专注于能量

In an Institutional Investor profile of Mark Yockey five years ago, the esteemed Julie Segal had this to say about her subject:

对于投资者来说，只要你是对的，就会很早。只是询问Marwaukee的营业董事Mark Yockey，这是基于Milwaukee的营业伙伴，他们一直在全球范围内投资三十多年。2012年，58岁的投资组合经理开始购买欧洲有线电视公司的股票 - 包括基于U.K.的维尔京媒体，比利时的维尔京媒体，比利时的Telenet集团控股和荷兰的Ziggo - 由于该行业折扣着折扣定价，因此被萎缩。在密歇根州湖东海岸长大的yockey观看了美国有线电视公司的利润，从电视和电话服务捆绑，并在应用程序，游戏和流媒体视频上勾入美国人。亚慱体育app他很自信的欧洲电缆将遵循同一个剧本。

“These stocks had been clobbered for the past five years – for the past ten years, really,” Yockey says with a distinctive Midwestern twang … As it turns out, London-based Liberty Global started acquiring Yockey’s European holdings, becoming the largest international cable concern as it expanded its footprint, giving Artisan a tidy profit…

当我最近赶上了yockey时，他和团队识别潜在潜力的好公司的热情就没有了。

你加入了工匠合作伙伴launch the firm’s Non-U.S. Growth Strategy in 1995. Based on that it would seem you took a global view of the investment world when few others did. What appealed to you about that perspective then – and presumably still does today?

马克yockey：无论在世界上，您都可以投资最好的公司，我们认为这是能做的一件好事。每个国家都有一定的优势和某些弱点。作为全球允许我们选择任何我们发现有吸引力的公司，所以我们可能投入的公司的宇宙非常大。

目前在全球股权和非美国目前表达的一些关键主题是什么。增长策略？

马克yockey：我们希望投资增加的公司，这些公司正在做其他每个人都不能做的事情。这意味着他们可以在任何他们销售的情况下赚钱，无论是产品还是服务。您在公司中看到的越大，您可以相应地价格的越多。现在，投资组合中的大主题现在已经是电子商务和技术。我们发现每天真正有吸引力的另一个领域是医疗保健。医疗保健和技术中有很多新的事情，让人们的生活更好，人们愿意为他们支付。

You and your team were talking about sustainable growth before anyone had ever heard of ESG.

马克yockey：它仍然是我们的重点。我们花了很多时间寻找有意义的公司，这将使地球成为占据它的700亿或80亿岁的人的最可持续的地方。这是我们投资组合中的一致主题。在我们的非美国。增长策略，我们拥有林德的名字，U.K.工业燃气公司，因为它们在生产氢气的生产中是大的，我们认为这是将来能让我们摆脱化石燃料的燃料之一。

可持续发展的概念如何进入您的股票估值过程？

马克yockey：我们所做的第一个和最重要的是分析公司的商业模式，以确定他们销售的产品或服务是否可持续。我们不想投资一家会有一个美好的一年的公司，然后是两个好的宿舍，然后爆炸。我们希望投资于长期成长的公司，也有潜力估值上升。分析商业模式和了解公司如何赚钱是我们对我们投资过程的关键之一。一旦我们分析了公司的可持续收益潜力并考虑其相对于同龄人及其自己的历史，我们将其与我们必须支付的价格进行比较。因此，如果它是7％或8％的种植者，例如，我们不想为这样的公司支付超过两倍的增长率。当然还有其他因素。例如，我们寻找往往产生大量现金的公司。换句话说，公司可以保留多少钱，而不是必须在公司中重新投资，以防止车轮脱落？那些是我们看的一些关键指标，但价格与增长相比是这我们正在寻找的主要指标。

那么，你的前景是什么，因为我们临近一个挑战的一年并进入新的一年？

马克yockey：I’m pretty optimistic, and I think the rest of our team is, too. I hate to sound trite, but the vaccine is probably a game changer. In fact, not probably – it is a game changer. It’s going to give people confidence that the nightmare of the pandemic is going to be dealt with at some point in the next 12 months. I think that’s going to give investors a lot of confidence. At the same time, given all that’s happened, corporate profitability around the world has held up pretty well. In the U.S. and in some of the companies in Europe, profitability has remained extremely high. There are certain sectors that have been destroyed. If you’re in the travel sector your business basically evaporated, for example. But in the industrial sector in the U.S., and technology companies, healthcare companies, earnings have been enhanced, not hurt. Interest rates are extremely low and corporate profitability is going to rebound. We may be a little choppy going forward, but we’re quite optimistic.

了解有关艺术家合作伙伴的更多信息全球股权和非美国。生长Strategies.

