在投资的广袤版图上，有人深耕一域，成为某类资产的专业猎手；有人纵览全局，放眼全球资产，成为多元资产配置的掌舵人。东方红资产管理的FOF基 金经理陈文扬，无疑属于后者。 陈文扬对跨市场、多类型资产研究深入，从不拘于单一市场，而是以多元资产配置为经纬，以精选基金为枢纽，为投资者构建能抵御风浪、亦能捕捉机遇 的产品——FOF。他的视野，跨越股票、债券、商品、黄金等领域，在宏观的叙事与微观的价值间，寻找珍贵的"更优解"。11月10日至21日，东方红资产 管理新推出由陈文扬管理的稳健型FOF——东方红欣恒稳健3个月持有混合FOF（A类025909、C类025910），以绝对收益策略来开展多元资产配置，追求 长期稳健表现。 投资研究以广度见长 且具有深度 先锋集团创始人约翰·博格曾说过："在投资中，分散化并持有是唯一的真理。你永远无法预测哪个资产类别会表现最好。" 在FOF的管理中，东方红FOF团队有一套完善的流程，从设计策略、选资产、选中观行业、再选基金、最后落地成一个具体的FOF组合。因为要研究和投 资的资产品种较多，所以会侧重团队作战，充分发挥FOF团队的研究能力，基金经理作为一个中枢角色去负责FOF的管理。 根据 ...

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style switching, based on the combination of odds and win rates [1][8] - Last week's market performance showed a growth style portfolio return of 3.01%, while the value style portfolio return was 1.51% [1][8] Group 2 - The estimated odds for the current growth style is 1.10, while the value style is estimated at 1.08, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 58.26% favor the growth style, while 41.74% favor the value style, based on seven win rate indicators [3][16] Group 3 - The latest investment expectation for the growth style is calculated at 0.22, while the value style's investment expectation is -0.13, leading to a recommendation for the growth style [4][18] - Since 2013, the annualized return for the style rotation model based on investment expectations has been 27.12%, with a Sharpe ratio of 0.99 [4][19]

Core Viewpoint - The article emphasizes the importance of value investing as a foundation, balancing risk and position control, and dynamically adjusting strategies to safeguard wealth in a fluctuating market environment [1]. Investment Philosophy - The investment philosophy is particularly suited for investors who lack the time to monitor market dynamics, do not have their own trading systems, and possess limited analytical skills [4]. - The investment approach is summarized as value investing, focusing on balancing risk and position control while dynamically adjusting to seize opportunities [5]. Timing and Analysis - Timing in stock trading can be approached from various angles, including technical analysis, fundamental analysis, market sentiment, and a comprehensive strategy. There is no absolute method for timing, and investors should consider multiple factors based on their risk tolerance and investment goals [5]. - A foundational investment framework is established, starting with stocks that exhibit a certain level of trading activity, followed by fundamental analysis to identify suitable candidates [6]. Valuation and Margin of Safety - The assessment of margin of safety and valuation involves both subjective and objective elements. Investors rely on experience and intuition for qualitative factors, while quantitative methods based on financial data provide a more objective valuation [7]. - Daily investment practices include using relative and absolute valuation methods combined with fundamental analysis to determine stock valuations [7]. Stock Selection Logic - A time hypothesis is set for investments, and if a stock does not appreciate, a reassessment of the broader market direction and the stock's trend and volume is conducted to decide on potential removal from the portfolio [9]. - A risk warning mechanism is established, setting key risk indicators such as significant price support levels and major negative news to issue alerts for timely action [10]. Industry Preferences and Commonalities - There is no specific industry preference; however, stocks are selected based on trading volume, with a tendency to favor current hot topics when conditions are similar [11]. Importance of Odds and Win Rates - Both odds and win rates are crucial in investment strategies, with their importance varying based on the investment context. A balanced approach is necessary, with a focus on win rates for stable returns and odds for high returns [11]. Dividend Significance - Dividends are highlighted as an important aspect of investment, reflecting a company's profitability and providing stable returns. Reinvesting dividends can lead to compounding effects, making them significant in long-term and value investing [12].