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投资理财

共同基金

Mina Kimes 2011年12月14日

2011年可谓跌宕起伏,对于共同基金来说平平淡淡才是真。持有银行和新兴市场公司股票的高风险基金遭遇滑铁卢,而专注于公用事业、医疗保健和必需消费品行业的普通掉期交易保守投资组合却大放异彩。

    2011年可谓跌宕起伏,对于共同基金来说平平淡淡才是真。持有银行和新兴市场公司股票的高风险基金遭遇滑铁卢,而专注于公用事业、医疗保健和必需消费品行业的普通掉期交易保守投资组合却大放异彩。表现最好的基金都持有美国国债;因为投资者们逃离了高风险的主权债券,持有美国政府发行的长期债券的基金平均都上涨了28%。

    在大型基金公司中,表现最好的是纽约投资管理公司First Eagle,其资产管理规模为560亿美元。2005年左右,First Eagle曾经历了几年的动荡。传奇的价值型投资者艾维拉德于004年退休,2007年又重出江湖,两年后又再次离开,使他成为共同基金界的布雷特•法弗(美国传奇橄榄球明星——译注)。这样的戏剧性变化通常会让投资者紧张,但First Eagle的股东们可以安枕无忧:投资研究机构晨星公司(Morningstar)的数据显示,截至10月份,First Eagle的五支基金回报率领先于82%的同行。这个成绩使得他们成为资产管理规模逾200亿美元的投资公司中表现最好的基金系。

    First Eagle的策略是经典价值投资——其投资经理寻找股价相比基本面有折价的公司——但该公司同样极端关注风险控制。其基金持有大量金块,在今夏市场下跌前增加了现金仓位。这样的保守策略得到了回报。前高盛董事总经理、如今管理着多个First Eagle基金的马修•麦克里安称:“我们的策略是保证不亏钱,这样从长远来看就能客户赚钱。”——米娜•吉姆斯

其他基金系

(同业平均排名)

    2. GMO基金公司 (前20%)

    3. Artisan基金公司(前27%)

    4. 先锋基金公司(Vanguard,前 30%)

    5. 美国教师退休基金会(TIAA-CREF,前 34%)

预测失误

    比尔•格罗斯

    太平洋投资管理公司

    这位太平洋投资管理公司(Pimco)的创始人今春大举做空美国国债。但格罗斯预测的利率上涨理论并未成为现实,他这支主要基金的表现落后于90%的同业。

    布鲁斯•伯克维茨

    费尔霍姆资本管理公司

    今年以来,投资大银行给一度备受推崇的伯克维茨带来了灾难性的后果。他的费尔霍姆基金年初以来已下跌近30%,资产已经减半。

    比尔•米勒

    雷格梅森資本管理公司

    这位著名的价值型投资经理已辞去雷格梅森資本管理公司(Legg Mason)的Value Trust基金经理一职,他管理的另一个投资组合年初以来下降了34%。

    注:基金比较是基于截至2011年10月31日的表现数据。

    In the turbulence of 2011, boring was beautiful for mutual funds. Riskier funds that owned shares of banks and emerging-markets companies got crushed, while safe, plain-vanilla portfolios focusing on utilities, health care, and consumer staples shone. And the top performers owned Treasuries; as investors fled risky sovereign debt, funds that held long-term bonds from the U.S. government returned 28% on average.

    Among major fund companies, the top performer was First Eagle, a New York City money-management firm with $56 billion in assets. First Eagle endured a tumultuous few years during the mid-2000s. Legendary value investor Jean-Marie Eveillard retired in 2004, de-retired in 2007, and left again two years later, making him the Brett Favre of mutual funds. That kind of drama usually gives investors fits, but First Eagle shareholders can rest easy: Through October, First Eagle's five funds outperformed 82% of their peers, according to Morningstar. That makes them the top-performing fund family among firms with assets of more than $20 billion.

    First Eagle's strategy is classic value -- its managers look for companies with a disconnect between their stock price and their fundamentals -- but the firm is equally obsessed with managing risk. Its funds, which maintain large positions in gold bullion, boosted their cash holdings before this summer's market rout. That conservative approach paid off. Says Matthew McLennan, a former Goldman Sachs managing director who now oversees several First Eagle funds: "We've made money for our clients over time by not losing money." --Mina Kimes

OTHER FUND FAMILIES

(Average category ranking)

    2. GMO (top 20%)

    3. Artisan (top 27%)

    4. Vanguard (top 30%)

    5. TIAA-CREF (top 34%)

BAD CALLS

    Bill Gross

    Pimco

    The Pimco founder made a massive bet against U.S. Treasuries this past spring. But Gross's thesis of rising interest rates never panned out, and his main fund lagged behind 90% of its peers.

    Bruce Berkowitz

    Fairholme

    Investments in big banks have proved disastrous so far this year for the once-heralded Berkowitz. His Fairholme fund has dropped nearly 30% YTD, and assets have been halved.

    Bill Miller

    Legg Mason

    The famed value manager stepped down from Legg Mason's Value Trust fund (LMVTX); a second portfolio he runs is down 34% YTD.

    Note: Fund comparisons based on performance data through 10/31/2011.

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