Value investor Bruce Berkowitz, founder of Miami-based Fairholme Capital Management, admits he has only a few good ideas — ten or 12, to be exact. Although many managers own the stocks of hundreds of companies, Berkowitz says investing in his 20th-best idea doesn’t make sense when he could put more money into his first. With 80 percent of his flagship Fairholme Fund’s returns coming from the low price he pays for stocks, Berkowitz looks for a handful of businesses that are resilient, essential to the economy and despised by投资者. He identifies important ideas and companies that can exploit them, builds in a huge margin of safety by buying when the crowd is running in the other direction and invests only in securities whose ultimate turnaround depends on a very small number of variables. It’s this combination of behavioral finance knowledge and an in-depth understanding of companies that allows Berkowitz to laser-focus on just a few investments and avoid worrying about overall economic growth to generate returns.
“在过去的几年里，你必须成为一名心理学家作为会计师，”伯克罗兹，55岁的人说，他们强调支付廉价价格 - 比他相信公司的价值，为他提供了余地错误。“这为我们提供了在市场上进行改变所需的时间，”他解释道。Berkowitz几乎没有缩小争议：过去一年中的两个最大的控股和顶尖表演者是抵押巨头Fannie Mae和Freddie Mac，其未来在国会辩论。
Berkowitz是今年的金钱经理亚博赞助欧冠第五届年度美国投资管理奖。创始人110亿美元资产Fairholme Capital JoinsJeremy Grantham., the “G” in Boston-based GMO and Manager Lifetime Achievement Award winner; Investor Lifetime Achievement winnerD. Ellen Shuman.; and our Outstanding Contribution winner, the late Anne Pfeiffer of J.P. Morgan Asset Management.
| 2014年十大亚博赞助欧冠机构投资者 |
 Jeremy Grantham.  D. Ellen 舒曼  Robin Diamonte  颂歌 麦克菲特 |
 威廉·麦克莱恩  Adele Gorrilla  约翰 船体  Kristen O'Connor |
 威廉艾德伍德  Paul Doane |
我们还认识到36个资产课程，策略和产品类型中的每种款项中的最高美国。我们开始通过筛选管理者在各种类别中提出过去一年领导人的名单，使用基于亚特兰大的积累提供的各种性能数据和风险措施。该列表分发给1,000多个捐赠，基础，养老基金，保险公司和其他institutional investors，投票给每个类别的顶级管理人员。我们的编辑团队使用投票结果来确定获奖者。
We also honor the best investment professionals among small and large public and corporate pension plans, endowments and foundations. Our team researched investors based on performance, innovation and leadership in the institutional investor community.
The 2014 U.S. Investment管理Award WinnersHere are the money managers recognized by endowments,
2013年，基金会，养老基金和其他机构投资者的创新和令人印象深刻的回报。亚博赞助欧冠
| 类别 | Winner |
| 现金管理 | Federated Investors |
| Commodities & Energy | 格塞姆投资管理 |
| Core Fixed Income | 西方资产管理有限公司 |
| Core Plus Fixed Income | 西方资产管理有限公司 |
| Corporate Fixed Income | Loomis，Sayles＆Co。 |
| Emerging-Markets Debt | 高盛萨克斯资产管理 |
| Emerging-Markets Equity | Thornburg Investment Management |
| Exchange-Traded Funds | 黑石 |
| Fixed -Income Indexer | 北方信托公司 |
| Funds of Hedge Funds | Blackstone Group |
| Global Equity | AQR资本管理 |
| 全球固定收益 | 太平洋投资管理有限公司 |
| Government Fixed Income | Putnam Investments |
| Hedge Funds | Bridgewater Associates |
| 高产固定收入 | MacKay Shields |
| Infrastructure | 全球基础设施合作伙伴 |
| Investment-Grade Fixed Income | Garcia Hamilton & Associates |
| 大型核心权益 | J.P. Morgan Asset Management |
| 大帽增长权益 | T. Rowe Price Group |
| Large-Cap Value Equity | T. Rowe Price Group |
| Liability-Driven Investments | 法律和一般投资 管理美国 |
| Midcap Core Equity | ClearBridge Investments. |
| 中型增长股权 | 艺术家伙伴 |
| Midcap Value Equity | MFS Investment Management |
| Mortgage-Backed Securities | 双层资本 |
| 市固定收益 | 北方信托公司 |
| Mutual Fund Manager | Vanguard Group |
| 非美国。股权增长 (excluding emerging markets) |
摩根斯坦利投资管理员 |
| 非美国。Equity Value (excluding emerging markets) |
Acadian Asset Management |
| 非美国。固定收入 （包括新兴市场） |
Franklin Resources |
| Private Equity | Blackstone Group |
| Real Estate Investment Trusts | Cohen & Steers |
| Small-Cap Core Equity | PanAgora Asset Management |
| Small-Cap Growth Equity | TimesSquare Capital Management |
| Small-Cap Value Equity | 邀请 |
| 风险投资 | Sequoia Capital |
| 今年的金钱经理 | Bruce Berkowitz, Fairholme资本管理 |
比以往更，投资者无论经济实力如何，都希望拥有强大投资流程和提供良好风险调整后返回的技能的管理人员。如果经理不能那样，投资者will turn to index funds that not only are transparent but deliver market returns at a fraction of the cost of active managers.
