康卡斯特

蘇珊·肯普勒TIAA-CREF Growth & Income基金

股票代碼：(CMCSA)

股票類(lèi)型：派息股

????2005年,，蘇珊·肯普勒接管TIAA-CREF 30億美元的Growth and Income基金,。在此期間，她的策略沒(méi)有過(guò)太多改變,。她一直致力于投資利潤(rùn)和現(xiàn)金流呈現(xiàn)增長(zhǎng)的優(yōu)質(zhì)公司,。其所在基金過(guò)去十年的年化回報(bào)為7.7%，高于標(biāo)普指數(shù)的6.4%,。

????康卡斯特（Comcast）目前正在經(jīng)歷轉(zhuǎn)型,，提供了肯普勒看好的增長(zhǎng)潛力。這家有線(xiàn)巨頭2011年購(gòu)入的有全國(guó)廣播公司（NBCUniversal ）51%股權(quán)提供了新的收入來(lái)源,。由于奧運(yùn)會(huì)和政治競(jìng)選期間龐大的廣告支出,，以及全國(guó)廣播公司的收視率得到改善，第三季度全國(guó)廣播公司這部分收入同比增長(zhǎng)了32%,。康卡斯特將繼續(xù)增持全國(guó)廣播公司的股權(quán),，直到2017年達(dá)到100%持股,。與此同時(shí),，它的有線(xiàn)業(yè)務(wù)（營(yíng)收占比63%）已削減了基礎(chǔ)設(shè)施支出，留出派息,、回購(gòu)和研發(fā)所需的60億美元現(xiàn)金,。“這塊業(yè)務(wù)再也不是每個(gè)月就收收有線(xiàn)費(fèi)了,，”肯普勒表示,。“他們擁有（有線(xiàn)和互聯(lián)網(wǎng)）技術(shù),，這使其優(yōu)于同業(yè),。”

????--R.D.

Comcast

Susan Kempler?TIAA-CREF Growth & Income

Ticker:?(CMCSA)

Small and large pick:?Dividends

????Not much has changed in Susan Kempler's strategy since she took the helm of?TIAA-CREF's $3 billion Growth and Income Fund?(TIIRX)?in 2005. She has always sought high-quality companies with rising earnings and cash flow, delivering 7.7% annualized returns over 10 years, vs. 6.4% for the S&P.

????Comcast is undergoing a transition that offers the growth Kempler likes. The cable giant's 51% stake in NBCUniversal, which it purchased in 2011, has brought a new source of revenue, which boomed 32% in the third quarter compared with the year-earlier quarter because of strong ad spending for the Olympics and political campaigns, and improving ratings for its once-moribund network lineup. Comcast will continue to up its stake until it owns 100% of NBCUniversal in 2017. Meanwhile its cable business, which accounts for 63% of revenue, has pared infrastructure spending, leaving cash for $6 billion worth of dividends, buybacks, and R&D. "The business isn't just collecting monthly cable bills anymore," says Kempler. "They're powered by [cable and Internet] technology that makes it better than its peers."

????--R.D.