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2021-02-10

Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>

The new year is just over a month old, but it has been dominated by the spectacular rise and fall of

Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>

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In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.<blockquote>新的一年才过去一个多月，但投机性股票的大幅涨跌以及小盘股反弹的延续占据了主导地位。在这种环境下，可能很少有人羡慕大盘价值投资者，但兰德尔·埃利认为缓慢而稳定才能赢得比赛。</blockquote> Identifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.<blockquote>埃利开玩笑说，如今成为大盘价值投资者“需要很大的勇气……或者天真”。然而，作为Edgar Lomax的首席投资官和Edgar Lomax ValueFund(LOMAX)的投资组合经理，他有时间。过去良好的业绩记录有助于他忽略一些近期噪音，专注于以折扣价购买大型、盈利、资本充足的公司的核心战略。</blockquote> “One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”<blockquote>“成功的投资计划最重要的因素之一是耐心，”他说。“因此，我们乐于构建我们认为在10年或更长时间内表现强劲的投资组合。”</blockquote> While large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”<blockquote>虽然大盘股价值目前可能并不流行，但埃利认为，这仍然是一个值得追求的成功策略，特别是考虑到这些公司的股息收益率往往高于平均水平。虽然他持有的许多股票在疫情主导的2020年表现不佳，但他表示，他有机会投资管理良好的大型公司，这些公司不是“坐以待毙”，而是为未来的增长做出调整。当这些股票的盈利确实更强劲时，它们可能会“让大多数观察家感到惊讶，我们将获得我们所寻求的优异表现。”</blockquote> His favorite areas of the market now are energy, financials, and health care. While the S&amp;P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.<blockquote>他现在最喜欢的市场领域是能源、金融和医疗保健。虽然标普500对这些类别的权重约为2.5%、10%和13.5%，但今年年初它们占投资组合的比例分别为8%、16%和21.5%。</blockquote> Energy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”<blockquote>能源已经失宠一段时间了，但埃利认为，许多与大流行相关的破坏将被证明是暂时的，而摆脱化石燃料的压力是管理团队多年来一直关注的一个长期问题。虽然该行业今年有所回升，但他认为它“甚至还没有开始耗尽其潜力”。</blockquote> Companies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”<blockquote>像埃克森美孚（XOM）和雪佛龙（CVX）这样的公司“股息收益率很高，管理层似乎决心继续支付股息并运营保守的运营……有很大的动力来运营精简、盈利的运营，并持续将部分利润分配给股东。”</blockquote> His favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.<blockquote>他最喜欢的金融股包括好事达(ALL)和大都会人寿(MET)，但他认为该集团整体看起来很有吸引力，因为许多投资者担心从未实现的大衰退会重演。他指出，鉴于疫情的不确定性，银行留出大量贷款损失准备金是明智的，尽管这些举措凸显了这种担忧。然而，他相信，去年年底，该集团的前景明显好转，并且可以继续这样做。</blockquote> Health care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.<blockquote>鉴于Covid-19疫苗的推出，医疗保健可能是许多投资者明显关注的焦点，但Eley指出，他的公司专注于“一直盈利”的公司，无论它们在群体免疫竞赛中的地位如何，尽管辉瑞（PFE）是他在该行业最大的持股之一。</blockquote> Eley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one ofBarron’s&nbsp;favorite stocks for 2021, a solid holding.<blockquote>埃利在消费领域持有的股份不多，但他喜欢沃尔格林博姿联盟（WBA）和可口可乐（KO），这两家公司最近陷入困境。他相信沃尔格林，他在该行业最大的头寸，最终将能够实现扭亏为盈，他称可口可乐——其中之一巴伦周刊2021年最喜欢的股票，坚定持有。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Large-Cap Value Stocks Could Be Long-Term Winners<blockquote>为什么大盘价值股可能成为长期赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-02-10 13:47\n\n</h4>\n</header>\n<article>\nThe new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.<blockquote>新的一年才过去一个多月，但投机性股票的大幅涨跌以及小盘股反弹的延续占据了主导地位。在这种环境下，可能很少有人羡慕大盘价值投资者，但兰德尔·埃利认为缓慢而稳定才能赢得比赛。</blockquote> Identifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.<blockquote>埃利开玩笑说，如今成为大盘价值投资者“需要很大的勇气……或者天真”。然而，作为Edgar Lomax的首席投资官和Edgar Lomax ValueFund(LOMAX)的投资组合经理，他有时间。过去良好的业绩记录有助于他忽略一些近期噪音，专注于以折扣价购买大型、盈利、资本充足的公司的核心战略。</blockquote> “One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”<blockquote>“成功的投资计划最重要的因素之一是耐心，”他说。“因此，我们乐于构建我们认为在10年或更长时间内表现强劲的投资组合。”</blockquote> While large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”<blockquote>虽然大盘股价值目前可能并不流行，但埃利认为，这仍然是一个值得追求的成功策略，特别是考虑到这些公司的股息收益率往往高于平均水平。虽然他持有的许多股票在疫情主导的2020年表现不佳，但他表示，他有机会投资管理良好的大型公司，这些公司不是“坐以待毙”，而是为未来的增长做出调整。当这些股票的盈利确实更强劲时，它们可能会“让大多数观察家感到惊讶，我们将获得我们所寻求的优异表现。”</blockquote> His favorite areas of the market now are energy, financials, and health care. While the S&amp;P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.<blockquote>他现在最喜欢的市场领域是能源、金融和医疗保健。虽然标普500对这些类别的权重约为2.5%、10%和13.5%，但今年年初它们占投资组合的比例分别为8%、16%和21.5%。</blockquote> Energy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”<blockquote>能源已经失宠一段时间了，但埃利认为，许多与大流行相关的破坏将被证明是暂时的，而摆脱化石燃料的压力是管理团队多年来一直关注的一个长期问题。虽然该行业今年有所回升，但他认为它“甚至还没有开始耗尽其潜力”。</blockquote> Companies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”<blockquote>像埃克森美孚（XOM）和雪佛龙（CVX）这样的公司“股息收益率很高，管理层似乎决心继续支付股息并运营保守的运营……有很大的动力来运营精简、盈利的运营，并持续将部分利润分配给股东。”</blockquote> His favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.<blockquote>他最喜欢的金融股包括好事达(ALL)和大都会人寿(MET)，但他认为该集团整体看起来很有吸引力，因为许多投资者担心从未实现的大衰退会重演。他指出，鉴于疫情的不确定性，银行留出大量贷款损失准备金是明智的，尽管这些举措凸显了这种担忧。然而，他相信，去年年底，该集团的前景明显好转，并且可以继续这样做。</blockquote> Health care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.