undervalued. He's content to hold it for years. "We want to be paid well for the risk we take," says Sertl. They won't, however, take more money from investors than they think they can manage well. The fund has been closed since 2009.