濱特爾

扎克·沙弗蘭常春藤科技基金

股票代碼：(PNR)

行業(yè)：科技

????常春藤科技基金（Ivy Science and Technology）管理資產(chǎn)規(guī)模15億美元，過去10年都跑贏了市場。它的年化回報(bào)率11.8%，高于同類基金的7.5%。2001年以來，基金經(jīng)理扎克·沙弗蘭在投資大型科技公司的同時(shí)，加入了更多的另類股票。如今占基金資產(chǎn)2.2%的濱特爾（Pentair）就是一只另類股票。沙弗蘭將其視為“全球水概念股”。濱特爾制造過濾設(shè)備和抽水系統(tǒng)。沙弗蘭非?？春妹绹袌觯彝?、酒店和水療中心都開始注重如何更高效地利用水資源）和發(fā)展中市場（隨著經(jīng)濟(jì)發(fā)展，需要更多更好的基礎(chǔ)設(shè)施）的前景。

????近期，濱特爾(最近12個(gè)月營收35億美元)完成了與泰科國際（Tyco International）流體控制業(yè)務(wù)價(jià)值49億美元的合并交易。這將使得濱特爾更加全球化，銷售額預(yù)計(jì)也將增加超過一倍?！八鼈兛梢詳U(kuò)展產(chǎn)品線和覆蓋范圍，”沙弗蘭說。以最近49美元的價(jià)格計(jì)算，該股股價(jià)約為明年預(yù)期收益的15倍，股息收益率1.8%。但最讓沙弗蘭感到振奮的是：濱特爾設(shè)定在2015年前每年利潤增長50%的目標(biāo)。沙弗蘭認(rèn)為該公司能夠超越這一目標(biāo)。

????——A.F.

Pentair

Zach Shafran?Ivy Science and Technology

Ticker:?(PNR)

Sector pick:?Technology

????Ivy Science and Technology?(WSTAX), with $1.5 billion in assets, has trounced the market over the past decade, returning an annualized 11.8%, vs. 7.5% for its category. Manager Zach Shafran has been mixing big tech companies with more contrarian plays since 2001. Pentair, which accounts for 2.2% of the fund's assets, falls into the latter category. Shafran views it as "a story about water on a global basis." Pentair makes filtration devices and pumping systems, and he gushes about markets in the U.S. (as homeowners, hotels, and spas become more efficient with water) and in the developing world (as growing economies fund needed infrastructure).

????Pentair, which had revenue of $3.5 billion in the latest 12 months, recently completed a $4.9 billion merger with the flow-control business of Tyco International. That will make the company more global and more than double sales. "They can expand their product line and reach," Shafran says. At a recent $49, the stock trades at roughly 15 times next year's estimated earnings and has a dividend yield of 1.8%. But Shafran is most excited by Pentair's goal of a 50% increase in annual profits by 2015. Shafran thinks the company can exceed that figure.

????--A.F.