Core Viewpoint - The article emphasizes the importance of long-term investment strategies and the need for a stable holding experience for investors, even during market fluctuations [1][4]. Investment Philosophy - The investment style of the team led by He Wei focuses on "long-term absolute returns," integrating absolute return concepts into relative return assessments [5]. - The team aims to balance relative index outperformance with maximum drawdown control, especially during market bubbles by shifting towards defensive and stable blue-chip stocks [5][6]. Performance Metrics - The Silver Hua Shanghai-Shenzhen Stock Connect Fund managed by He Wei achieved a nearly 24.08% growth rate over three years, ranking in the top 3% of its category [6]. - The fund has consistently delivered excess returns of 3-12 percentage points annually from 2022 to 2024 [6]. Investment Framework - The investment framework includes selecting fundamentally driven stocks with safety margins, prioritizing win rates over potential returns, and avoiding high-valuation, crowded trades [7]. - Emphasis is placed on macroeconomic trends and future possibilities, as well as a focus on valuation metrics like PB, PE, and ROE [7]. Long-term Perspective - The approach is influenced by the long-term investment perspective of social security funds, which allows for more strategic considerations in investment decisions [6][8]. - The company aims to create a stable net value curve through a disciplined investment philosophy [8]. Market Outlook - The company views the Chinese capital market as fundamentally strong, with potential for significant foreign investment inflows in the future [13]. - The article highlights the importance of the external environment and domestic policies in shaping market conditions, with a focus on sectors like consumer and real estate [13]. Sector Focus - The company maintains a positive outlook on the non-ferrous metals sector, citing favorable supply-demand dynamics and reasonable valuations [14]. - Financial stocks are seen as having recovery potential, while technology stocks may face volatility due to external influences [14]. New Fund Launch - The upcoming Silver Hua Xin He Mixed Securities Investment Fund will feature an innovative floating management fee structure, aiming for stable returns and long-term investor relationships [10][11]. - The new fund will also include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities [12].
银华鑫禾拟任基金经理和玮：舍弃锐度 追求长期稳健收益
中国基金报·2025-10-20 00:10