基金经理研究系列报告之七十三：华泰柏瑞基金叶丰：以绝对收益为导向，打造攻守平衡的投资组合

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Ye Feng of Huatai-PineBridge Fund constructs an investment framework based on the "macro setting - meso allocation - micro execution" system, aiming to achieve a balance between offense and defense through a deep combination of policy sensitivity and industry understanding [4]. - The active equity representative product, Huatai - PineBridge Zhiyuan, has shown excellent performance in terms of return - risk characteristics, asset allocation, and industry allocation. It has achieved remarkable returns and effectively managed risks [4]. - The fixed - income plus representative product, Huatai - PineBridge Jinrui, has also demonstrated outstanding performance in return - risk characteristics, asset allocation, bond investment, and stock investment, with high returns and strong risk - control capabilities [4]. 3. Summary According to the Table of Contents 3.1 Huatai - PineBridge Ye Feng: Building an Offense - Defense Balanced Investment Portfolio with an Absolute Return Orientation - Basic Information of the Fund Manager: Ye Feng graduated with a doctorate from the Investment Department of the Chinese Academy of Social Sciences. He has 7 years of policy research experience in central enterprises and government think - tanks and 9 years of investment practice experience. He currently manages 4 products with a total scale of 2.445 billion yuan [10]. - Investment Framework: Ye Feng's investment framework combines macro - trend analysis with industry understanding. At the macro level, he focuses on analyzing the monetary environment; at the meso level, he focuses on three major fields: dividends, technology, and non - ferrous metals; at the micro level, he selects stocks based on his industry experience to form an offense - defense balanced portfolio [13]. 3.2 Huatai - PineBridge Zhiyuan: Seizing Inflection Points through Precise Timing and Capturing Main Lines through Cyclical Rotation - Return - Risk Characteristics: Since 2025, the cumulative return of Huatai - PineBridge Zhiyuan has been 25.35% (ranked in the top 7% of the market), with a Sharpe ratio of 2.39 (ranked in the top 10% of the market). It has a quarterly win - rate of 75% and an average excess return of 3.37%. It has also shown good adaptability in complex market environments [15][23]. - Asset Allocation: The fund manager uses "macro analysis + position timing" to achieve a balance between offense and defense. For example, in September 2024, the position was increased to 92.82% to capture the rebound, and before the tariff risk in 2025, the position was reduced to 63.67% [30]. - Stock Investment: The fund manager focuses on the cyclical rotation of "cycle - dividend - technology" sectors. He can rotate industries in advance, heavily invest in favored industries, and construct a dumbbell - shaped portfolio to reduce volatility [33]. 3.3 Huatai - PineBridge Jinrui: A Top - Performing Fixed - Income Plus Product with Returns in the Top 2% - Return - Risk Characteristics: The cumulative return of Huatai - PineBridge Jinrui is 10.90% (ranked in the top 2% of the same - strategy funds), with a Sharpe ratio of 1.66 (ranked in the top 20% of the same - strategy funds). It has a quarterly win - rate of 100% and an average excess return of 1.40% [43]. - Asset Allocation: The equity part of Huatai - PineBridge Jinrui is invested in stocks, with an average stock position of 8.49%. The fund manager can adjust the position extremely flexibly, such as being empty - position in the semi - annual report of 2024 and increasing the position to 12.14% during the 924 market [55]. - Bond Investment: The fund adopts a short - duration interest - rate bond strategy, mainly investing in short - term and highly liquid government bonds and policy - bank bonds to provide liquidity for the stock portfolio [56]. - Stock Investment: The fund manager heavily invests in favored industries and stocks. The top ten heavy - position stocks account for a high proportion of the stock investment market value. The simulated portfolio of heavy - position stocks has outperformed the CSI 300 Index, and the stock investment return significantly leads the same - strategy funds [61][71].