基金经理的推荐：值得长线持有的五大美股

3. Pool公司

    Pool 公司（Pool）并不过度依赖经济增长。它75%的收入来自游泳池维护和维修。“泳池业主总需要利用化学品对池水进行处理，而且需要一些维修，”维勒尔均衡基金（Villere Balanced Fund）的经理桑迪•维勒尔称。“大家都得花这笔钱，跟有线电视费和电费差不多。”（维勒尔均衡基金过去十年的年均回报率为10.5%。）这使得这家以泳池直接命名的公司在前几年美国住房市场低迷之际成功避开了风险。Pool公司行业中占据着霸主地位：2010年的年收入约为20亿美元，是53家领先竞争对手的收入总和。Pool公司也因此具备议价能力。随着住房市场初步复苏，更多游泳池将会建成，将会继续提振Pool公司的收入。它的动态市盈率为21倍，高出标准普尔500指数的估值倍数。不过维勒尔称，考虑到这家公司的前景，有这样的定价也无可厚非。Pool公司管理层预计，未来五年的利润增速为20%，且计划增派股息（目前股息率为1.4%）。

——凯蒂•贝纳

3. Pool Corp.

    Pool (POOL) isn't overly dependent on an expanding economy. The company makes 75% of its revenues on swimming-pool maintenance and repair. "Pool owners will always treat their water with chemicals and need repairs," says Sandy Villere of the Villere Balanced Fund(VILLX), which has delivered 10.5% average yearly returns over the past 10 years. "It's an expense that people pay, much like the cable or electric bill." That helped the forthrightly named company avoid devastation in the housing meltdown. Pool dominates its industry: With nearly $2 billion in revenues in 2012, it is as large as its top 53 competitors combined. That gives it pricing power. A nascent housing-market recovery will give the company an extra boost as more pools are built. The stock trades at a premium to the S&P -- a forward P/E of 21 -- but Villere thinks the company's prospects justify the price. Management projects 20% earnings growth over the next five years and is raising the dividend, which currently yields 1.4%.

--K.B.