经济学人下载:欧洲的激进主义 对冲基金(下)

Its signature move is splitting up or spinning off parts of companies, a tactic for which Mr Gardell earned the moniker of “butcher” from the Swedish press in the mid-2000s.
它的招牌动作是将公司的各个部分分裂或脱离，嘉戴尔因这种策略在二十一世纪中期从瑞典媒体获得了“刽子手”的绰号。

Cevian believes that many conglomerate structures are too sprawling, and that simplifying them can be better both for managers (who will have an easier time running more focused companies) and for shareholders (who will have an easier time valuing them) .
Cevian认为，许多大型企业集团结构过于庞大，对于管理者（谁将有空闲时间运营更多集中公司）和股东（谁将有空闲时间评估他们）来说，简化它们会更好。

Perhaps the best example is the separation in 2012 of Cookson Group, a British industrial firm, into Alent, a chemicals company, and Vesuvius, a ceramics firm, that Cevian helped to engineer.
也许最好的例子是2012年，在Cevian帮助策划下，一家英国工业公司英国库克森集团（Cookson Group）分化为一家化工公司Alent和一家陶瓷公司Vesuvius

The split more than doubled the combined value of shareholders' investment.
这次分割不止使股东投资总额翻了一番。

Cevian has also pushed for spin-offs at Volvo Group, a Swedish truckmaker, and Bilfinger, a German industrial-services firm, among many others.
Cevian还推动了瑞典卡车生产商Volvo集团，以及德国工业服务Bilfinger公司等多家企业的股权分离从而成立子公司。

Such proposals often attract stiff opposition at first, as with its current recommendations for ABB, a Swiss-Swedish engineering firm, and ThyssenKrupp, a German steel giant.
这样的建议通常在刚开始时会受到强烈的反对，就像瑞士瑞典工程公司ABB和德国钢铁巨头蒂森克虏伯集团（ThyssenKrupp）目前的建议一样。

And Cevian has had failures.
但是Cevian也有过失败。

Bilfinger is one of the few examples of a truly struggling Cevian portfolio firm.
像比尔芬格这样的能与Cevian这样的投资组合公司相抗衡的大公司是的少数例子之一。

But overall, performance is strong.
但是总体而言，Cevian的业绩是强劲的。

Cevian returned 19.4% in 2016 alone. European activist funds returned 14.1% in aggregate, and American ones 12.8%, according to eVestment, a data provider.
根据数据提供商eVestment显示的数据表明：仅在2016年，Cevian回报率是19.4%，而欧洲维权基金总体回报率为14.1%，美国的为12.8%。

Institutional investors, who often shunned or ignored activists a decade ago, now take the initiative to contact Cevian.
十年前经常回避或忽视活动家的机构投资者现在主动联系Cevian。

Other activists are also stirring: more European firms are being targeted.
其他活动家也很激动：更多的欧洲公司成为目标。

Mr Gardell is sceptical that boisterous American funds will be able to make much headway into Europe, but he welcomes more competition.
嘉戴尔预测，活跃的美国基金能够在欧洲打开市场，但他也鼓励更多的竞争。

His fund announced its newest target—one that is close to home—on May 31st: Ericsson, a floundering Swedish telecoms firm.
5月31日，他的基金宣布了其最新的目标 — 一家触及痛处的公司—挣扎中的瑞典电信公司爱立信。