经济学人:欧洲的激进主义 对冲基金(下)

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　　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。

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