博时基金田俊维——解码“灰马股”长跑秘诀 锚定三大黄金赛道

Core Viewpoint - The article highlights the successful investment strategy of Tian Junwei, a fund manager at Bosera Fund, who employs a GARP (Growth at a Reasonable Price) approach to achieve superior performance in the market [1][2]. Investment Strategy - Tian Junwei's investment style is centered around the GARP strategy, which balances value and growth investing by capturing growth opportunities at reasonable valuations [2]. - Since starting independent product management in 2017, Tian has expanded his investment scope across various industries while integrating bottom-up stock selection with portfolio management thinking [2][6]. Focus on Growth Stocks - The selection of high-growth stocks is based on PEG (Price/Earnings to Growth) ratios, primarily focusing on technology companies, while high-quality growth stocks are often found in the consumer sector [2][7]. - Tian emphasizes understanding the underlying drivers of growth rather than just financial metrics, using industry trends as a guide for stock selection [3][8]. Unique Investment Approach - Tian is known for his left-side investment strategy, where he identifies undervalued stocks or those at the early stages of industry upturns, such as his early investments in the CRO/CMO sector [4][5]. - His investment philosophy rejects macro-level style shifts and industry rotations, focusing instead on long-term opportunities aligned with industry trends [4][6]. Lifecycle Focus - Recently, Tian has shifted his focus from mid-to-late stage companies to those in the early stages of their lifecycle, identifying new opportunities in emerging industries that are still undervalued [5][9]. Composite Investment Model - Tian has upgraded his left-side investment strategy to a composite model of "contrarian investing + portfolio management," which helps manage volatility even during market downturns [6]. Targeted Industry Opportunities - Tian's excess returns primarily come from stock selection, with less emphasis on asset and industry allocation. He identifies three main directions for future investments: digital transformation, safety and self-sufficiency, and emerging industries [7][9]. - In the digital transformation space, the rise of generative AI is seen as a catalyst for improving production efficiency and cost reduction [7]. - The safety and self-sufficiency sector includes electronics, computing, machinery, and defense, which are expected to yield high-quality growth stocks [7][9].