中欧基金刘勇：锚定绝对收益，打造低波动财富增长曲线

Group 1 - The core investment philosophy of the fund manager emphasizes "value investment + absolute return," focusing on valuation, cash flow, and fundamental certainty to achieve long-term stable returns [1][14] - The fund adopts a "core + satellite" allocation framework, avoiding trends and focusing on undervalued assets, with a balanced sector allocation to mitigate risks [1][14] - The fund manager has a strong track record, with a total return of 10.71% since taking over the fund, ranking in the top 28.96% among peers [2][23] Group 2 - The fund's asset allocation primarily consists of high-grade credit bonds, with a significant portion (50%-87%) allocated to credit bonds, and a recent increase in interest rate bonds to 21.33% [3][35] - The equity allocation remains below 20%, with an average historical stock position of 13.14%, focusing on large-cap, undervalued, and high-quality stocks [2][40] - The fund's industry allocation is heavily weighted towards electricity and public utilities, maintaining a proportion of 17.84%-28.06% from Q4 2023 to Q2 2025 [2][48] Group 3 - The fund has demonstrated strong performance in controlling drawdowns, with a maximum drawdown of -1.29%, significantly better than the peer average [2][24] - The probability of making a profit after holding the fund for three months is 92.41%, indicating a high success rate for investors [2][29] - The fund manager employs a dynamic stock selection strategy, focusing on large-cap stocks with low valuations and high quality, while maintaining a balanced growth style [2][40]