现管理基金如下：银华瑞和灵活配置混合(2024.3.7起)、银华心佳两年持有期混合(2024.7.17起)、银华甄 选价值成长混合A/C(2024.8.7起)。 A股续创十年新高，"3800点之上如何布局"也成为投资者关注焦点。当前市场行情火热，成长风格演绎 持续演绎，价值风格或成为投资组合的重要补充。据悉，由张腾掌舵的银华甄选价值回报(A类： 023839，C类：023840)将于9月1日起发行，或可助力投资者把握权益资产投资良机。 公开资料显示，张腾毕业于清华大学热能工程系，同时获得法国巴黎高科国际能源专业的管理学硕士学 位，对煤炭、有色、电网、公用事业等行业拥有深入理解，目前已有14年证券从业经历，超过9年基金 经理经历。(数据来源：基金定期报告，截至2025.6.30；Wind，截至2025.8.26) 多年来深耕市场，张腾的投资思路不断进化，建立起一套独特的投资的哲学。他关注慢变量，将宏观思 维嵌入产业研究中，形成多维度、长周期的决策框架，从而在周期轮动中实现更早的布局与切换。同 时，他力争通过构建反脆弱组合以增强组合的韧性，力争在左侧布局的同时，尽可能控制好基金净值因 短期波动出现的回撤。 在实际 ...

Core Viewpoint - The article discusses the impact of geopolitical risks and market volatility on investment strategies, emphasizing the importance of diversification in investment portfolios to mitigate risks in a changing environment [2][3]. Group 1: Diversification Concept - Diversification is described as the only "free lunch" in investing, where the overall risk of a portfolio is not merely the sum of individual asset risks but is influenced by the interactions between assets [3][5]. - The correlation coefficient is a key metric for understanding the relationship between asset price movements, with values ranging from 1 (perfectly correlated) to -1 (perfectly inversely correlated) [4][5]. - Combining assets with correlation coefficients below 1 can reduce overall risk, and lower correlation enhances the effectiveness of diversification [5][8]. Group 2: Historical Context and Changing Correlations - Historical data shows that correlations between A-shares and global markets fluctuate, indicating that past effective diversification strategies may not hold in the future [9][10]. - Since 2021, the correlation between A-shares and developed markets like the US and Japan has decreased, enhancing the diversification value for A-share investors [13]. - Conversely, correlations with emerging markets have increased since 2017, partly due to China's growing weight in emerging market indices [13][14]. Group 3: Building a "Anti-Fragile" Portfolio - The article suggests that merely investing in overseas assets is insufficient for effective risk diversification; a more comprehensive approach is needed that spans multiple asset classes [19][20]. - The changing correlation dynamics among major asset classes highlight the complexity and challenges of constructing a diversified investment portfolio [21][22]. - Continuous monitoring of asset correlations and dynamic adjustments to the portfolio are essential for effective management in a complex investment environment [23].