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　　如果看我管理的其它基金，25年涨幅略超10%，收益率看似尚可，却小幅跑输基准，大幅跑输同类平均。把时间拉长到三年，表现要好一些：年化收益率和25年接近，并且在仓位偏低的情况下，明显跑赢基准和同类平均；不过，既然这三年基准上涨，简单理解的话，我的仓位选择也许是错误的。在大环境越来越强调长期回报的今天，如果把时间拉长到五年，基金的表现更好一些：大幅跑赢基准和同类平均，并且盈利尚可；但我并不是要求您持有这么久，因为股市里的五年实在太长，更不用说五年前很难想到今天世界的模样。 　　回顾和解释总可能很主观，当收益率低于基准时，它们还是苍白的。未来，我将继续坚持价值投资理念，希望为您带来长期稳健的回报。","lastUpdated":"2026-03-31T13:12:35.654Z","mo":"如果说五年前很难想到今天世界的模样，那么面对今天的一些焦点事件，甚至无法预测他们五周后的模样。我只能在本基金很狭窄的范围内展望。 　　本基金是一只面向社会大众募集的偏股混合型基金，此类基金一些重要制度设计的目的是为了盯住市场。首先，投资股票的比例范围为60%-95%，市场涨时总会受益跌时总会受损，但牛市不能比95%更高，熊市也不能比60%更低。其次，单只个股占基金资产的比例不超过10%，完全不存在巴菲特说的一辈子只重仓不超过20只股票，而是任何时候都差不多要持有20只股票，众所周知，持股越分散收益率越接近市场平均。在盯住市场平均收益率的基础上，本基金希望通过基金经理的主动管理创造超额收益。 　　但考虑到我管理基金总规模的上升，通过短期操作取得超额收益的难度越来越大。同时，如果未来市场整体继续大幅上涨，考虑到本基金偏低的股票仓位，仅仅通过个股选择获得超额收益的难度很大。如果市场震荡或者下跌，本基金更有可能取得超额收益，但我们并不希望市场走成这样。未来，我将继续坚持价值投资理念，希望为您带来长期稳健的回报，同时我们要做好未来回报率可能低于过去一年三年或五年的准备。","fund":{"_id":3000000019357,"__csrcFundId":14597,"stockCode":"019357","masterFundShortName":"大成兴远启航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19357,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成兴远启航混合(019357)","lastUpdated":"2026-05-01T02:19:45.911Z","name":"大成兴远启航混合型证券投资基金","pinyin":"dcxyqhhhxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":756668843.36,"setUpDate":"2025-03-10T16:00:00.000Z","setUpShares":756668843.36,"inceptionDate":"2025-03-13T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成兴远启航混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3017fea5b3eb05368d1","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000019357,"sao":"本基金三季度完成了建仓。和我管理的其它基金相比，相同的操作是：买入了一些相对更有安全边际的个股，但它们可能未必是多好的投资机会；不同的操作是：其它基金减持了部分热门板块中的个股，它们是在几个季度之前买入的。在我管理的多只基金中，规模较小的几只因为申购，份额有明显提升，这额外增加了操作的难度，而新基金建仓的难度更大。","lastUpdated":"2026-03-09T14:02:41.869Z","fund":{"_id":3000000019357,"__csrcFundId":14597,"stockCode":"019357","masterFundShortName":"大成兴远启航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19357,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成兴远启航混合(019357)","lastUpdated":"2026-05-01T02:19:45.911Z","name":"大成兴远启航混合型证券投资基金","pinyin":"dcxyqhhhxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":756668843.36,"setUpDate":"2025-03-10T16:00:00.000Z","setUpShares":756668843.36,"inceptionDate":"2025-03-13T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成兴远启航混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376247","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3017fea5b3eb05368d0","date":"2025-06-29T16:00:00.000Z","stockId":3000000019357,"sao":"本基金成立三个多月，仍处于建仓期，几乎没有操作。 　　上半年在投资上乏善可陈，我管理的其它多只基金只取得了小幅正收益，大部分都跑输同行。甚至很多时候投资时并不是在关注企业长期价值，而是在判断股价短期涨跌。请注意，我不认为这两者在赚钱上有高下之分，但出发点完全不同。本基金没有操作的原因是：其它基金自成立以来已有一定浮盈，且净值基本在历史新高附近，本基金则是从零开始——坦白说，这里的问题并不只是有没有浮盈作为安全垫，而是我得有多大的突破才能接受一个完全不同的出发点。其它基金的最终业绩说明判断股价涨跌始终不是我的强项。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:41.867Z","mo":"展望未来从不容易，展望股市的未来更难，在百年未见之变局下展望股市的未来更是难上加难。 　　未来可能是稳中向好。也有人说是牛市，这我不懂。几年前牛市时仍有为数不少企业价值被低估的股票，现在环境则发生了巨大变化。但和过去一样，我希望能继续寻找企业价值被低估的股票，同时继续维持偏低的股票仓位。 　　有人觉得牛市刚刚开始，我觉得更大的挑战刚刚开始。对本基金而言，我会按基金合同的要求在规定时间内完成建仓。","fund":{"_id":3000000019357,"__csrcFundId":14597,"stockCode":"019357","masterFundShortName":"大成兴远启航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19357,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成兴远启航混合(019357)","lastUpdated":"2026-05-01T02:19:45.911Z","name":"大成兴远启航混合型证券投资基金","pinyin":"dcxyqhhhxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":756668843.36,"setUpDate":"2025-03-10T16:00:00.000Z","setUpShares":756668843.36,"inceptionDate":"2025-03-13T16:00:00.000Z","followedNum":2,"managers":[{"stockCode":"db20153064","stockType":"fund_manager","exchange":"fm","tickerId":2425120070,"name":"徐彦"}]},"announcement":{"linkText":"大成兴远启航混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346206","linkType":"PDF","source":"csrc_pdf"}}]}