经济学人: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 tactic¹ 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 conglomerate² structures are too sprawling³, and that simplifying them can be better both for managers  Cevian认为，许多大型企业集团结构过于庞大，对于管理者

　　(who will have an easier time running more focused companies) and for shareholders⁴ (who will have an easier time valuing them) . （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 ceramics⁵ 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 opposition⁶ 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 portfolio⁷ 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 activist⁸ funds returned 14.1% in aggregate⁹, 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 investors¹⁰, who often shunned¹¹ or ignored activists¹² 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 boisterous¹³ 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。

1 tactic   

n.战略，策略；adj.战术的，有策略的

参考例句：

• Reducing prices is a common sales tactic.降价是常用的销售策略。
• She had often used the tactic of threatening to resign.她惯用以辞职相威胁的手法。

2 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

3 sprawling   

adj.蔓生的，不规则地伸展的v.伸开四肢坐[躺]( sprawl的现在分词 )；蔓延；杂乱无序地拓展；四肢伸展坐着（或躺着）

参考例句：

• He was sprawling in an armchair in front of the TV. 他伸开手脚坐在电视机前的一张扶手椅上。
• a modern sprawling town 一座杂乱无序拓展的现代城镇

4 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

5 ceramics   

n.制陶业；陶器

参考例句：

• an exhibition of ceramics by Picasso 毕加索陶瓷作品展
• The ceramics bore the imprint of Luca della Robbia. 陶器上印有卢卡·德拉·罗比亚的字样。

6 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

7 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

8 activist   

n.活动分子，积极分子

参考例句：

• He's been a trade union activist for many years.多年来他一直是工会的积极分子。
• He is a social activist in our factory.他是我厂的社会活动积极分子。

9 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

10 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

11 shunned   

v.避开，回避，避免( shun的过去式和过去分词 )

参考例句：

• She was shunned by her family when she remarried. 她再婚后家里人都躲着她。
• He was a shy man who shunned all publicity. 他是个怕羞的人，总是避开一切引人注目的活动。 来自《简明英汉词典》

12 activists   

n.（政治活动的）积极分子，活动家( activist的名词复数 )

参考例句：

• His research work was attacked by animal rights activists . 他的研究受到了动物权益维护者的抨击。
• Party activists with lower middle class pedigrees are numerous. 党的激进分子中有很多出身于中产阶级下层。 来自《简明英汉词典》

13 boisterous   

adj.喧闹的，欢闹的

参考例句：

• I don't condescend to boisterous displays of it.我并不屈就于它热热闹闹的外表。
• The children tended to gather together quietly for a while before they broke into boisterous play.孩子们经常是先静静地聚集在一起，不一会就开始吵吵嚷嚷戏耍开了。