China-Europe Value Discovery is a hybrid fund managed by Cao Mingchang, a veteran who is known as "a brother of value". Cao Mingchang's investment style consists of three elements: dynamic balance, low turnover rate, margin of safety and long-term holding. Portfolio stocks account for 60%-95%, bonds and warrants account for 5%-40%, and the overall position is maintained at a high level. It is not easy to significantly adjust the position until the inflection point of the bull and bear.