芒格信徒的“变”与“不变”

Core Viewpoint - The article discusses the investment philosophy of Fang Jian, a fund manager at Yinhua Fund, emphasizing his consistent approach to value investing while adapting to market conditions to enhance investor experience [1][2]. Investment Philosophy - Fang Jian's investment framework remains unchanged, focusing on buying high-quality growth companies at reasonable prices and holding them long-term to benefit from company performance rather than market fluctuations [2][3]. - His investment style is characterized by seeking companies with strong growth potential, high market cap ceilings, and excellent management, while maintaining a long-term holding strategy [2][3]. Performance Metrics - As of September 30, 2025, the net value growth rate of the Yinhua Zhi Hui Inner Value A share, managed by Fang Jian since its inception on September 28, 2017, reached 149.04%, significantly outperforming the benchmark of 32.89% [2]. - The Yinhua Integrated Circuit Fund, managed by Fang Jian, reported a net value growth rate of 73.69% over the past year, with an excess return of 15.05% relative to its benchmark [3]. Product Strategy - Fang Jian is exploring two main product types: "industry small giants" focusing on long-term sectors and "absolute return" products aimed at providing stable returns with controlled drawdowns [2][3]. - The newly managed Yinhua Hui Xiang Three-Year Open Fund aims for long-term absolute returns, emphasizing steady growth and investor experience [3][4]. Risk Management - Fang Jian employs a three-pronged approach to manage volatility and control drawdowns: deep valuation assessments, proactive responses to market sentiment, and strict risk control measures for new and existing holdings [4][5]. - He maintains a core position in promising stocks while using tactical trading to manage exposure during market fluctuations, aiming to improve investor experience [5]. Embracing AI Revolution - Fang Jian views the AI revolution as essential, identifying it as a solution to human cognitive and efficiency limitations, and believes that while there may be localized bubbles, the overall AI sector remains sound [6][7]. - He outlines a clear investment framework for AI, focusing on the demand chain from semiconductors to data storage and communication technologies, which are critical for AI development [6][7]. Long-term Outlook - Fang Jian expresses optimism about the long-term potential of the robotics and innovative pharmaceuticals sectors, highlighting China's rising position in the global innovative drug industry [7].