Core Viewpoint - The article discusses the resilience and investment strategy of small-cap stocks, highlighting the success of the fund manager Jiang Feng from China CITIC Prudential Multi-Strategy Mixed Fund (LOF) despite the initial downturn in small-cap stocks earlier this year [1][6]. Group 1: Investment Strategy - Jiang Feng emphasizes a contrarian investment approach, suggesting that maintaining faith in a well-researched investment philosophy can yield long-term benefits [1][5]. - The PB-ROE model is a key evaluation tool for assessing stock value, where a low PB indicates potential for recovery as market conditions improve [3][4]. - Jiang Feng's dynamic management of stock positions involves increasing allocations during market downturns to capitalize on lower valuations, while being cautious during bullish phases [4][6]. Group 2: Market Conditions - The recent performance of small-cap stocks is attributed to their low valuations following earlier declines, combined with supportive government policies that have stimulated market growth [6]. - The small-cap index has shown significant recovery since September 24, driven by favorable market conditions and increased interest in mergers and acquisitions involving smaller companies [6]. Group 3: Historical Context - Jiang Feng's interest in small-cap stocks began during his academic studies, influenced by the Fama-French three-factor model, which posits that small-cap stocks generally offer higher average returns [1][2]. - Historical data indicates that the micro-cap index has experienced substantial growth over the past decade, reinforcing the effectiveness of a contrarian investment strategy [1][5].
中信保诚基金江峰：“掘金”小盘股 逆向思维或长期有效