凯斯韦资本管理公司首席执行官Sarah Ketterer表示，投资者应超越AI热潮中最大的赢家，转而押注被忽视的股票。
Investors should look beyond the biggest winners in the AI boom and bet on overlooked stocks, according to Causeway Capital Management Chief Executive Officer Sarah Ketterer.
Ketterer周二在彭博投资达拉斯会议的采访中表示：“AI有趣的地方在于市场认为的‘AI输家’。”
“What’s interesting about AI is what the market considers to be AI losers,” Ketterer said in an interview Tuesday at the Bloomberg Invest Dallas conference.
管理约760亿美元资产的凯斯韦在其所有基金中融合了基本面和量化方法。Ketterer称，AI热潮中最大的赢家正以“充分估值”交易，而被视为输家的公司则被认为无法跟上技术步伐。
Causeway, which manages about $76 billion, blends fundamental and quantitative approaches in all of its funds. The biggest winners in the AI boom are trading at “full valuations,” Ketterer said, and the companies that are considered to be losers are viewed as not being able to keep up with the technology.
她表示，值得支持的一家公司是腾讯控股有限公司，这家中国公司拥有流行通讯应用微信。
One firm worth backing is Tencent Holdings Ltd., the Chinese company that owns the popular messaging app WeChat, she said.
Ketterer称腾讯为“中国事实上的操作系统”。她说：“微信是中国人做一切事情的方式——不仅是社交网络，还是购物、银行业务，无所不包。”她表示，投资者现在看待腾讯的方式，就像过去看待Meta Platforms Inc.一样，在Facebook母公司转型为AI巨头之前。她认为腾讯拥有资源做到同样的转型。
Ketterer called Tencent “the de facto operating system of China.”WeChat is “how the Chinese do everything,” she said. “It’s not just social networking — it’s shopping, it’s banking, it’s everything.”She said investors are looking at the company in the same way they used to look at Meta Platforms Inc. before the Facebook parent transformed into an AI giant. Tencent has the resources to do the same, she said.
她说，区分赢家和输家的是“拥有强大财务实力、并能在资本市场增强这种实力的公司”。在凯斯韦的投资组合中，Ketterer表示她看好德国工业和技术集团西门子股份公司。她称工业板块“目前充满了尸体”。在美国以外，Ketterer看到被低估的公司，其估值倍数仅为美国同类公司的一半。她表示，欧洲国家需要在基础设施上投入资金，西门子等公司将受益。
What distinguishes winners and losers, she said, are “companies with tremendous financial strength and the ability to augment that within the capital markets.”Elsewhere in Causeway’s portfolio, Ketterer said she likes German industrial and technology conglomerate Siemens AG. The industrial sector is “filled with carcasses right now,” she said. And outside the US, Ketterer sees undervalued companies with multiples half that of those in the US. European countries need to spend on infrastructure, she said, and companies like Siemens will benefit.
她说：“随着盈利改善、自由现金流回馈股东，该股票很可能会向上重估。”
“As earnings improve and as free cash flow gets returned to shareholders, this stock will likely re-rate upward,” she said.