<blockquote>鉴于Covid-19疫苗的推出，医疗保健可能是许多投资者明显关注的焦点，但Eley指出，他的公司专注于“一直盈利”的公司，无论它们在群体免疫竞赛中的地位如何，尽管辉瑞（PFE）是他在该行业最大的持股之一。</blockquote> Eley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one ofBarron’s&nbsp;favorite stocks for 2021, a solid holding.<blockquote>埃利在消费领域持有的股份不多，但他喜欢沃尔格林博姿联盟（WBA）和可口可乐（KO），这两家公司最近陷入困境。他相信沃尔格林，他在该行业最大的头寸，最终将能够实现扭亏为盈，他称可口可乐——其中之一巴伦周刊2021年最喜欢的股票，坚定持有。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/large-cap-value-stocks-could-be-long-term-winners-think-metlife-and-coca-cola-51612827746?mod=hp_columnists\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/large-cap-value-stocks-could-be-long-term-winners-think-metlife-and-coca-cola-51612827746?mod=hp_columnists","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192051370","content_text":"The new year is just over a month old, but it has been dominated by the spectacular rise and fall ofspeculative stocksand a continuation of thesmall cap rally. In this kind of environment, few people may envy a large-cap value investor, but Randall Eley thinks slow and steady wins the race.\nIdentifying as a large-cap value investor these days “takes a lot of courage…or a naiveté,” Eley jokes. Yet as chief investment officer at Edgar Lomax, and the portfolio manager of theEdgar Lomax Valuefund (LOMAX), he has time on his side. A strong track record of past performance helps him tune out some of the near-term noise and focus on the core strategy of buying large, profitable well capitalized companies at a discount.\n“One of the most important ingredients of a successful investment plan is patience,” he says. “So we’re comfortable structuring portfolios that we think are going to perform strongly over lengthy periods of 10 years or more.”\nWhile large cap value may not be in fashion at the moment, Eley argues that it’s still a successful strategy worth pursuing, especially given that these companies also tend to have higher-than-average dividend yields. While many of his holdings didn’t shine in the pandemic-dominated 2020, he says he had the opportunity to invest in big well-managed companies that aren’t “just sitting dead in the water,” but making adjustments for future growth. When stronger earnings do return for these stocks, they are likely “to catch most observers by surprise, and we’ll get that outperformance we’re looking for.”\nHis favorite areas of the market now are energy, financials, and health care. While the S&P 500 weights these categories at roughly 2.5%, 10%, and 13.5%, they stood at 8%, 16%, and 21.5% of the portfolio at the start of the year.\nEnergy has been out of favor for some time, but Eley argues that a lot of the pandemic-related disruption will prove temporary, while the pressure to transition away from fossil fuels is a longer-standing issue that management teams have been focused on for years. While the sector has picked up this year, he believes that it hasn’t “even begun to burn out its potential.”\nCompanies likeExxon Mobil(XOM) andChevron(CVX) are companies “with high dividend yields that management seems determined to keep paying and run conservative operations…there is a lot of incentive to run streamlined, profitable operations and consistently distribute part of those profits to shareholders.”\nHis favorite financials includeAllstate(ALL) andMetLife(MET), but he believes the group as a whole looks attractive, as many investors were fearing a repeat of the Great Recession that never materialized. He notes that banks were wise to set aside large loan loss reserves, given the uncertainty of the pandemic, even as these moves underscored that worry. Yet the picture brightened considerably for the group late last year, and can continue to do so, he believes.\nHealth care may be an obvious focus for many investors, given the rollout of the Covid-19 vaccine, but Eley notes that his firm focuses on companies “that were profitable all along,” regardless of their positioning in the race for herd immunity, althoughPfizer(PFE) is one of his biggest holdings in this sector.\nEley doesn’t hold much in the consumer sector, but he likesWalgreens Boots Alliance(WBA), andCoca-Cola(KO), whichhave struggled recently. He believes that Walgreens, his largest position in the sector, will ultimately be able to execute a turnaround, and he called Coke—one ofBarron’s favorite stocks for 2021, a solid holding.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2885,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}