格雷厄姆、施洛斯关注的一个指标，筛选出炉这些基金

Core Viewpoint - The article discusses the investment strategy focusing on funds with a price-to-book ratio (P/B) between 1.05 and 2.00, highlighting the potential for value investing in this range [3][4]. Group 1: Investment Strategy - The article references Benjamin Graham's investment philosophy, emphasizing that a P/B ratio below 2 indicates a moderate or low valuation risk [3]. - Walter Schloss, a student of Graham, successfully invested in assets with a P/B ratio not exceeding 1.5, achieving notable returns [3]. - The author aims to expand the criteria to include funds with a P/B ratio between 1.05 and 2.00, identifying 1242 funds that meet the initial criteria [4][5]. Group 2: Fund Selection Criteria - The selected funds must be equity-oriented, with a stock allocation greater than 50% and a total fund size exceeding 0.5 billion [5]. - After filtering for fund managers with at least three years of tenure, 595 funds remain, which are further narrowed down to 71 based on their Sharpe ratio over the past three years [5]. - The article provides a detailed ranking of these 71 funds based on their Sharpe ratio, including metrics such as institutional ownership, stock allocation, average P/E and P/B ratios, and historical returns [5]. Group 3: Performance Metrics - The article mentions that the remaining funds are evaluated based on their three-year performance metrics, including maximum drawdown and Calmar ratio [5][8]. - A final selection of 54 funds is made after excluding those with a maximum drawdown greater than -30%, indicating a focus on risk management [8].