Qualivian Investment Partners is Betting on TJX Companies (TJX) Stock
Qualivian Investment Partners is Betting on TJX Companies (TJX) Stock
Qualivian Investment Partners recently released its Q2 2020 Investor Letter, a copy of which you can download here. The fund's performance in Q2 was ahead of the S&P 500 by 9.6% and 9.5% on a gross and net basis. You should check out Qualivian Investment Partners' top 5 stock picks for investors to buy right now, which could be the biggest winners of the stock market crash.
確力維投資夥伴最近發布了 2020 年第二季度的投資者信函，您可以在此處下載。基金在第二季的表現較標準普爾 500 指數領先 9.6% 及 9.5%，以總值及淨值計算。您應該查看 Qualivian 投資夥伴的 5 大股票精選，供投資者立即購買，這可能是股市暴跌的最大贏家。
In the said letter, Qualivian Investment Partners highlighted a few stocks and TJX Companies Inc (NYSE:TJX) is one of them. TJX Companies Inc (NYSE:TJX) is an off-price department store corporation. Year-to-date, TJX Companies Inc (NYSE:TJX) stock lost 12.4% and on August 24th it had a closing price of $53.41. Here is what Qualivian Investment Partners said:
在上述信中，確利維投資合作夥伴強調了一些股票和 TJX 公司 紐約證交所代碼：TJX）就是其中之一。TJX 公司股份有限公司（紐約證券交易所代碼：TJX）是一家折價百貨公司。今年迄今為止，TJX 公司（紐約證交所代碼：TJX）股票跌幅 12.4%，8 月 24 日收盤價為 $53.41。以下是確達投資合作夥伴所說的：
"TJX: TJX’s Q1 2020 (ending April 30) was in the middle of the COVID related shutdown. The stock sold off with much of the retail sector. It reported EPS well below consensus driven largely by far worse than expected gross margins. Most of the gross margin erosion came from weaker merchandise margins on lost sales and a $500 million inventory write-down on seasonal merchandise, with the balance coming from store shutdowns. Management has taken steps to maximize liquidity since the beginning of the pandemic, such as drawing down $1B on their revolver and suspending share repurchases. Most notably, TJX suspended both their Q1/Q2 dividends (but remain committed to the practice over the long term), as well as meaningfully lowering their FY 2020 capex plan to $400-600M (from $1.4B) as they lowered their planned store openings to 50 (from 70).
「TJX：TJX 的 2020 年第一季度（截至 4 月 30 日）處於與 COVID 相關關閉的中間。該股票與大部分零售業一起出售。據報導，每股收益遠低於共識驅動，主要差得多遠遠低於預期的毛利率。大部分毛利率貶值來自於銷售損失的商品利潤減弱以及季節性商品的 5 億美元庫存減少，餘額來自商店關閉。自大流行開始以來，管理層已採取措施以最大限度地提高流動性，例如在左輪手槍上取下 1B 美元並暫停股票購回。最值得注意的是，TJX 暫停了其兩個第一季度的股息（但長期保持實踐），並將其 2020 財年資本支出計劃有意義地降低到 400-600 億美元（從 $1.4B），因為他們將計劃的商店開業額降低到 50（從 70 億美元）。
Despite the COVID headwinds, TJX off price model remains one of the best in retail and a model that is still not fully understood by many investors. Some are skeptical that a business that sells surplus inventory can continually find supply. Wouldn’t manufacturers of retail goods get their supply chains in order and stop producing surplus inventory? The answer is no because the economics of surplus clothing are quite different from the economics of surplus industrial goods. When clothing goods are manufactured overseas with a six month or so lead time, and very low incremental cost of production, it is optimal to over produce, with the comfort factor that you can sell excess product to TJX (at a discount) rather than miss out on large profits that accrue when retailers re-order a bestselling product. Department and apparel stores do not disclose this policy, so investors are less familiar with it."
