为何他的一只基金能在超9年的时间里8次战胜市场？

Core Viewpoint - The article emphasizes the investment philosophy and performance of Zhou Yun, a prominent fund manager, highlighting his ability to achieve consistent returns through a value investment approach and a focus on long-term performance [1][3][20]. Investment Performance - Zhou Yun has been recognized in the "TOP 100 Fund Managers" list for four consecutive years, outperforming the Wind偏股基金指数 for three years [2][3]. - The fund managed by Zhou Yun, 东方红新动力混合A, has shown remarkable performance, with a cumulative return of over 398.35% from its inception on January 28, 2014, compared to the benchmark return of 66.11% [10][25]. - The fund has only underperformed the 沪深300 index in 2019, achieving positive annual returns in 8 out of 10 years from 2015 to 2024 [5][10]. Investment Philosophy - Zhou Yun believes that successful investing is driven by probability, aiming to eliminate luck from the equation to achieve stable profits [1][9]. - His investment framework is rooted in value investing, focusing on purchasing companies based on their free cash flow and maintaining a low valuation to ensure high returns [12][18]. - Zhou emphasizes the importance of a safety margin in investments, allowing for potential misjudgments in valuation [13][14]. Adaptation and Evolution - Since 2020, Zhou has adapted his investment strategy to include a focus on small-cap growth stocks, reflecting changes in market conditions and improving the performance of his fund [22][23]. - Zhou's approach has evolved to prioritize portfolio management based on odds and win rates, enhancing the fund's resilience against market fluctuations [23]. Long-term Strategy - Zhou Yun's long-term investment strategy is characterized by a commitment to value investing principles, which he believes are fundamentally sound and effective over time [19][20]. - The article highlights that Zhou's ability to maintain a consistent investment philosophy while adapting to market trends is key to his success [21][22].