Finding sufficient bond income has become harder, leading portfolio managers to take on more risk by extending duration and reducing credit quality. The average fund in the peer group allocated more than half of its fixed income sleeve/allocation to corporate bonds (see Figure 4, below), a meaningful difference from the aggregate bond benchmark.¹这些企业债券分配中包含的投资级和高收益债券可能具有较低的质量，以实现收入目标，这增加了投资组合的风险。

固定收益因素，如质量和价值，可以提供风险多样化，并帮助投资者管理下行风险，同时保持相似或更高的产量。Ishares投资级债券因子ETF（IGEB）和Ishares高产债券因子ETF（HYDB）寻求在公司债券空间中瞄准这两个因素。

质量因素筛选债券具有更高的默认概率，将投资组合倾斜，以具有更高默认调整的差价的公司债券。这种较低的默认概率可以伴随着较低的产量。这就是为什么质量因子互补的值因素，这是债券相对于他们的基本面便宜的界面。

The aforementioned iShares ETFs exhibit lower probability of default and similar or higher yield (see Figure 5, below) than their traditional counterparts, helping managers continue to allocate to IG and HY corporate bonds in pursuit of higher income with potentially less risk.

更深的看法

“With factor ETFs, there’s tremendous scope for quality and minimum volatility in equities, and quality and value in fixed income, to help meet income needs with increased diversification and potential for additional protection on the downside.
- Andrew Ang，因子投资策略负责人，Blackrock

“因素行为有助于客户了解资产在科夫迪造成的经济不确定性期间如何定价。结果是更多客户在系统地测量其股票计划中的因子风险，以更好地了解其风险暴露，并重新定位投资组合以表达投资意见。大流行引起的不确定性使得评估公司基本面难以加上美国股票的高浓度，有利于2020年的大部分势头这样的技术因素。但是，客户要求提供像价值等的亲周期性因素可能会加强2020年市场恢复岩体变成了经济复苏。“
- Mark Carver，总经理股权因素负责人，MSCI

在Artisan Partners的全球股权队的重点是全球股权队的重点之一，能源是对投资组合和世界各地的有意义影响的能源。II问马克yockey为一些公司和众议节的例子，他和他的团队在能源空间中。

• 燃气轮机/西门子能源（德国）：“西门子能源最近宣布他们走出煤炭。我们认为他们会的，这是一个积极的事情。股票正在交易，我们认为，三次或四次收益，如果你看一两年。它们与燃气轮机业务中的GE竞争。天然气是比煤或油更好的化石燃料的方式。我们认为天然气将在未来20年内清理地球，特别是在中国和印度等地方进行了大部分。
• 风车/比赛（西班牙）：“Through Siemens Energy, we are invested in Gamesa, which is one of the two leading windmill producers in the world. That business is quite strong and should remain so because it’s a non-polluting renewable source of energy. It’s not going to produce all the energy in the world, but it’s going to produce five or 10% of the energy going forward.”
• 工业煤气/林德（德国/美国）/空气液化（法国）：“有三个主要工业气体在股票e world. We own two of them. Oxygen and hydrogen are essential for many things, but the potential for using hydrogen as an energy source, especially for trucks, is outstanding. Batteries are unlikely to work in big trucks because the battery would have to be enormous, and that creates a weight issue. We think they’re going to solve the safety issues around hydrogen on trucks, and that’s going to be the solution for getting trucks off the road that are blowing diesel fumes all over the place. Linde is best in class, in our minds. They were just telling investors recently that they think their margins can go up from where they are now. That’s music to our ears, because that means that profitability going forward is probably better than what people think it will be at this point.”
• HVAC / MIDEA（中国）/运营商（美国。）/ JOHNSON CONTROLS（美国/犹太人）：“两个资金中的一个能源的子主题是，我们认为世界上大部分都希望将他们的HVAC系统升级到明显更节能的模型。在世界上消耗的20％的某处接近20％的能量是使建筑物内的空气更热或更冷。所以，我们认为这将是一个10年的周期。Midea，Carrier和Johnson Controls有长期的商业模式，他们将帮助清理地球。“
• 不是能源，但...电子商务/依赖（印度）：“We own stock in a company called Reliance in India, which historically is known as an oil refiner. But they actually have the biggest cell phone network in India, the biggest e-commerce platform in India, and they’re the biggest retailer in India. We think they’re really just getting started on all they can accomplish in India. The prices for cell phone service are extremely cheap, and the market for e-commerce in India is underdeveloped. We think over the next three or four years, Reliance could double. Facebook recently invested $5 billion in Reliance. We think that the partnership potential for companies like Facebook and some of the other e-commerce companies in the U.S. is very significant if they partner with Reliance.”

了解有关艺术家合作伙伴的更多信息全球股权和非美国。生长Strategies.