Why a Growth Stock Fund Is Betting on Align Technology, DocuSign, and Apple

Barrons2021-03-10

Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s ...

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精彩评论

KSHoSG
2021-03-11
KSHoSG
[财迷]
- Andrew168:
  Like
CL777
2021-03-11
CL777
Apple rocks!
- Sheryl85:
  [开心]
- CL777:
  [得意]
- Sheryl85回复CL777:
  [财迷]
- Ddazes:
  [比心]
- CL777:
  [微笑]
Jastrow
2021-03-11
Jastrow
For comment
MoonSwingr21
2021-03-11
MoonSwingr21
Apple, yes!
理财的孩子
2021-03-11
理财的孩子
Yes 🍎
- 理财的孩子:
  Yeah
- 4e6f1f0d:
  Yeah
- 理财的孩子:
  Slowly up
teest
2021-03-11
teest
[呆住]

发表看法

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But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s ...</p>\n\n<a href=\"https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ALGN","symbol_name":"艾利科技","start_time":0,"source_url":"https://www.barrons.com/articles/growth-stock-fund-align-technology-docusign-apple-shares-51615328441?mod=hp_LATEST","article_id":"1176251994","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1176251994","pubTimestamp":1615385060,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of the","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ALGN":"艾利科技","AAPL":"苹果","DOCU":"Docusign"},"translate_title":"为什么一只成长型股票基金押注阿莱技术公司、DocuSign和苹果","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":0.9,"ALGN":0.9,"DOCU":0.9},"content_text":"Portfolio managers of big mutual funds don’t often rely heavily on technical analysis as part of their investment process. But for the managers of the $8.1 billionLord Abbett Growth Leadersfund, it’s part of what makes them unique.\n“We are fundamental analysts who are guided by charts,” says Thomas O’Halloran, 66, partner and portfolio manager.\nFundamental analysts sometimes deride technical analysis, saying the study of stock price and volume movement is too short term to be useful for long-term holdings. But O’Halloran says the three-person management team—which includes Vernon Bice, portfolio manager, and Matthew DeCicco, partner and director of equities—integrates several price-momentum measurements to gauge rising and falling price trends into their fundamental research. This combination gives them the confidence to hold large positions in as many of the big growth-stock winners as possible.\nSupplementing traditional analysis with chart trends seems to be working. 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The fund does have a little wiggle room to add smaller names, as they believe smaller-cap companies will be stock market winners for a few years.\nOne example of a smaller-cap, sustainable business isDocuSign(DOCU), the leadingcloud-software signature provider, which the fund bought in September 2019, O’Halloran says. Digital signatures can eliminate paper forms. “That has very positive environmental benefits, which we think will provide a long-tailed growth opportunity,” he adds.\nTo help select stocks and sectors, O’Halloran uses a psychological theory, Abraham Maslow’s Hierarchy of Needs, which says that people are motivated by five categories of needs, including safety, self-esteem, and self-actualization. Innovative companies often go to sectors where people spend money on their needs, he says.\nA firm tapping into one of those needs, and withsignificant growth potential, isAlign Technology(ALGN). The company makes clear teeth aligners, which are much more visually subtle than metal braces. Clear aligners only have a 15% penetration in the worldwide orthodontic market, and O’Halloran believes these will eventually replace all metal braces.\n“Straight teeth are a big deal,” he says. “They have a powerful impact on self-esteem, which allows for self-actualization.”\nGrowth Leaders has owned the stock off and on in the past decade, but most recently bought it again in October 2020, after strong sales growth pushed the stock price above its three-year high.\nDigital money should continue to become popular, and O’Halloran considersSquare(SQ) to be the most creative large-cap fintech company. “Its Cash App has been ahuge innovationthat will allow it to take chunks of market share from banks,” he says. Growth Leaders first bought Square in January 2020 and increased its position in March and again later in 2020.\nO’Halloran estimates that his investment style falls out of favor about 10% to 15% of the time, but when it does, the drops can be dramatic. 2016 was a tough year, for instance, as value stocks outperformed growth. But O’Halloran says problems started in the last quarter of 2015 when the team waited too long to sell growth holdings, and then they missed out when growth stocks rebounded.\nTo rectify the situation, the fund added more analysts, allowing DeCicco to become a full-time portfolio manager. Bice also took a more disciplined approach toward which technical signals to use, to eliminate short-term market “noise,” O’Halloran says.\nCurrently, 40% of the portfolio is in technology, slightly less than the Russell 1000 Growth’s 45% weighting. The fund trimmed its position in some tech giants when concerns aboutpotential stricter government regulationsdented their stocks. 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