福特公司

邁克爾·列文Oppenheimer Equity Income基金

股票代碼：(F,?財富500強)

股票類型：派息股

????邁克爾·列文表示，美國汽車市場反彈尚未結束。該行業今年預計將銷售約1,400萬輛汽車——相比2009年的低點大為改善，但仍顯著低于2000年的高點1,700萬輛。列文稱：“我認為，大量需求沒有得到釋放。”他帶領下的資產規模達34億美元的Oppenheimer Equity Income基金在過去十年實現了8.2%的年回報率。“保有車輛的平均車齡已處于歷史高點；有很多老車需要置換。”因此，列文相信，隨著住宅建筑活動回升、承包商需要購買更多皮卡卡車，汽車制造商將能從中受益。

????列文認為整個行業前景光明，但依靠自身力量、走出經濟衰退陰影的福特（Ford）尤其具有吸引力。目前，該股股價僅及明年每股收益的8倍。由于歐洲銷售滑坡，福特股價受到沖擊，但列文相信隨著福特縮減歐洲地區的制造產能，業績將會得到改善。與此同時，該公司提供1.7%的股息收益率。列文表示，由于福特的資產負債情況非常好，福特有必要的資金，明年至少可將派息增加50%。

????--M.K.

Ford

Michael Levine?Oppenheimer Equity Income

Ticker:?(F,?Fortune 500)

Small and large pick:?Dividends

????Michael Levine says the American auto comeback isn't over. The industry is set to sell about 14 million cars this year -- a dramatic improvement from the lows of 2009 but still well below the peak of 17 million in 2000. "I think there's a lot of pent-up demand," says Levine, who has driven the $3.4 billion?Oppenheimer Equity Income?(OAEIX)?Fund to 8.2% annual returns over the past decade. "The age of the fleet is at an all-time high; there are a lot of older cars out there that need to be replaced." On top of that, Levine thinks automakers will benefit as housing construction rebounds and contractors need to buy more pickup trucks.

????Levine sees promise in the whole sector but says that Ford, which survived the recession without a bailout, is especially compelling. Its stock is trading at just eight times next year's earnings. Ford's shares have suffered because of skidding sales in Europe, but Levine thinks its results will improve as it shrinks its manufacturing capacity in the region. In the meantime the company offers a 1.7% dividend yield. Because it has a rock-solid balance sheet, he says, Ford has the wherewithal to bulk up its payout by at least 50% over the next year.

????--M.K.