滨特尔

扎克·沙弗兰常春藤科技基金

股票代码：(PNR)

行业：科技

????常春藤科技基金（Ivy Science and Technology）管理资产规模15亿美元，过去10年都跑赢了市场。它的年化回报率11.8%，高于同类基金的7.5%。2001年以来，基金经理扎克·沙弗兰在投资大型科技公司的同时，加入了更多的另类股票。如今占基金资产2.2%的滨特尔（Pentair）就是一只另类股票。沙弗兰将其视为“全球水概念股”。滨特尔制造过滤设备和抽水系统。沙弗兰非常看好美国市场（家庭、酒店和水疗中心都开始注重如何更高效地利用水资源）和发展中市场（随着经济发展，需要更多更好的基础设施）的前景。

????近期，滨特尔(最近12个月营收35亿美元)完成了与泰科国际（Tyco International）流体控制业务价值49亿美元的合并交易。这将使得滨特尔更加全球化，销售额预计也将增加超过一倍。“它们可以扩展产品线和覆盖范围，”沙弗兰说。以最近49美元的价格计算，该股股价约为明年预期收益的15倍，股息收益率1.8%。但最让沙弗兰感到振奋的是：滨特尔设定在2015年前每年利润增长50%的目标。沙弗兰认为该公司能够超越这一目标。

????——A.F.

Pentair

Zach Shafran?Ivy Science and Technology

Ticker:?(PNR)

Sector pick:?Technology

????Ivy Science and Technology?(WSTAX), with $1.5 billion in assets, has trounced the market over the past decade, returning an annualized 11.8%, vs. 7.5% for its category. Manager Zach Shafran has been mixing big tech companies with more contrarian plays since 2001. Pentair, which accounts for 2.2% of the fund's assets, falls into the latter category. Shafran views it as "a story about water on a global basis." Pentair makes filtration devices and pumping systems, and he gushes about markets in the U.S. (as homeowners, hotels, and spas become more efficient with water) and in the developing world (as growing economies fund needed infrastructure).

????Pentair, which had revenue of $3.5 billion in the latest 12 months, recently completed a $4.9 billion merger with the flow-control business of Tyco International. That will make the company more global and more than double sales. "They can expand their product line and reach," Shafran says. At a recent $49, the stock trades at roughly 15 times next year's estimated earnings and has a dividend yield of 1.8%. But Shafran is most excited by Pentair's goal of a 50% increase in annual profits by 2015. Shafran thinks the company can exceed that figure.

????--A.F.