2. 歐萊利汽車

????美國(guó)人駕車的時(shí)間越來越長(zhǎng)。它意味著美國(guó)人對(duì)汽車零部件的需求有增無減。對(duì)軒尼詩焦點(diǎn)基金（Hennessy Focus Fund）的經(jīng)理布萊恩?麥考利來說，這正是他的重倉股歐萊利汽車（O'Reilly Automotive，財(cái)富500強(qiáng)企業(yè)）魅力四射的關(guān)鍵所在。這支基金由于在過去十年里重倉持有少數(shù)股票而實(shí)現(xiàn)12.9%的平均回報(bào)率。歐萊利汽車銷售一系列汽車用品及配件。與競(jìng)爭(zhēng)對(duì)手納帕汽車零件公司（Napa Auto Parts）及AutoZone公司（財(cái)富美國(guó)500強(qiáng)企業(yè)）不同的是，歐萊利汽車在全美擁有4,000家門店，在直接消費(fèi)者和汽車修理店兩個(gè)細(xì)分市場(chǎng)的表現(xiàn)同樣出色。歐萊利的毛利率（目前超過50%）以及經(jīng)營(yíng)利潤(rùn)率已經(jīng)連年攀升。麥考利稱，考慮到歐萊利優(yōu)越的增長(zhǎng)性和管理層的執(zhí)行力，它完全能夠超越同行獲得17倍的市盈率。他預(yù)計(jì)，未來5到8年內(nèi)，歐萊利的門店的增長(zhǎng)幅度將介于5%至6%之間，主要是內(nèi)生增長(zhǎng)。但是他補(bǔ)充說，公司高管們還有另外的高招：不多花一分錢就能達(dá)成明智的收購交易。

--凱蒂?貝納

2. O'Reilly Automotive

????Americans are driving their cars for longer and longer. That means they have ever more need for auto parts. For Brian Macauley, manager of the Hennessy Focus Fund (HFCSX), which has averaged 12.9% returns for a decade by holding big positions in a small number of stocks, that's a key part of the appeal of O'Reilly Automotive (ORLY, Fortune 500), one of his top holdings. The company sells a wide array of auto supplies and accessories. Unlike rivals such as Napa Auto Parts and AutoZone (AZO, Fortune 500), O'Reilly, which has 4,000 stores nationwide, is equally adept at selling to both consumers and garages. O'Reilly's gross margins (now above 50%) and operating margins have been climbing for years, and Macauley says the company's superior growth and execution justify its above-category price/earnings ratio of 17. He anticipates 5% to 6% store growth over the next five to eight years. Much of this will be organic, but he says the company's executives have yet another skill: making smart acquisitions without overpaying.

--Katie Benner