银华基金张腾：一个“非典型”价值投资者的布局之道

Group 1 - The core viewpoint of the article highlights the significant performance of the non-ferrous metal industry, which has seen a year-to-date increase of 53.87%, ranking second in the market, only behind the communication industry at 64.60% [2] - Zhang Teng, a fund manager from Yinhua Fund, recognized the potential of the non-ferrous sector early in 2024, predicting that it would benefit from the Federal Reserve's easing cycle [2][3] - The implementation of anti-involution policies has led to tighter supply in the non-ferrous industry, resulting in greater price elasticity and potential for substantial returns [2] Group 2 - Zhang Teng's fund, Yinhua Ruihe Flexible Allocation Mixed Fund, has achieved a 43.79% increase this year, significantly outperforming its benchmark of 7.02% and ranking in the top 11% among similar products [3] - His investment strategy is not solely based on traditional value stocks but is a result of a systematic framework that emphasizes long-term variables and high-elasticity opportunities [3][6] Group 3 - Since 2016, market styles have shifted from technology growth to value stocks, which posed challenges for Zhang Teng as a track-focused fund manager [5] - The low point in his career allowed him to refine his investment framework, focusing on long-term factors that influence capital markets, akin to understanding seasonal changes [6] Group 4 - Zhang Teng's preference for traditional cyclical industries like coal and chemicals has not hindered his performance, as he maintains a deep understanding of energy transitions and industry policies [7] - His investment framework incorporates the concept of "carbon neutrality," which he identified as a long-term investment backdrop, leading to significant opportunities in the coal sector due to supply-demand mismatches [9] Group 5 - Zhang Teng's unique investment perspective allowed him to capitalize on various market conditions, such as the electricity shortage and subsequent investment opportunities in power grid infrastructure [10] - His annual performance has consistently ranked high among peers, with a notable 61.76% increase in 2021, placing him 22nd among over 2000 similar products [10] Group 6 - Zhang Teng emphasizes a balanced approach to portfolio management, prioritizing stability over chasing high elasticity, which is evident in his cautious allocation to the coal sector [12][13] - His strategy includes diversifying across various cyclical sectors, ensuring a robust and resilient portfolio capable of withstanding market fluctuations [13] Group 7 - The low interest rate environment has made value stocks attractive, with the CSI 800 Value Index showing a year-to-date increase of over 6% and a dividend yield of 3.66% [15] - Zhang Teng's approach to value investing focuses on identifying high-quality assets with elasticity, challenging the stereotype that value stocks lack dynamism [15][16]