Core Viewpoint - The article highlights the performance of actively managed equity funds in the context of a recovering equity market, noting a significant disparity in performance among funds, leading to varied experiences for investors [1][2]. Fund Performance and Management - Over the past decade (2015-2024), only one actively managed equity fund has consistently outperformed the CSI 300 Index, which represents core assets in the A-share market [3]. - The fund that achieved this is the Dachen Selected Value Fund, managed by Li Bo, who is known for his "steady growth" investment style, primarily focusing on large-cap value stocks [4][5]. - Since Li Bo took over the fund on November 4, 2016, it has achieved a total return of 96.64% as of March 31, 2025 [5]. - Li Bo maintains a stable equity position of 80%-90%, with performance mainly driven by stock selection rather than frequent trading [7]. Portfolio Composition - As of the end of Q1 2025, the top ten holdings of the Dachen Selected Value Fund include leading companies across various sectors, such as Midea Group, China Mobile, and Gree Electric [8][9]. - The fund's turnover rate has decreased from nearly 200% to below 100% from its early years under Li Bo's management, indicating a more stable investment approach [9]. Risk Management - The Dachen Selected Value Fund has demonstrated strong risk management, with a maximum drawdown of only 14% over the past three years, which is commendable in a volatile market environment [11]. - Research indicates that the fund has lower maximum drawdowns compared to the CSI Index during various market downturns, showcasing its resilience [12]. Investment Philosophy - Li Bo's investment philosophy emphasizes deep research and understanding of company growth drivers, moving beyond mere quantitative metrics to a more qualitative assessment of companies [15][16]. - His investment approach has evolved through three stages, focusing first on growth, then on sustainable growth through company capabilities, and finally incorporating common sense and industry knowledge into investment decisions [21][22][23]. Fund Size and Capacity - Li Bo currently manages two public funds with a combined scale exceeding 3.8 billion yuan, along with additional assets under management totaling over 4.6 billion yuan, indicating ample capacity for sustainable excess returns [17].