卖出沃特世:担心新兴市场拖累设备销售
沃特世生产液相色谱、质谱等分析仪器,客户主要是制药和生物科技公司,近一半收入来自耗材、服务和配件,符合重复购买的标准。2013 年 Fundsmith 卖出,原因是它在亚洲(包括印度仿制药行业)销售占比较大,担心新兴市场放缓影响设备销售;而且它是组合里唯一不分红的股票,史密斯越来越怀疑它的再投资机会能否支撑不分红。
But it has significant sales to Asia including the Indian generic pharmaceutical industry and we were fearful that the slowdown in Emerging Markets would adversely impact the equipment sales which underpin its revenue model.说完之后,2014Q1 的 13F:未持有