Workflow
招商量化精选市值上浮了吗
雪球·2025-09-02 08:40

Core Viewpoint - The article discusses the recent performance and strategy shifts of small-cap investment strategies, particularly focusing on the招商量化精选 fund and its manager, Wang Ping, who has expressed caution regarding small-cap investments in the second quarter report [3][9]. Group 1: Fund Performance Analysis - The招商量化精选 fund's holdings in沪深300 increased from 2.48% in mid-2024 to 10.85% in mid-2025, indicating a significant shift towards larger market cap stocks [5][6]. - Conversely, the allocation to "other" small-cap stocks, which are smaller than中证2000, decreased from 16.24% to 10.37% during the same period [5][6]. - The fund's performance has been relatively strong compared to国证2000, especially during periods when国证2000 showed weakness [10]. Group 2: Investment Strategy Insights - Wang Ping mentioned that the招商量化精选 fund employs a PB-ROE strategy, which does not specifically target small-cap stocks, but the selection process tends to favor them [7][8]. - The article raises questions about whether the observed market cap shift is a result of active selection or a consequence of the underlying model used by the fund [7][8]. Group 3: Comparison with Other Funds - The博道远航 fund, managed by Yang Meng, shows a significant downshift in market cap distribution, but its performance is closely tied to the万得偏股混合型基金指数 [12][14]. - The国泰君安量化选股 fund has shifted its holdings from large-cap to small-cap stocks, particularly中证2000, achieving a 31.30% return in the first eight months of the year [15]. - The华夏智胜先锋 fund maintains a focus on中证1000 and below, with a notable increase in small-cap allocations [19][21].