林园回应业绩倒数第一：依然在，不调仓，12年闭着眼也能回本

Core Viewpoint - The private equity industry is experiencing significant performance differentiation, with Lin Yuan Investment ranking last with a -4.25% return, while the top firm, Guoyuan Xinda, achieved a 55.24% return, highlighting the challenges faced by traditional value investors in a changing market environment [1][3]. Performance Analysis - Lin Yuan Investment's 18 disclosed products underperformed the CSI 300 index, with the best-performing product, Lin Yuan Investment No. 218, yielding 15.36%, which is lower than the CSI 300's 18.77% increase during the same period [3]. - The product Lin Yuan Investment No. 173 is nearing liquidation with a unit net value of 0.7620 yuan, significantly underperforming the market [3]. - Market reactions have been mixed, with some investors expressing dissatisfaction over missed opportunities in a bull market, while others defend Lin Yuan's long-term investment strategy [3][5]. Investment Strategy - Lin Yuan maintains a calm demeanor amidst performance pressures, denying any risk of liquidation and attributing poor performance to short-term declines in holdings [5]. - He has passively allocated to technology stocks to meet market requirements but expressed regret over this decision, indicating discomfort with tech investments [5]. - Lin Yuan remains committed to his investment strategy without additional risk control measures or adjustments to his holdings [5]. Sector Focus - Lin Yuan expresses strong confidence in the liquor industry, viewing it as a source of "pleasure demand" and suggesting that holding liquor stocks for over 12 years could yield returns through dividends that cover initial investment costs [7]. - He remains cautious about trends targeting younger consumers, noting past attempts by liquor companies to appeal to this demographic have not been very successful [7]. Market Context - The performance struggles of Lin Yuan Investment and other value-focused private equity firms reflect a broader shift in the A-share market, where sectors like AI and semiconductors are leading, while traditional sectors like liquor and pharmaceuticals are lagging [9]. - The rise of quantitative strategies poses significant challenges to traditional value investing, which is undergoing a "test of patience" amid short-term market fluctuations [9]. - Historical parallels are drawn to investment legends like Warren Buffett, who also faced performance challenges while adhering to his investment philosophy during market upheavals [9].