中欧价值派付倍佳：横跨A股+港股的多元价值践行者

Core Viewpoint - The A-share and Hong Kong stock markets have shown diverse style characteristics since 2025, with growth sectors attracting significant attention due to policy catalysts and technological breakthroughs, while value investing faces scrutiny in the new market environment [1] Group 1: Market Trends - Growth investing has become the core focus for capital, leading to questions about the effectiveness of value investing in the current market [1] - Historical market evolution shows a cyclical rotation between growth and value investing, with value investing consistently facing challenges during growth phases [1] - Long-term data supports the effectiveness of value investing, with the annualized return of the CSI 800 Value Index at 6.79%, outperforming the CSI 800 Growth Index at 4.35% over the past decade [1] Group 2: Performance Metrics - The CSI 800 Value Index has a Sharpe ratio of 0.42 over the past decade, higher than the 0.27 of the CSI 800 Growth Index, indicating better risk-adjusted returns [2] - The average annualized volatility of the CSI 800 Value Index is 17.79%, lower than the 21.6% of the CSI 800 Growth Index, demonstrating stronger resilience [1][2] Group 3: Team Composition and Strategy - The China Europe Fund's value team, known as the "China Europe Value Team," has attracted experienced fund managers with diverse strategies, creating a distinctive investment approach [2][3] - The team consists of seven fund managers with an average of 13 years of experience, focusing on deep value, balanced value, and quality value strategies [2][3] - Fund manager Fu Beijia emphasizes a "multi-dimensional value, macro-driven" approach, integrating macro, meso, and micro perspectives in investment decisions [3] Group 4: Investment Philosophy - Fu Beijia's investment philosophy is rooted in the principles of value investing, focusing on "good assets, good prices, and long durations," while dynamically adjusting weights based on market conditions [7][8] - The investment strategy includes a barbell structure with high dividend assets on one end and innovative growth assets on the other, aiming to effectively diversify risk [8][9] Group 5: Performance in Hong Kong Market - The China Europe Hong Kong Stock Connect Fund, managed by Fu Beijia, has achieved a performance of 32.62% over the past six months, exceeding its benchmark by 23.59% [4] - Fu Beijia's deep understanding of the Hong Kong market's unique characteristics informs her investment strategy, focusing on macro risk avoidance and stringent stock selection [10][11] - The fund's portfolio includes a mix of high-quality assets, particularly in insurance and internet sectors, capitalizing on the valuation advantages present in the Hong Kong market [11][12]