双重分散组合管理策略

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投资长跑选手的“攻守道”——访华商润丰混合基金经理胡中原
Shang Hai Zheng Quan Bao· 2025-07-27 13:57
Core Viewpoint - The article discusses the investment strategy of Hu Zhongyuan, a fund manager at Huashang Fund, emphasizing the importance of both offensive and defensive strategies in investment, particularly during market adjustments [4][8]. Group 1: Investment Strategy - Hu Zhongyuan employs a "dual diversification" strategy in product allocation, focusing on industry diversification to reduce portfolio volatility by including both high-growth and stable defensive sectors [5][9]. - The fund managed by Hu Zhongyuan, Huashang Runfeng Flexible Allocation Mixed Fund, has shown impressive long-term performance, with a net value increase of 193.98% over nearly seven years, significantly outperforming the benchmark and the CSI 300 index [5][6]. - The investment framework is based on industry cycles and win rates, selecting industries with upward revenue and profit trends for allocation, while avoiding a preset preference for any specific industry [6][7]. Group 2: Market Adaptation - Hu Zhongyuan has demonstrated a proactive approach to market changes, such as shifting investments from high-valued sectors like liquor and pharmaceuticals to undervalued sectors like coal and pork during market fluctuations [7][10]. - The fund's performance during market downturns has been notable, with a smaller drawdown compared to many peers, attributed to a mix of defensive public utilities and bond assets [10]. Group 3: Market Outlook - The current market is viewed as favorable, with structural opportunities expected due to ongoing policy support, ample liquidity, and evolving industry dynamics [11][12]. - Key factors supporting the A-share market include sustained policy effects, a favorable funding environment, and emerging structural investment opportunities in sectors like artificial intelligence, new consumption, and innovative pharmaceuticals [12][13][14].