Group 1 - The core investment strategy focuses on buying competitively advantageous companies at reasonable prices to earn compound growth, emphasizing strong business models and financial robustness [1][8][10] - The growth value fund pool has demonstrated high annual win rates, with an annualized return of 16.88% from February 2, 2015, to November 7, 2025, outperforming the equity fund index by 7.05% [10][13] - The fund pool has shown stability and aggressiveness, managing to achieve high excess returns during bull markets while effectively controlling drawdowns during market downturns [10][13] Group 2 - The excess returns are primarily driven by stock selection, with significant contributions from industry rotation and dynamic adjustments [2][13] - The growth value funds are defined based on their relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [20] - The selected growth value funds exhibit high and stable dynamic returns, with a focus on industry selection and stock picking [21] Group 3 - The report provides a list of selected growth value funds, highlighting their respective managers, sizes, and year-to-date returns, with some funds showing returns exceeding 100% [3][21] - The fund pool has increased its allocation to the TMT (Technology, Media, and Telecommunications) and cyclical sectors, reflecting recent market volatility [17][18] - The analysis of individual funds reveals diverse investment styles, with some focusing on macroeconomic indicators and others emphasizing stock selection based on fundamental analysis [24][32][35]

Group 1 - The core investment strategy focuses on buying companies with competitive advantages at reasonable prices to earn compounded growth, emphasizing strong business models and financial robustness [1][8] - The growth value fund pool has shown a stable annualized return of 15.74% from February 2, 2015, to May 8, 2025, outperforming the equity fund index by 9.23% [9][13] - The fund pool's annualized volatility is 20.98%, with a Sharpe ratio of 0.75, indicating strong performance in bull markets and effective drawdown control in bear markets [9][13] Group 2 - The primary source of excess returns is stock selection, with significant contributions from industry allocation and dynamic adjustments [2][13] - The growth value fund pool is defined by its relative undervaluation characteristics, focusing on funds with positive exposure to the PB-ROE factor [21] - Selected funds exhibit high and stable dynamic returns, with a focus on industry and stock selection [22] Group 3 - The report lists a new growth value fund portfolio, highlighting funds such as "Guangfa Value Core A" with a return of 27.79% and "Invesco Financial Industry A" with a return of 5.32% [3][22] - The fund pool has increased its allocation to the TMT sector while reducing exposure to consumer and cyclical sectors [18][15] - The report emphasizes the importance of matching individual company performance with industry trends for effective stock selection [25]