兴银基金于龙：在风口之外，静待价值归来的沉稳之道

Core Viewpoint - The investment philosophy of Yu Long emphasizes a "hold to maturity" approach akin to bond investing, focusing on patience and value realization over time, contrasting with the prevalent trend of chasing market fads and short-term gains [1][3][4]. Investment Strategy - Yu Long's strategy is characterized by simplicity and a contrarian nature, relying on a long-term internal rate of return as the sole investment decision metric [3][4]. - The sources of investment returns are categorized into three areas: value distribution (dividends and buybacks), value creation through reinvestment, and value discovery from market mispricing [3][4]. - The target internal return rate for the investment portfolio is aimed to be above 15%, allowing for price fluctuations without concern as long as the quality companies are purchased at low prices [3][4]. Stock Selection Criteria - The selection criteria prioritize both "cheap" and "high-quality" companies, with a preference for leading and state-owned enterprises due to their stable dividend capabilities and capital returns [3][4][6]. - Yu Long typically maintains a concentrated portfolio of around 10 stocks, believing that fewer holdings can effectively control risk and enhance returns [6][7]. - The focus is on companies with strong competitive advantages, growth potential, safety margins, risk pricing, sound governance, and transparency [7][9]. Market Approach - The investment approach is fundamentally bottom-up, avoiding reliance on macroeconomic trends or industry rotations, and instead focusing on individual stock valuation [6][7]. - Yu Long seeks opportunities in underappreciated sectors, where companies may be undervalued despite having solid fundamentals [7][9]. - The strategy involves buying when market sentiment is low, capitalizing on the fear and panic of others to acquire undervalued assets [9][10]. Long-Term Holding Philosophy - The holding period for investments is generally long, with a low turnover rate, reflecting a willingness to wait for value to materialize over time [7][10]. - The philosophy underscores that true investment success comes from maintaining a rational approach and resisting the urge for immediate gratification [4][10].