经济学人:欧洲的激进主义 对冲基金(下)
时间：2018-12-05 作者：英语课 分类：经济学人商业系列
英语课
Its signature move is splitting up or spinning off parts of companies, a tactic 1 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 2 structures are too sprawling 3, 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 shareholders 4 (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 ceramics 5 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 6 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 7 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 8 funds returned 14.1% in aggregate 9, 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 10, who often shunned 11 or ignored activists 12 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 13 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
- 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
- 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）
- 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 )
- 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
- 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
- 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
- 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
- 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
- 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 )
- 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 )
- 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 )
- 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
- 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。
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