大A的荣耀不再属于“性价比”投资者

Core Insights - Deep value fund managers, who performed well during the bear market, are underperforming in the current bull market, primarily due to the significant rise in technology stocks and growth-oriented funds [1][2][10] - The average annual return of deep value fund managers is below the industry average, with many products yielding less than 20% year-to-date, while the CSI Active Equity Fund Index has achieved a return of 34.11% [3][9] - The investment philosophy of deep value managers focuses on long-term intrinsic value, safety margins, and stable business models, which contrasts sharply with the growth-oriented approach that prioritizes high growth potential and current market trends [10][11][12] Performance Comparison - As of September 24, 2023, prominent deep value fund managers like Xu Yan and Jiang Cheng have seen their flagship products yield less than 20%, with only a few exceeding 30% [3][9] - The performance of deep value funds is generally in line with the CSI 300 Index, which has a year-to-date return of 15.63% [10] - In contrast, growth-oriented funds have seen returns exceeding 200% in some cases, highlighting the stark difference in performance between the two styles [5][10] Market Trends - The current market environment favors growth-oriented strategies, particularly in sectors like technology and innovation, while deep value strategies are struggling due to their focus on low-valuation sectors such as finance and real estate [10][12][26] - The number of deep value fund managers is relatively small compared to growth-oriented managers, and many notable deep value figures have left the industry, further limiting the available options for investors [25][29] Investment Strategy - Deep value funds are recommended for conservative investors as a core holding, while growth funds may be allocated for those seeking higher returns [16][17] - A balanced approach that includes both deep value and growth strategies may provide better risk management and potential returns [18][19] - Investors should be cautious of deep value funds that show unusually high performance in a bull market, as this may indicate a shift in investment style [16]