三年十倍股背后的价值投资密码——访万家基金基金经理叶勇

Core Viewpoint - Ye Yong, a fund manager at Wan Jia Fund, is recognized for his unique investment approach, particularly in cyclical sectors like coal and gold, and for identifying hidden champions in niche markets, leading to significant fund performance [1][2]. Group 1: Investment Philosophy - Ye Yong's investment philosophy emphasizes a balance between maintaining core value investment principles and adapting execution strategies to current market conditions [1][6]. - The strategy focuses on identifying "good companies" at "low prices" and holding them for the long term, which is encapsulated in his nine-character motto [3][4]. Group 2: Performance and Case Study - The Wan Jia Hui Xuan Fund has achieved a net value increase of 120.77% over the past year, ranking among the top in the market [1]. - A notable example is Suzhou Axis Co., which was heavily invested in during its undervalued phase, resulting in a tenfold increase in stock price within three years [2][3]. Group 3: Market Insights - Ye Yong argues that value investing remains relevant, countering the notion that it has become outdated due to market fluctuations [6][7]. - He highlights the importance of understanding macroeconomic and industry changes to accurately assess a company's intrinsic value, which can shift over time [6][7]. Group 4: Stock Selection Criteria - The selection process involves understanding market trends and industry dynamics before choosing individual stocks, ensuring that the investment aligns with broader market movements [7]. - Ye Yong's extensive background in various financial roles enhances his ability to evaluate companies effectively, contributing to his success as a fund manager [4][5].