儘管存在 COVID 的不利因素，但 TJX 關閉價格模型仍然是零售業最好的模型之一，而且仍然沒有被許多投資者完全理解的模型。有些人懷疑，銷售剩餘庫存的企業可以不斷找到供應。零售商品的製造商不會讓供應鏈井然有序並停止生產剩餘庫存嗎？答案是否定的，因為剩餘衣物的經濟效益與剩餘工業品的經濟學有很大的不同。如果服裝產品在海外製造時間為六個月左右，並且增量生產成本非常低，那麼過度生產是最佳的選擇，因為您可以以折扣價將多餘的產品出售給 TJX，而不是錯過零售商重新訂購暢銷產品時產生的大額利潤。百貨公司和服裝店不會披露這項政策，因此投資者對此不太熟悉。」
Copyright: nicoletaionescu / 123RF Stock Photo
版權所有：光學/123RF 庫存照片
Last month, we published an article revealing that Brown Advisory trimmed its position in TJX Companies Inc (NYSE:TJX) stock to account for current headwinds.
上個月，我們發表了一篇文章揭示布朗諮詢調整了其在 TJX 公司股份有限公司（紐約證券交易所代碼：TJX）股票的位置，以考慮當前的不利因素。
In Q1 2020, the number of bullish hedge fund positions on TJX Companies Inc (NYSE:TJX) stock increased by about 21% from the previous quarter (see the chart here), so a number of other hedge fund managers seem to agree with TJX's growth potential. Our calculations showed that TJX Companies Inc (NYSE:TJX) isn't ranked among the 30 most popular stocks among hedge funds.
2020 年第一季度，TJX 公司股票（紐約證交所代碼：TJX）股票的看漲對沖基金倉位數量較上一季度增加了約 21%（請參閱此處的圖表），因此許多其他對沖基金經理似乎同意 TJX 的增長潛力。我們的計算顯示，TJX 公司（紐約證交所代碼：TJX）並未在對沖基金中排名最受歡迎的 30 隻股票之一。
The top 10 stocks among hedge funds returned 185% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 109 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds' poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
對沖基金中排名前 10 名的股票自 2014 年底以來回報 185%，表現優於標普 500 指數 ETF 超過 109 個百分點。我們知道這聽起來令人難以置信。您一直在駁回我們關於頂級對沖基金股票的文章，主要是因為您被其他媒體關於對沖基金表現不佳的信息提供了偏見。通過投資頂級對沖基金股票而不是愚蠢的標普 500 ETF，您可以將巢蛋的規模增加一倍。您可以在下面觀看有關現在排名前 5 位的對沖基金股票的視頻。所有這些股票在 2020 年都有正回報。
Video: Top 5 Stocks Among Hedge Funds
視頻：對沖基金中排名前 5 的股票
At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, legal marijuana is one of the fastest growing industries right now, so we are checking out ideas likethis under-the-radar stockto identify the next tenbagger. We go through lists like the 10most profitable companies in Americato pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. If you want to find out the best healthcare stock to buy right now, you can watch our latesthedge fund manager interview here. You can subscribe to our free enewsletter below to receive our stories in your inbox:
在 Insider Monkey，我們搜尋多個來源，以發現下一個偉大的投資想法。例如，合法的大麻是目前增長最快的行業之一，因此我們正在檢查類似的想法這個雷達下的股票以識別下一個過濾器。我們通過像 10 這樣的列表美國最賺錢的公司挑選最好的大盤股票買入。儘管我們僅建議分析公司的一小部分倉位，但我們會盡可能多地檢查股票。我們閱讀對沖基金投資者信函，並聽取對沖基金會議上的股票宣傳。如果您想立即查找要購買的最佳醫療保健庫存，可以觀看我們的最新消息對沖基金經理面試在這裡。您可以訂閱下面的免費電子通訊，以便在收件箱中收到我們的故事：
Disclosure: None. This article is originally published at Insider Monkey.
披露：無。這篇文章最初發表在內幕猴子。
譯文內容由第三人軟體翻譯。