【晨星焦点基金系列】：买价值or 成长？聪明的基民已在布局这种“中间策略”

Core Viewpoint - The article emphasizes the performance and strategy of the Xingquan Commercial Model Preferred Mixed Fund, managed by Qiao Qian, highlighting its GARP (Growth at a Reasonable Price) investment strategy and its ability to achieve stable excess returns over the long term [2][3][4]. Fund Overview - Fund Code: 163415 - Fund Type: Active Allocation - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth - Establishment Date: December 18, 2012 - Fund Size: 14.012 billion CNY as of March 31, 2025 - Annual Comprehensive Fee Rate: 1.87%, lower than the average of 2.41% for similar funds [1][2][21]. Manager Profile - Qiao Qian has been managing the fund since July 2018, with 17 years of investment research experience, including over 7 years in public fund management [4]. - The fund manager has demonstrated strong stock-picking abilities across various sectors, including industrials, technology, consumer discretionary, materials, and healthcare [4]. Investment Strategy - The fund employs a GARP strategy, integrating macro and microeconomic judgments into stock selection, focusing on valuation and absolute returns [3][8]. - The investment approach is bottom-up, targeting stocks with a reasonable price and expected annualized returns of 10-15% over a 3-5 year horizon [8]. - The manager maintains a balanced portfolio across industries and emphasizes finding opportunities in under-recognized smaller companies [9]. Performance Metrics - As of April 30, 2025, the fund achieved an annualized return of 12.17%, outperforming the benchmark's 11.57% [17]. - The fund's Sharpe ratio during the manager's tenure is 0.74, significantly higher than the benchmark's 0.11, ranking 6th among similar funds [17]. - The fund's recent 3-year and 5-year annualized returns rank 7th and 23rd, respectively, among peers [17]. Risk Management - The fund manager aims for absolute returns over the next three years while maintaining a balanced industry allocation to control portfolio risk [9]. - The fund's historical performance shows resilience during various market conditions, with a focus on macroeconomic changes and sector dynamics [15].