GuruFocus：特里·史密斯——击败巴菲特的英国基金经理
这位成功经理人的投资思路，值得跟一跟。
It could be worth following the investment ideas of this successful manager.
严格来说，特里·史密斯并非对冲基金经理。这位英国基金经理创立并管理着 Fundsmith 基金，如今为客户管理着超过 200 亿美元的资产，客户群体以英国本土的小型投资者为主。
Technically speaking, Terry Smith is not a hedge fund manager. The UK based fund manager, founded and manages the Fundsmith Fund, which today manages more than $20 billion of assets for clients, which mostly include small UK-based investors.
自成立以来，史密斯的基金业绩远超预期。旗舰基金自 2010 年 11 月推出以来，已为投资者带来超过 300% 的回报，同期几乎是沃伦·巴菲特旗下伯克希尔·哈撒韦（BRK.A）（BRK.B）回报率的两倍。从 2010 年 11 月到本文撰写之时，伯克希尔的 B 股回报率为 148%。
Since its inception, Smith's fund has smashed all expectations. From launch in November 2010, his flagship fund has returned more than 300% for investors, nearly doubling the return of Warren Buffett's (Trades, Portfolio) Berkshire Hathaway (BRK.A) (BRK.B) over the same time frame. Between November 2010 and the time of writing Berkshire's B shares have returned 148%.
巴菲特式打法
Buffett-style approach
史密斯的投资方法以巴菲特为蓝本。他寻找的是高质量、高盈利、且面前有广阔增长空间的公司。
Smith's investment approach is based on that of Buffett. He is looking for high quality, highly profitable companies that have a massive runway for growth in front of them.
DPZ 30 年财务数据
DPZ 30-Year Financial Data
DPZ 的内在价值
The intrinsic value of DPZ
DPZ 的彼得·林奇图表
Peter Lynch Chart of DPZ
他还寻找那些在其所处行业或领域中拥有巨大竞争优势的企业。他从未买过银行股，并表示永远不会。他只会买入自己熟悉且了解透彻的公司。史密斯回避保险、房地产、化工、重工业、建筑、公用事业和航空行业的公司。
He is also looking for businesses that have a tremendous competitive advantage over the rest of their sector or industry. He has never bought shares in a bank and says he never will. And he will only buy companies he knows and understands well. Smith avoids companies in the insurance, real estate, chemicals, heavy industry, construction, utilities and airline industries.
这就排除了全球投资版图中的相当大一部分，但史密斯很乐于坚守在自己熟悉的领域。他最出色的投资之一，是在基金成立之初以每股约 15 美元的价格买入达美乐（NYSE:DPZ）。
That blocks out a considerable percentage of the global investment universe, but Smith is quite happy sticking to what he knows. One of his greatest investments was buying Domino's (NYSE:DPZ) at around $15 per share when his fund first launched.
尽管 Fundsmith 是一家英国投资管理公司，但其投资地域不受限制。大部分投资组合投向了海外，尤其是美国。
Even though it is a UK-based investment manager, Fundsmith is not constrained in where it can invest. Most of the portfolio is invested overseas, particularly in the US.
US investments
US investments
2019 年第二季度末，约 10% 的投资组合投向了 PayPal（NASDAQ:PYPL），8.5% 投向了微软（NASDAQ:MSFT），另有 6.5% 投向了 Facebook（FB）。
At the end of the second quarter of 2019, around 10% of the portfolio was invested in PayPal (NASDAQ:PYPL), and 8.5% was invested in Microsoft (NASDAQ:MSFT) with another 6.5% invested in Facebook (FB).
这些是当下市场上最热门的公司，但如果往下翻看持股名单，一些有意思的标的就出现了。例如，史密斯在爱德士实验室（NASDAQ:IDXX）上投了 12 亿美元，在雅诗兰黛（EL）上也投了 12 亿美元。
These are some of the most popular companies on the market at the moment, but if we move down the list of owned stocks, some interesting ideas appear. For example, Smith has $1.2 billion invested in IDEXX Laboratories (NASDAQ:IDXX) and $1.2 billion invested in Estee Lauder (EL).
爱德士为兽医和水质检测市场设计并制造产品，同时面向人类医疗市场销售便携式电解质和血气分析仪。过去六年，销售额以 10% 的年复合增长率增长，同期净利润翻了一倍多。该股目前远期市盈率为 54.4 倍，看似不便宜，但 48% 的投入资本回报率和 23% 的营业利润率，说明这无疑是一家高质量企业。
IDEXX designs and manufactures products for the vet and water testing markets as well as selling a line of portable electrolyte and blood gas analyzers for the human market. Sales have grown at a compound annual rate of 10% over the past six years, and net profit has more than doubled over the same period. The stock is currently trading at a relatively demanding forward P/E of 54.4, but with a return on capital invested of 48% and an operating margin of 23%, this is undoubtedly a high-quality business.
投资组合中的其他公司还包括为小企业提供业务和财务管理解决方案的财捷集团（NASDAQ:INTU）。
Other companies that also feature in the portfolio include the provider of business and financial management solutions for small businesses Intuit (NASDAQ:INTU).
这又是一家以高溢价估值交易的高质量企业。去年，该公司报告的已动用资本回报率为 43%，营业利润率为 27%。此外，资产负债表上还有 23 亿美元的净现金。过去六年，净利润以 15% 的年复合增长率增长。截至本文撰写时，该股远期市盈率为 37.7 倍，股息率仅为象征性的 0.7%。
Once again, this is another high-quality business trading at a premium valuation. Last year the company reported a return on capital employed of 43% and an operating margin of 27%. In addition, the stock has net cash on the balance sheet of $2.3 billion. Net profit has grown at a compound annual rate of 15% for the past six years. At the time of writing, the stock is trading at a forward P/E of 37.7 and offers a token dividend yield of 0.7%.
史密斯在财捷上投了 12 亿美元，在医疗技术集团史赛克（NYSE:SYK）上也投了差不多的金额。
Smith has $1.2 billion invested in Intuit, and he has put a similar amount into medical technology group Stryker Corp (NYSE:SYK).
这家公司与上文列出的其他公司遵循同样的模式。它是一家高质量企业，利润率在 20% 左右，在其所在领域拥有独特的业务模式和利基市场。
This business follows the same pattern as the other companies list of above. It is a high-quality company with a profit margin of around 20% that has a unique operating business and niche in its sector.
过去六年，净利润以约 30% 的年复合增长率增长，而且增长似乎短期内不会放缓。该公司在研发上投入大量资金，持续改进产品，同时也有选择地进行并购，以推动协同增长。
Net profit has grown at a compound annual rate of around 30% for the past six years, and it doesn't look as if growth is going to slow down anytime soon. The business invests a lot of money in research and development to continually improve its offering, as well as investing in select acquisitions for bolt-on growth.
披露：作者持有伯克希尔·哈撒韦的股票。
Disclosure: The author owns shares in Berkshire Hathaway.