Money managers don’t have it easy. Economic growth has remained lukewarm since the financial crisis, with U.S. gross domestic product expanding just 2.6 percent in 2013. The U.S. growth rate is expected to be similar this year; unemployment is still at a stubbornly high 6.7 percent. Other economies are similarly cool. The European Union is forecast to expand by 1.5 percent this year and 2 percent in 2015. China is particularly problematic: For the past two years, the world’s second-largest economy has been growing at its slowest pace since the late ’90s Asian crisis (see also “对于东南亚，最近的动荡是1997年的任何东西”).
“We believe that even in low-GDP-growth environments there will be unique companies to invest in, with sustainable competitive advantages and opportunities for growth from pricing power, new products and new markets,” says Kristian Heugh, who heads the global opportunity strategy at Morgan Stanley Investment Management, which has $373 billion in assets and wins Non-U.S. Equity Growth Manager of the Year. “Entropy is inevitable. Therefore a key part of our process is identifying companies that are likely to benefit from disruptive change and avoiding those companies likely to suffer from disruption.”
Last year was a watershed year for fixed-income managers, who struggled to cope with rising rates after the Federal Reserve announced in the spring that it would scale back the pace of its bond purchases.投资者quickly turned to unconstrained funds, which give managers the ability to go anywhere in the market to enhance yields and hedge against interest rate hikes (see “A Brave New World for Bond Investors”). Pasadena, California–based Western Asset Management Co., Manager of the Year in both the Core and Core Plus Fixed Income categories, has been running unconstrained funds for a decade. Core bonds, which are benchmarked to the巴克莱骨料债券指数, have long been the largest part of the fixed-income business, but today assets are moving into not only unconstrained funds but also emerging-markets bonds, bank loans and high-yield debt. “The trend is to disaggregate the Agg,” says Carl Eichstaedt, who manages core bonds for Western. He emphasizes, though, that core mandates are not going away any time soon: “They still pay the bills.”
Bond Managers有工具可以帮助投资者in rocky times. Colin Robertson, head of fixed income for Chicago’s Northern Trust Corp., says his success last year resulted in large part from his firm’s not being forced to sell in stressful markets. The Municipal Fixed-Income Manager of the Year continued to buy securities in what was a record year of outflows for muni bond mutual funds. Other winning fixed-income managers include Boston-based Loomis, Sayles & Co., Corporate Fixed-Income Manager of the Year, and New York’s MacKay Shields, High-Yield Fixed-Income Manager of the Year.
Value investors don’t need fast economic times, but they do want stability. Fairholme’s Berkowitz prospered last year thanks to investments he made in 2011, including his two biggest positions, American International Group and Bank of America Corp., which he purchased well after the crisis had brought both companies to their knees.
“People who normally invest in these companies were so badly burned in 2008, ’09 and ’10 that they couldn’t see their way back to them again,” says Berkowitz, whose fund was up 35.5 percent in 2013. “A cat burned by a hot stove won’t sit on a hot stove again. But it also won’t sit on a cold stove.”
