sortino指标选出的牛基2--大成高鑫（刘旭），如何定义基金经理的“好”？

Core Insights - The article emphasizes the importance of the Sortino ratio in evaluating fund managers and their investment strategies, highlighting the performance of several funds over a three-year period [3][22]. Fund Performance - The top-performing funds based on the Sortino ratio include: - 创金合信文娱媒体 (15.40% return, Sortino ratio 1.4724) - 大成高鑫 (66.75% return, Sortino ratio 1.427) - 鹏华优选价值 (11.11% return, Sortino ratio 1.5127) - 富国文体健康 (8.71% return, Sortino ratio 1.2868) - 诺安先进制造 (not specified) [3][22]. Manager Performance - 刘旭, the manager of 大成高鑫, has demonstrated consistent performance, achieving a cumulative return of 420.67% over ten years, with an annualized return of 17.27%, ranking first among peers [6][8]. - In challenging years, such as 2018, 2022, and 2023, 刘旭's funds outperformed the market, with a positive return in 2023 despite a significant drop in the 沪深300 index [6][24]. Investment Strategy - The article discusses the significance of a strong defensive capability in high-volatility markets like A-shares, suggesting that a fund's ability to protect capital during downturns is crucial [7][25]. - It also highlights the potential pitfalls of "net value traps," where funds may show high returns but fail to deliver actual profits to investors due to poor management of inflows and outflows [12][14]. Conclusion - The focus on the Sortino ratio and the performance of specific funds and managers illustrates the importance of risk-adjusted returns in investment decision-making [3][19].