A股结构分化加剧 均衡基金重回投资视野

Core Viewpoint - The A-share market is experiencing high volatility, and investors are focusing on strategic positioning to achieve excess returns while controlling risks [1] Group 1: Fund Performance - The Guangfa Balanced Growth Fund has shown impressive performance with a one-year return of 55.03%, outperforming its benchmark by 23.89% [1] - The fund's maximum drawdown since inception is 12.59%, which is lower than the over 15% drawdown of the CSI 300 Index and the Wind Mixed Equity Fund Index [1] - The fund's Sharpe ratio is 2.05, placing it in the top 1% among 4,180 mixed equity funds [1] Group 2: Fund Manager Insights - Yang Dong, the fund manager with 19 years of experience, emphasizes a top-down approach for industry and style selection, followed by a bottom-up selection of stocks with reasonable valuations and competitive advantages [2] - The fund's portfolio is diversified across various industries, with significant allocations in electronics, communications, power equipment, and innovative pharmaceuticals, while also including undervalued stable growth sectors like non-bank financials and banks [2] - The top ten holdings account for 41.18% of the fund's net asset value, with individual stock weights ranging from 1% to 2%, indicating a well-diversified portfolio [2] Group 3: Future Outlook - Yang Dong is optimistic about the A-share market, highlighting three trends: the growth of industries represented by AI, trendy consumer products, and electronics; a shift in asset allocation from savings and real estate to equities and funds; and supportive policies that may lead to a low-volatility, resilient market environment [3]