投资大佬但斌“晒单”引热议：海外基金三年赚138%全球第三，投资者质疑

Core Insights - The article highlights the performance of Dongfang Hongwan's overseas fund, which achieved a three-year return of 138.98%, ranking third among 9,970 global hedge funds, and a one-year return of 26.63% [1][5] - There is a mixed market interpretation of these results, with the one-year return being slightly above the domestic average of 24.32% but significantly lower than the top 5% return of 82.48% [1][5] - Concerns have been raised regarding the underperformance of domestic products, which recorded returns around 15%, well below the average [1][5] Investment Strategy - Dongfang Hongwan's investment strategy is heavily focused on AI, with a significant portion of its $1.292 billion portfolio allocated to AI-related stocks, including major holdings in Nvidia and Google [3][4] - The fund's top holdings include Nvidia at $236 million, Google at $224 million, and new positions in Alibaba and Broadcom, reflecting a strong belief in the AI sector [3][4] - The fund also invested in key players in the AI supply chain, such as Astera Labs and BitMine Immersion Technologies, indicating a comprehensive approach to the AI industry [4] Performance Analysis - The long-term performance of Dongfang Hongwan is praised for its effectiveness in value investing, with a three-year return of 138.98% demonstrating strong asset judgment [5][7] - However, the one-year performance has sparked debate, as it falls short compared to peers, raising questions about the sustainability of its strategy [5][7] - The domestic products have shown significant volatility, with notable losses earlier in the year, leading to investor concerns about short-term performance [6][7] Market Perspective - Analysts suggest that the performance disparity reflects the inherent differences between value investing and short-term speculation, especially in a structural bull market [7] - The current market environment has created numerous short-term opportunities, but high volatility is expected, making long-term strategies more appealing [7] - The ongoing debate centers on whether to pursue short-term gains or to invest in long-term growth, with Dongfang Hongwan's strategy leaning towards the latter [7]