【晨星焦点基金系列】：锁定长期价值：在业内经理更迭潮中选对投资 “同行者”

Core Viewpoint - The article emphasizes the performance and management strategy of the China Europe New Trend Mixed Fund, highlighting the experience of fund manager Zhou Weiwen and the fund's strong long-term returns compared to its peers and benchmarks [3][22][31]. Fund Overview - Fund Code: 166001 - Fund Type: Actively Managed - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth Total Return - Fund Size: 60.62 billion CNY as of September 30, 2025 [1][2]. Fund Manager Profile - Zhou Weiwen has 26 years of industry experience and has managed the fund for over 14 years, demonstrating stability through multiple market cycles [3][6]. - The fund manager's administrative responsibilities have decreased, allowing for a greater focus on investment management [7][6]. Investment Strategy - The fund adopts a growth investment style, utilizing a combination of macro and bottom-up analysis to achieve long-term stable returns [3][12]. - The investment strategy involves analyzing industry conditions and selecting stocks with sustainable performance and competitive advantages [12][14]. Performance Metrics - Since Zhou Weiwen took over in August 2011, the fund has achieved an annualized return of 12.76%, significantly outperforming the benchmark's annualized return of 9.35% [22]. - The fund's recent 3-year and 5-year annualized returns are 10.95% and 6.66%, respectively, surpassing the benchmark by 4.01% and 6.60% [22]. - The fund's Sharpe ratio stands at 0.74, outperforming the benchmark's 0.19, indicating strong risk-adjusted returns [22][30]. Risk Management - The fund maintains a diversified portfolio, with a standard deviation and downside risk lower than the average of its peers, reflecting effective risk management [22][29]. - The fund's turnover rate is relatively low, contributing to lower transaction costs and a comprehensive fee rate of 1.70%, which is below the average of 2.26% for similar funds [31][3]. Asset Allocation - As of June 30, 2025, the fund's asset allocation is 89.02% in equities, 4.13% in bonds, and 7.07% in cash, indicating a strong focus on stock investments [18][19]. - The fund's sector allocation shows a significant emphasis on cyclical and industrial sectors, with 42.28% and 19.96% respectively, compared to the benchmark [20].