Value fond ostab tehnoloogiaaktsiaid
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Legg Mason Value fondijuht Bill Miller leiab, et tehnoloogiasektori aktsiahinnad on põhjas ja käes on aeg osta.
Erakordne on, et tehnoloogiaaktsiaid ostab fond, mis loeb ennast väärtusinvesteerimise põhimõtete järgijaks. Omamoodi on tegemist contrarian investing teooria ideede kasutamisega.
uudis
Legg Masonist
Financial market action during the third quarter of 2001 will forever be identified with the September 11th terrorist attacks on the U.S. These acts of barbarism incited heavy selling of financial assets and sent many investors seeking safety in more liquid, shorter-term and/or higher-quality assets. Even before the events of September 11, prospects for a recovery in near-term economic growth were uncertain, as emerging signs of manufacturing improvement were eclipsed by early signals of a consumer spending slowdown. Market prices already discounted this uncertainty. For an economy teetering on the brink of official recession, the attacks virtually assured a contraction in growth, and plummeting market prices reflected added uncertainty over potential economic ramifications to trade, earnings, and capital flows that the war against terrorism might bring. The attacks crushed already fragile consumer confidence, which is a reliable indicator of future consumption, by increasing uncertainty and forcing an increase and acceleration in previously rising layoffs. Meanwhile, the attacks forced an aggressive response from policy makers. The Federal Reserve further lowered interest rates, while politicians promised fiscal stimulus in the form of more tax cuts and increased spending. Additionally, Congressional recalcitrance to extending trade promotion authority to the president showed signs of ebbing. Moreover, inflation continued to decline and despite some weakening, the U.S. Dollar remained strong. Furthermore, increasing layoffs and other cutbacks prior to the attacks revealed that corporate America was already restructuring in preparation for an expected return to more normal levels of growth. Meanwhile, recent data reveal a surge in small business formation to a record high, rebounding from 2000’s moribund level. The simultaneous occurrence of vigorous new business creation and aggressive corporate reorganization geared toward the restoration of healthy profit growth suggest that the strength and dynamism of the American economy are intact. Amid this environment, the fund underperformed its primary benchmark, the S&P 500, for the quarter, but outperformed for the year-to-date period. At quarter end the Adviser concentrated investments in the financial (35.71%), consumer staple (17.65%), technology (13.33%), and consumer cyclical (10.60%) sectors of the marketplace. The Adviser continues to buy companies that, in its opinion, trade at large discounts to its assessed intrinsic value, and then holds those companies for a long period of time. It utilizes a multi-factor valuation model which stresses discounted cash flow analysis, because it finds high correlation between growth in free cash flow and appreciation in stock prices. On the other hand, the Adviser finds little correlation between price-to-earnings (P/E) and rates of growth in earnings per share and, therefore, will not disqualify a company for membership in the portfolio just because it has a high P/E ratio. During the quarter, the fund initiated equity positions in Qwest Communications International Inc. (2.12%), Comverse Technology, Inc. (1.15%), Lucent Technologies Inc. (1.53%), and The AES Corporation (1.06%). It liquidated positions Level 3 Communications, Inc., Telefonos de Mexico, S.A. de C.V., Danaher Corporation, Storage Technology Corporation, and Bank of America Corp. Over the long term this fund has provided shareholders with very attractive returns. At present, investors are encouraged to expect the market to advance at a pace more in line with its long-term historical average, than its pace of the late 1990’s. Investment in large companies provides investors who seek long-term capital appreciation a solid foundation on which to construct a diversified asset allocation strategy.
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