价值投资老将，业绩确实能打

Core Viewpoint - The article emphasizes the importance of experienced fund managers who can navigate through bull and bear cycles to create long-term returns for investors [1][2]. Group 1: Fund Manager Profile - Hu Song, a veteran fund manager with over 20 years in finance and 14 years of investment experience, is highlighted as a rare example of a value investor in the current A-share market [2]. - Under Hu Song's management, the Guotai Jinpeng Blue Chip Fund has achieved a return of 75.63% since September 25, 2020, with an annualized return of 11.87%, outperforming its benchmark and peer average [2][3]. Group 2: Fund Performance - The Guotai Jinsheng Fund, launched at a market low in February 2024, has seen a performance increase of 50.73% this year, surpassing the CSI 300 Index and its benchmark [2][3]. - The Guotai Jinpeng Blue Chip Fund has delivered nearly 60% positive returns over the past three years, ranking in the top 10% among peers, with a maximum drawdown significantly lower than the average [6][7]. Group 3: Investment Philosophy - Hu Song's investment strategy focuses on fundamental analysis, emphasizing the importance of a company's competitive advantages and reasonable valuations [4][5]. - The principle of "margin of safety" guides Hu Song's investment decisions, favoring growth stocks that can create long-term value [5][6]. Group 4: Risk Management - Hu Song employs a balanced approach to risk and return, actively managing drawdowns and diversifying across industries to mitigate market volatility [6][9]. - The investment portfolio is dynamically adjusted based on macroeconomic conditions and individual stock performance, ensuring a robust response to market changes [4][9]. Group 5: Market Outlook - Hu Song remains optimistic about sectors such as AI, new energy, industrial metals, and technology, citing favorable domestic and international economic conditions [8][9]. - The article notes that despite challenges in the real estate and consumer sectors, there are structural highlights in emerging industries that could present investment opportunities [8][9].