自助式倉(cāng)儲(chǔ)服務(wù)公司Public Storage

布萊恩·瓊斯Neuberger Berman Real Estate基金

股票代碼：(PSA)

行業(yè)：房地產(chǎn)

????布萊恩·瓊斯和史蒂夫·什格卡瓦管理著6.70億美元的Neuberger Berman房地產(chǎn)基金（?Neuberger Berman Real Estate Fund）。這只基金只持有40只股票，而前10大股票就占到了基金資產(chǎn)的近半。這樣的策略給他們帶來(lái)了良好的收益：晨星的數(shù)據(jù)顯示，過(guò)去10年這只基金的平均年化收益率為13.3%，高于同類(lèi)基金的10.3%。

????瓊斯最看好的2013年股票是美國(guó)最大的自助式倉(cāng)儲(chǔ)公司Public Storage，該股目前占到Neuberger Berman基金資產(chǎn)總額的5%以上。Neuberger Berman基金對(duì)這家公司倍加推崇。Public Storage作為這個(gè)高度分散的市場(chǎng)中最大的一家公司（其2,200處倉(cāng)庫(kù)僅占全國(guó)50,000處倉(cāng)庫(kù)的4%），擁有競(jìng)爭(zhēng)對(duì)手難以企及的財(cái)務(wù)實(shí)力和營(yíng)銷(xiāo)影響力。瓊斯說(shuō)：“它們擁有的自助式倉(cāng)儲(chǔ)設(shè)施是第二位的兩倍多?！?/p>

????Public Storage聲稱(chēng)，這些設(shè)施的出租率已超過(guò)90%，有助于公司提高租賃價(jià)格。瓊斯表示，由于大公司具有經(jīng)濟(jì)優(yōu)勢(shì)，而新建倉(cāng)儲(chǔ)設(shè)施又存在融資困難，這一市場(chǎng)必將整合，Public Storage將從中獲益。

????——A.F.

Public Storage

Brian Jones?Neuberger Berman Real Estate

Ticker:?(PSA)

Sector pick:?Real Estate

????Brian Jones and Steve Shigekawa, managers of the $670 million?Neuberger Berman Real Estate Fund?(NBRFX), own just 40 stocks, with the top 10 representing nearly half the fund's assets. That strategy has served them well: The fund has landed an average annualized gain of 13.3% for the past 10 years, vs. 10.3% for the category, according to Morningstar.

????Jones's favorite stock for 2013 is Public Storage, the largest self-storage company in the U.S., which represents more than 5% of the fund's assets. The REIT has a lot going for it. As the largest player in a fragmented market -- its 2,200 facilities are just 4% of the nation's 50,000 -- Public Storage has the financial strength and marketing clout that rivals lack. "They own more than twice as many self-storage facilities as their nearest competitor," Jones says.

????The company boasts occupancy levels above 90%, which has helped Public Storage boost its rental rates. With the economics favoring big players and a dearth of financing for construction of storage spaces, the market is primed to consolidate, Jones says, and Public Storage should benefit.

????--A.F.