基金经理教你股票卖出策略

When investors shop for mutual funds, they often consider the methods the managers use to select stocks. But there's another side to that coin that also merits attention: How do the managers decide which stocks to sell - and when to sell?
当投资者选购共同基金时，他们通常会考虑基金经理用来选择股票的方法。但还有另一个方面值得注意：基金经理如何决定卖出哪些股票──以及何时卖出？

A thoughtful, consistent approach to selling shares is just as important to a fund's success as the same qualities in purchasing stocks. After all, errant sell decisions are lost opportunities for returns.
对于基金的成功来说，以经过成熟思考而且前后一致的方法卖出股票和以经过成熟思考而且前后一致的方法买入股票同样重要。毕竟，错误的卖出决策就是丧失收益机会。

'If you can have some type of structure within your process to make sell decisions or consider sell decisions, that keeps you one up on your competition,' says David Rolfe, chief investment officer at Wedgewood Partners Inc. in St. Louis and lead portfolio manager of the RiverPark/Wedgewood fund.
圣路易斯（St. Louis）Wedgewood Partners Inc.的首席投资长、RiverPark/Wedgewood基金的首席投资组合经理戴维•罗尔夫（David Rolfe）说，"如果你在做出卖出决策或考虑卖出决策的过程中依循某种条理，那么这会让你在竞争中取胜。"

Deciding what to sell is 'one of the most difficult things for any investor,' he says. Sometimes it's a matter of parting with a holding that has served the portfolio well for years but has little potential for additional gains. Other times, the fund manager has to acknowledge that he or she made a mistake in buying that security in the first place.
他说，确定卖出哪只股票是"任何投资者需要做出的最困难的决定之一"。有时这要抛弃多年来在投资组合中表现良好但不太有可能获得更多收益的股票。还有些时候，基金经理必须承认，他在一开始买入该证券时就犯了错误。

Many fund managers provide a fair amount of insight into both sides of the investing equation in prospectuses, shareholder reports and other communications. We spoke to a handful of managers to discuss how they make the decision to sell.
在招股说明书、股东报告和其他信息中，许多基金经理对于买入和卖出决策都提供了相当多的见解。我们与几位基金经理讨论了他们是如何做出卖出决策的。

In With the New, Out With the Old
弃旧迎新

Mr. Rolfe and his team at RiverPark/Wedgewood manage a portfolio that forces them to regularly make decisions on which stocks to sell, because by policy the fund holds only 19 to 21 stocks. 'My partners and I know that while we are looking at new ideas we are going to have to sell a position' to make room for any addition, he says. 'That makes us constantly focused on those ideas in a portfolio that aren't working out as well.'
罗尔夫和他在RiverPark/Wedgewood的团队管理的投资组合迫使他们必须定期决定卖出哪些股票，因为按照政策这只基金只能持有19只至21只股票。他说，"我的合作伙伴和我知道，当我们考虑新策略时，我们必须卖出某只股票"好为新加入的股票腾地方，"这让我们必须持续关注那些效果不好的投资组合策略。"

They pull the trigger when a buying opportunity provides a better long-term growth outlook than something that's already in the portfolio.
当买入机会的长期增长前景优于投资组合中的现有股票时，他们就会采取行动。

Two examples of stocks his firm sold in recent months to make space for new positions are Goldman Sachs Group Inc. and UBS AG, victims of what Mr. Rolfe calls a 'very difficult banking and investment environment.'
举例而言，他的公司在最近几个月中为给新股票腾地方而卖出的两只股票是高盛集团（Goldman Sachs Group Inc.）和瑞银集团（UBS AG），罗尔夫称它们是"非常困难的银行业与投资环境"的牺牲品。

'We thought they were the least attractive stocks in our current portfolio,' he says. 'We sold them because we found a much better idea.' The two banking stocks were replaced with the shares of a couple of oil firms: National Oilwell Varco Inc. and Schlumberger Ltd.
他说，"我们认为它们是我们当前的投资组合中最不具吸引力的股票。我们卖掉它们，是因为我们找到了好得多的策略。"这两只银行股被两家石油公司的股票取代：国民油井华高（National Oilwell Varco Inc.）和斯伦贝谢公司（Schlumberger Ltd.）。