3只基金2025年收益翻倍，他用价值理念磨砺成长锐度

Core Insights - 2025 is marked as a year where actively managed equity funds outperformed broad market indices, with the Wind偏股混合指数 rising by 33.19% compared to the 17.66% increase in the沪深300 index [1] - Active equity funds have shown a tendency to overweight growth factors, leading to significant excess returns during structural bull markets favoring growth styles [1] - Notably, Chen Peng from Anxin Fund achieved impressive performance without relying on popular sectors like innovative drugs, robotics, or AI, demonstrating that balanced allocation can yield substantial returns [2] Performance Comparison - Active equity funds outperformed the沪深300 index for three consecutive years from 2019 to 2021 during periods favoring growth, while they underperformed from 2022 to 2024 when value styles dominated [1] - In 2025, funds that performed well were predominantly characterized by a growth style [1] Investment Philosophy - Chen Peng's approach to growth investing is rooted in value principles, focusing on fundamental analysis rather than speculative trends [4][11] - He emphasizes the importance of understanding a company's future profitability and avoids conflating delayed earnings realization with speculative investments [4] Risk Management - Chen Peng's investment strategy features a balanced industry allocation, avoiding concentration in single sectors, which helps mitigate risks associated with market downturns [5][7] - His risk control measures include analyzing systemic risks, selecting high-quality growth stocks, and maintaining a diversified portfolio across different industry life cycles [7] Team and Research Strength - Anxin Fund has established a robust research team focused on fundamental analysis, which supports both value and growth investment strategies [13][14] - Chen Peng's leadership in building the research team has contributed to the development of a culture centered on long-term profitability and effective collaboration [13] Experience and Adaptability - Chen Peng's extensive experience through multiple market cycles has equipped him with a unique perspective on growth investing, allowing him to adapt his strategies over time [10][12] - His investment framework has evolved through three distinct phases, reflecting changes in market dynamics and economic conditions [10] Commitment to Investors - Chen Peng emphasizes the importance of trust and responsibility towards investors, aligning the goals of fund managers with the interests of fund holders [16] - His investment philosophy is driven by a commitment to ethical practices and a focus on delivering sustainable returns to investors [16]