康卡斯特

蘇珊·肯普勒TIAA-CREF Growth & Income基金

股票代碼：(CMCSA)

股票類型：派息股

????2005年，蘇珊·肯普勒接管TIAA-CREF 30億美元的Growth and Income基金。在此期間，她的策略沒有過太多改變。她一直致力于投資利潤(rùn)和現(xiàn)金流呈現(xiàn)增長(zhǎng)的優(yōu)質(zhì)公司。其所在基金過去十年的年化回報(bào)為7.7%，高于標(biāo)普指數(shù)的6.4%。

????康卡斯特（Comcast）目前正在經(jīng)歷轉(zhuǎn)型，提供了肯普勒看好的增長(zhǎng)潛力。這家有線巨頭2011年購(gòu)入的有全國(guó)廣播公司（NBCUniversal ）51%股權(quán)提供了新的收入來源。由于奧運(yùn)會(huì)和政治競(jìng)選期間龐大的廣告支出，以及全國(guó)廣播公司的收視率得到改善，第三季度全國(guó)廣播公司這部分收入同比增長(zhǎng)了32%?？悼ㄋ固貙⒗^續(xù)增持全國(guó)廣播公司的股權(quán)，直到2017年達(dá)到100%持股。與此同時(shí)，它的有線業(yè)務(wù)（營(yíng)收占比63%）已削減了基礎(chǔ)設(shè)施支出，留出派息、回購(gòu)和研發(fā)所需的60億美元現(xiàn)金?！斑@塊業(yè)務(wù)再也不是每個(gè)月就收收有線費(fèi)了，”肯普勒表示?！八麄儞碛校ㄓ芯€和互聯(lián)網(wǎng)）技術(shù)，這使其優(yōu)于同業(yè)。”

????--R.D.

Comcast

Susan Kempler?TIAA-CREF Growth & Income

Ticker:?(CMCSA)

Small and large pick:?Dividends

????Not much has changed in Susan Kempler's strategy since she took the helm of?TIAA-CREF's $3 billion Growth and Income Fund?(TIIRX)?in 2005. She has always sought high-quality companies with rising earnings and cash flow, delivering 7.7% annualized returns over 10 years, vs. 6.4% for the S&P.

????Comcast is undergoing a transition that offers the growth Kempler likes. The cable giant's 51% stake in NBCUniversal, which it purchased in 2011, has brought a new source of revenue, which boomed 32% in the third quarter compared with the year-earlier quarter because of strong ad spending for the Olympics and political campaigns, and improving ratings for its once-moribund network lineup. Comcast will continue to up its stake until it owns 100% of NBCUniversal in 2017. Meanwhile its cable business, which accounts for 63% of revenue, has pared infrastructure spending, leaving cash for $6 billion worth of dividends, buybacks, and R&D. "The business isn't just collecting monthly cable bills anymore," says Kempler. "They're powered by [cable and Internet] technology that makes it better than its peers."

????--R.D.