Although the best managers use a detailed map when investing, their solid sense of direction gives them the confidence to follow new routes when necessary. R. Canon Coleman II, lead manager of the Small Cap Value Fund for Invesco, which has $787 billion in total assets, says his team doesn’t set targets for how much it wants to own in sectors such as technology or heath care. Instead, it looks for the best opportunities anywhere in the market based on valuation.
Invesco，今年的小型价值股权经理，自金融危机以来一直能够取得成功 - 特别是在2013年 - 凭借自下而上的，长期投资策略，旨在何时购买投资者害怕和股票折价交易。Coleman, whose firm runs $3.5 billion in small-cap value assets, says the markets have been climbing since the crisis, but they’ve also been volatile, with emotions frequently running high. “Everybody is so excited, and then everybody is so bearish,” he explains.
在动荡的市场中做出好的决策,发票esco team chooses investments that will likely play out over several years. The fund bought Milwaukee-based ManpowerGroup in 2011 and 2012. At the time, the stock of the temporary-staffing company was getting knocked around because of its large exposure to Europe, which was in the thick of its debt crisis: Europe generates more than 60 percent of Manpower’s revenue. Last year the company’s stock price more than doubled from 2012.
“What’s doing well at any one point is what we purchased probably years before, so we can block out the noise,” Coleman adds. Today there aren’t as many opportunities because the markets are much more fairly valued, he says, but “there are always companies having short-term issues, even if the discounts aren’t as large at any given point in time.”
Kevin Schmitz and Brooks Taylor, who have been co–portfolio managers of MFS Investment Management’s institutional midcap value strategy since November 2008, attribute their fund’s consistent performance to their diverse sources of ideas. The midcap value fund’s holdings today represent picks from 30 different analysts at the global firm. In 2013, MFS’s Canadian research group led the co-managers to invest in Shoppers Drug Mart Corp. — a unique holding for a U.S. midcap value fund. In March, Loblaw Cos., Canada’s largest retailer, completed a C$12.4 billion ($11.25 billion) cash-and-stock acquisition of the Toronto-based pharmacy chain. Boston-based MFS, which has $421 billion in assets under management, is Midcap Value Equity Manager of the Year.
Schmitz和Taylor，长期的朋友在成为共同管理人员之前扮演网球的长期朋友，说赢得双打中所需的合作技能与梳理基金所需的伙伴关系技能相同。MFS中型价值基金经理通过和通过股票拣货机。他们不会试图找出市场的方向。“我们不制作巨额股票或行业赌注，你永远不会听到我们谈论我们是否看涨或看不见，”施密兹说。“我们会在某些时候表现不佳，但它不会因为市场而言，”加入泰勒。“这将是因为股票的选择。”
Thomas Luddy, portfolio manager in the U.S. equity group at J.P. Morgan Asset Management, Large-Cap Core Equity Manager of the Year, says two beliefs have driven his strategy since he became a stock picker in 1982. First, a company’s cash flows determine value; second, behavioral finance theories are valid and play out in the market every day. Luddy, who wasII今年的基金经理,2010年是一个fundamental investor who makes decisions based on the specific characteristics of companies. But his strategy at J.P. Morgan, which has $1.5 trillion in assets under management, is also informed by overall trends in the market.
Luddy说行为金融和现金流分析自金融危机以来一直在碰撞。在行为前沿投资者仍然很清楚股票即使市场五年前的市场触底。这在股票和债券之间创造了古怪的关系。投资者are now overpaying for a bond’s coupon — because they love the perceived safety of固定收入— at the expense of a cash flow stream they could get by owning the company’s stock. Luddy, for example, has been able to buy stocks like Johnson & Johnson, which has a dividend yield of about 3 percent, similar to the yield on J&J’s ten-year corporate bonds but with the potential for stock price appreciation.
在缓慢增长的经济中赚钱是挑战性的。Artisan Partners，今年中期的MIDCAP增长股权经理人们长期以来，由于危机自危机以来，普通公司难以以吸引人或可持续的利率来增长巨大的宏观经济环境。即便如此，去年公开的工匠也有1.07亿美元的资产，认为强有力，一代内发生的变化正在进行中，并找到了一些将从中受益的公司。
Matthew Kamm, lead portfolio manager of the Milwaukee firm’s midcap growth equity strategy, says his team has identified businesses in the technology sector that are profiting as corporations move from client-server to cloud-based and mobile computing architecture. Companies are making the transition to new platforms even though overall technology spending is not growing. Kamm says Concur Technologies, Oracle Corp. and Red Hat are examples of companies that have been big winners as these changes have occurred.
