多资产轮动 做时代的投资

Core Insights - The article emphasizes the importance of adapting investment frameworks to changing market conditions, highlighting the need for continuous iteration and flexibility in investment strategies [1][2][3] - The focus is on identifying long-term value and opportunities in industries that may be overlooked by the market, with a strong emphasis on understanding both micro and macroeconomic factors [3][4][5] Investment Framework - The investment approach has evolved from a focus on TMT (Technology, Media, and Telecommunications) to a more diversified strategy that includes cyclical and renewable energy sectors, adapting to market shifts since 2016 [1][2] - The iterative framework allows for dynamic adjustments based on market conditions, emphasizing the importance of not being confined to a single industry [2][3] Industry Rotation Strategy - The company prioritizes mid-cycle industry conditions and long-term trends, aiming for substantial returns rather than short-term fluctuations [3][4] - The strategy involves assessing whether stock prices are overvalued relative to fundamental performance, allowing for timely investment decisions [4][5] Team Dynamics and Performance - The company places significant emphasis on team collaboration and tactical expertise, fostering a culture of rigorous training and performance evaluation among team members [8] - The success of the investment team is attributed to a structured approach to research and a focus on continuous improvement, which has led to the emergence of multiple high-performing funds [8] Market Outlook - The article suggests that the future of active equity investment will increasingly rely on managers skilled in industry rotation, as market dynamics continue to evolve [6][7] - The company believes that passive investment strategies may struggle to keep pace with the rapid changes in market conditions, reinforcing the value of active management [7]