A Giant Foundation Buys GE and Amazon Stock, and Sells Microsoft and Apple -- Barrons.com
A Giant Foundation Buys GE and Amazon Stock, and Sells Microsoft and Apple -- Barrons.com
DJ A Giant Foundation Buys GE and Amazon Stock, and Sells Microsoft and Apple -- Barrons.com
DJ A巨人基金會買入通用電氣和亞馬遜股票，賣出微軟和蘋果--Barrons.com
By Ed Lin
作者：Ed Line
The London-based Wellcome Trust made some savvy financial moves in the final three months of 2018.
總部位於倫敦的惠康信託(Wellcome Trust)在2018年最後三個月採取了一些明智的財務舉措。
Two of the foundation's fourth-quarter stock purchases, General Electric (ticker: GE) and Amazon.com (AMZN), with respective gains of 14% and 8.6%, are outpacing the S&P 500 index's advance of 5.0% in January.
基金會在第四季度購買的兩隻股票，通用電氣(股票代碼：GE)和亞馬遜(AMZN)，分別上漲了14%和8.6%，超過了標準普爾500指數1月份5.0%的漲幅。
The executive behind these moves, Wellcome's Chief Investment Officer Nick Moakes, recently sounded a wary note about the effect Brexit is having on investing in the U.K. He told the Wall Street Journal in December that "[w]e're much better off looking for things elsewhere [in the world] where we have a clearer line of sight."
這些舉措背後的執行者，惠康的首席投資官尼克·莫克斯，最近對英國脱歐對在英國投資的影響發出了警告。他在12月告訴《華爾街日報》：[w]我們去別處找東西要好得多[在世界上]在那裏我們有更清晰的視線。“
Wellcome, which funds biomedical and health research, had investment assets of GBP25.9 billion ($33.6 billion) as of the end of September, indicating it was bigger than any other foundation, apart from one, according to the George Soros-backed Open Society Foundations. The Bill and Melinda Gates Foundation had assets of $51.9 billion at the end of 2017.
據喬治·索羅斯(George Soros)支持的開放社會基金會(Open Society Foundation)稱，截至9月底，為生物醫學和健康研究提供資金的惠康公司(Wellcome)的投資資產為259億英鎊(合336億美元)，這表明它的規模超過了除一個基金會以外的任何其他基金會。截至2017年底，比爾和梅林達·蓋茨基金會的資產為519億美元。
Wellcome disclosed its fourth-quarter moves in a form filed last week to the Securities and Exchange Commission. The update shows that the trust trimmed its investment in the company that Bill Gates co-founded, Microsoft (MSFT), while also cutting back on Microsoft's historical rival, Apple (AAPL), and oilfield-services giant Schlumberger (SLB).
惠康在上週提交給美國證券交易委員會(Securities And Exchange Commission)的一份表格中披露了第四季度的行動。最新消息顯示，該信託基金削減了對比爾·蓋茨聯合創立的微軟公司(Microsoft)的投資，同時也削減了對微軟的宿敵蘋果(Apple)和油田服務巨頭斯倫貝謝(Schlumberger)的投資。
Wellcome didn't immediately respond to a request for comment on its fourth-quarter stock trades.
惠康沒有立即回覆就其第四季度股票交易置評的請求。
Microsoft stock had a banner fourth quarter. The company surpassed Apple to become the most valuable publicly traded firm in the world, and ended 2018 as the top tech performer in the Dow Jones Industrial Average. Nonetheless, Wellcome sold 470,000 Microsoft shares in the period, ending December with 6.03 million shares.
微軟股票第四季度表現出色。該公司超過蘋果，成為世界上最有價值的上市公司，並在2018年年底成為道瓊斯工業平均指數(Dow Jones Industrial Average)中表現最好的科技公司。儘管如此，惠康在此期間出售了47萬股微軟股票，截至去年12月，共出售了603萬股。
Wellcome also sold 265,000 Apple shares in the fourth quarter, reducing its holdings to 3.24 million shares. Apple was the first company to have a public market value that topped $1 trillion. But a disappointing forecast in November put the stock in tailspin, and Apple stock ended with a loss for the year. Barron's said in mid-December that Apple was one of our 10 stock picks for 2019. In early January, however, Apple lowered its financial guidance.
惠康還在第四季度出售了26.5萬股蘋果股票，持股比例降至324萬股。蘋果是第一家公開市值超過1萬億美元的公司。但11月份令人失望的預測讓蘋果股價暴跌，蘋果股票今年收盤時出現虧損。Barron‘s在12月中旬表示，蘋果是我們2019年的10只股票選擇之一。然而，在1月初，蘋果下調了財務指引。
Read More: Apple Should Buy Nintendo
閲讀更多：蘋果應該收購任天堂
Schlumberger's stock price was nearly cut in half in 2018, weighed down by sliding oil prices. This year, however, has seen the shares surge more than 20% amid optimism over growth at the company's international operations. Wellcome chose to slash its Schlumberger holdings in the fourth quarter, selling 1.4 million shares to end 2018 with 1.1 million shares.
受油價下滑拖累，斯倫貝謝的股價在2018年幾乎減半。然而，由於對該公司國際業務增長的樂觀情緒，今年該公司股價飆升了20%以上。惠康選擇在第四季度大幅減持斯倫貝謝，在2018年底出售了140萬股，持有110萬股。
GE's stock price was also cut in half last year. Wellcome increased its investment, buying 4 million more shares to end the year with 24 million shares of the embattled conglomerate. Bullish analysts and those that are bearish continue to face off on the company.
通用電氣的股價去年也被砍掉了一半。惠康增加了投資，在年底又購買了400萬股票，持有這家陷入困境的企業集團的2400萬股票。看漲的分析師和看跌的分析師繼續與該公司對峙。
We noted earlier this month that a Wells Fargo analyst sees Amazon as one of a few stocks that shareholders could use to "play defense in a more-challenging environment." Wellcome took refuge in shares of the giant retailer in the fourth quarter, buying 120,000 shares. It had no Amazon stock at the end of the third quarter.
本月早些時候，我們注意到富國銀行(Wells Fargo)的一位分析師將亞馬遜視為少數幾隻股東可以用來“在更具挑戰性的環境中進行防禦”的股票之一。惠康在第四季度避險於這家巨頭零售商的股票，購買了12萬股票。截至第三季度末，該公司沒有亞馬遜股票。
Amazon is a competitor with one of Wellcome's direct investments, privately held delivery-services provider Instacart, which had seen business surge after Amazon bought Whole Foods. In December, however, the delivery company said the Whole Foods-Instacart relationship would end. Amazon is building up its own grocery-delivery company.
亞馬遜是惠康直接投資的競爭對手之一，私人持股的快遞服務提供商Insta，在亞馬遜收購全食超市(Whole Foods)後，Insta的業務激增。然而，去年12月，快遞公司表示，全食超市(Whole Foods)與Insta的關係將會結束。亞馬遜正在建立自己的食品雜貨快遞公司。
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
寫信給Ed Lin，電子郵件為edward.lin@Barrons.com，並關注@BarronsEdlin。
(END) Dow Jones Newswires
(完)道瓊通訊社
January 23, 2019 06:59 ET (11:59 GMT)
2019年1月23日東部時間06：59(格林尼治標準時間11：59)
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