Health care spending is also under pressure, yet Kamm says the stocks of a unique set of companies are poised to grow. They include biopharmaceuticals businesses that are working on biologic and DNA-based drugs using scientific advances in human genetics. Biologic drugs are based on naturally occurring proteins, and their performance can be predicted, reducing the time needed to get medicines to market. Regeneron Pharmaceuticals and Gilead Sciences are examples of biopharma companies in Artisan’s growth portfolios.
“As a midcap growth investor, we get an early view of some of the most innovative companies,” Kamm says. “The trends are firmly in place, and we think there are still many years for them to play out.”
Good investing often comes down to a manager’s smarts and unique perspective. Even if investors look for asset managers that have a disciplined and repeatable process, picking stocks and bonds is at its core a human activity. Mark Finn is proud of the circuitous route he took to becoming a portfolio manager for T. Rowe Price Group, Large-Cap Value Equity Manager of the Year.
芬兰作为价格水馆的会计师花了他的职业生涯的前五年。1990年，他跳起了他的一位客户之一的T. Rowe的机会，即使工作是巴尔的摩基金公司财务报告部门。芬兰人在等待机会加入T. Rowe的投资群体之一时，芬恩陷入了股票并获得了他的特许金融分析师指定。八年后，苦恼的队伍抓住了他，希望有兴趣投资能够帮助破产问题的会计师。在2000年代初，芬恩在高档债券上进行了分类;他帮助高产队分析了堕落的天使 - 伤害而且扎实的公司 - 在安康公司的破产和动能市场中的动力。他加入了2005年股权分析师作为一个公正分析师，2008年底，John Linehan，现在股票负责人，要求他加入价值基金。一年后，LINEHAN要求芬恩在独奏上采取基金。“让你勾选的事情是对你所做的一切的融合，”芬恩说。
He looks for companies for his fund that are relatively high quality but experiencing some controversy. Last year the portfolio benefited from power-generation companies like NRG Energy and AES Corp. One of Finn’s largest holdings in the consumer discretionary sector was Carnival Corp., based in Miami and London. The fund bought the stock in the low 30s, when the cruise company was still reeling after a series of disasters and had suffered from a lack of investment in its ships. Carnival has since replaced its CEO and invested significant money in its fleet, persuading skeptical consumers that the disasters are behind it.
Focusing on the long term is one way investors rise above the din of volatile global markets. ClearBridge Investments, Midcap Core Equity Manager of the Year, uses quantitative and fundamental analysis to make stock selections for its portfolio of 63 midcap names. The portfolio averages 40 to 60 percent turnover a year — half the industry average. Brian Angerame and Derek Deutsch, portfolio managers of midcap core and midcap growth strategies at the Legg Mason affiliate, add about 20 new securities a year. They think of their fund as a long-term owner of companies.
根据定义，活动经理应该保护投资者from big swings in the market. But it doesn’t always work that way. Robert Sharps, U.S. lead portfolio manager at T. Rowe Price, says correlations among asset classes — and even within asset classes — began to fall in the late spring of last year, making it easier to be an active stock picker and not have positions pushed around by macro trends. Before then it didn’t pay to own the best auto company, for example, because the best business moved in tandem with the entire sector.
The environment last year was a good one for growth investors. Companies like Netflix and特斯拉汽车表现良好，尽管他们的商业模式仍然存在一些不成熟。“在不同的环境中，投资者将不那么愿意创造着创造力，”Sharps说。
Growth did well overall, but T. Rowe, Large-Cap Growth Equity Manager of the Year, squeezed out even more returns than the average. Thirteen of its 15 biggest holdings outperformed its benchmark, and nine of those were better by more than 20 percent. The growth team had positive attribution in the vast majority of sectors important to growth investors, including health care, technology and consumer discretionary.
即使是现象股票采摘也不能完全防止市场鞭打，停滞不前的经济或其他投资者的行为和情绪。“我们希望投资组合中的所有风险来自股票选择，”Clearbridge的Angerame解释说：“但是有时候你拥有的股票只是将与市场搬家。”•