兴银基金于龙：在风口之外，静待价值归来的沉稳之道

Core Viewpoint - The investment philosophy of Yu Long emphasizes a "hold until maturity" approach, akin to bond investing, focusing on patience and value realization over time [2][4]. Investment Strategy - Yu Long's strategy is simple yet contrarian, relying on a long-term internal rate of return as the sole investment decision metric, which requires patience and discipline to ignore market noise [4][5]. - Investment returns are categorized into three sources: value distribution (dividends and buybacks), value creation from reinvestment, and value discovery from market mispricing [4][5]. - The focus is on acquiring high-quality companies at low prices, aiming for an internal return rate of over 15%, regardless of short-term price fluctuations [4][5]. Stock Selection Criteria - The selection criteria prioritize both "cheap" and "high-quality" companies, favoring leading and state-owned enterprises for their stable dividend capabilities and capital returns [4][5]. - Yu Long typically maintains a concentrated portfolio of around 10 to 15 stocks, believing that fewer holdings reduce risk and enhance returns [7][8]. Research Focus - During company research, six key aspects are emphasized: competitive advantage (moat), growth potential, margin of safety, risk pricing, corporate governance, and transparency [8][10]. - The investment horizon is long, with a low turnover rate, as Yu Long is willing to wait for value to materialize, even if it takes years [8][10]. Market Approach - Yu Long adopts a bottom-up approach, avoiding macroeconomic predictions and focusing on individual stock selection, particularly in underappreciated sectors [7][10]. - The strategy involves buying undervalued stocks during market downturns, emphasizing the importance of understanding the intrinsic value of companies [10][11]. Risk Management - The concept of margin of safety is crucial, with investments made based on worst-case scenario valuations, ensuring that even in adverse conditions, the investment remains sound [11]. - The philosophy is to leverage common sense over emotional reactions, maintaining a disciplined approach to investing [11].