南方基金范佳瓅：以周期框架掌舵产品航向

Core Viewpoint - The article emphasizes the importance of a clear and actionable investment framework for fund managers to navigate market cycles and capture growth trends, exemplified by the performance of the Southern Fund managed by Fan Jialiang, which achieved a cumulative return of 130.09% since December 1, 2023, outperforming the benchmark by 31.07% [1] Investment Framework - Fan Jialiang prioritizes "quality" in his investment philosophy, focusing on a balance between beta and alpha, and believes that selecting the right assets is crucial [2] - His approach aims to enhance the overall risk-return profile of the portfolio, optimizing the Sharpe ratio [2] - The investment framework is built on long-term research into cycles and trends, leveraging experience from both venture capital and market research across various sectors [2] Macro Insights - Fan Jialiang predicts that tight supply conditions will support potential long-term central interest rates, particularly in the upstream resource sector, which faces constraints due to lack of capital expenditure and ESG policies [3] - The restructuring of global supply chains prioritizing safety over efficiency is expected to negatively impact overall manufacturing efficiency, even during a U.S. interest rate cut cycle [3] Investment Strategy - The investment strategy is centered around three core directions: 1. Focusing on the opportunities for Chinese enterprises in emerging market manufacturing, which can enhance local economies and reduce inflationary pressures [4] 2. Capitalizing on supply bottlenecks in the upstream resource sector, as developing countries become the main drivers of global commodity demand [4] 3. Identifying structural opportunities within the domestic economy, particularly in consumer goods and technology sectors [5] Long-term Investment Approach - The investment practice reflects a commitment to "aligning with major trends," avoiding short-term fads while dynamically optimizing portfolio layouts based on macro cycles and industry logic [6] - Regular reports maintain a transparent and pragmatic style, emphasizing investment decisions based on industry logic and valuation matching [6] Future Outlook - The products managed by Fan Jialiang are characterized by long-term stability and controlled risk, making them attractive for investors seeking to capitalize on cyclical opportunities [7] - The focus will continue on structural opportunities in both emerging markets and the domestic economy [7]