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基金分析报告:深度价值基金池:保持绝对收益
Minsheng Securities· 2025-08-12 09:08
基金分析报告 深度价值基金池 202508:保持绝对收益 2025 年 08 月 12 日 ➢ 深度价值属于格雷厄姆"捡烟蒂"式投资方式。按内在价值定义的不确定性 程度和估算难度,价值投资理念可大致分为:深度价值、成长价值、景气价值。 深度价值的投资理念源自于格雷厄姆,在 1929-1933 年美国经济大萧条期间, 许多股票价格远远低于其清算价值,投资此类股票即便是立刻清算也可获得不错 的收益。 ➢ 深度价值型基金池:历史收益稳健,高风险收益比。2015 年 2 月 2 日至 2025 年 8 月 7 日,基金池年化收益率为 11.81%,相对于偏股基金指数年化超 额收益为 4.26%,同时组合年化波动仅 20.25%,年化夏普为 0.58,具备较高的 收益稳定性。从 24 年年中开始,组合在市场风格频繁切换中组合出现一定程度 的回撤,25 年以来仍保持较高绝对收益。 ➢ 动态、风格配置和选股均贡献明显超额。组合的超额收益主要来自于动态、 风格和选股的贡献。偏好低动量、低弹性、低波动率风格,价值属性突出,当前 更偏中盘。从板块布局来看,2020 年之前基本都在周期和金融间切换,近期提 高了对于消费赛道的配置比 ...
机构风向标 | 光威复材(300699)2024年四季度已披露持股减少机构超40家
Xin Lang Cai Jing· 2025-04-01 01:11
Group 1 - Guangwei Composites (300699.SZ) released its 2024 annual report on April 1, 2025, showing that as of March 31, 2025, 537 institutional investors disclosed holding A-shares, totaling 474 million shares, which accounts for 57.07% of the total share capital [1] - The top ten institutional investors include Weihe Guangwei Group, Industrial and Commercial Bank of China - E Fund ChiNext ETF, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 45.72%, a decrease of 2.84 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine public funds increased their holdings, including National Defense ETF and E Fund ChiNext ETF, with a slight increase in the holding ratio [2] - Conversely, 46 public funds reduced their holdings, with a decrease ratio of 3.79%, including funds like Fortune Long-term Growth Mixed A and Southern CSI 500 ETF [2] - A total of 477 new public funds were disclosed this period, including Guotai CSI Military Industry ETF and Huatai-PB Flexible Mixed A [2] Group 3 - One new social security fund disclosed holding Guangwei Composites, specifically the National Social Security Fund 118 Portfolio [3] Group 4 - One new foreign institution disclosed holdings this period, namely Hong Kong Central Clearing Limited [4]