Every reporter:Li Lei Every editor:Ye Feng
With the disclosure of the Fund’s Four Seasons in 2020, the stocks and latest scales of star fund managers have also surfaced. Zhang Kun, a famous E Fund that has attracted much market attention, the Four Seasons reported that as of the end of 2020, the total size of the five funds he managed reached 125.509 billion yuan, becoming one of the first batch of fund managers with a management scale of more than 100 billion yuan. Among them, the scale of E Fund’s blue chip selection reached 67.702 billion yuan, the scale of E Fund’s small and medium-sized caps was 40.111 billion yuan, the scale of E Fund’s high-quality enterprise holdings was 10.804 billion yuan in three years, the mixed scale of E Fund’s new Silk Road flexible configuration was 5.763 billion yuan, and the scale of E Fund’s Asian selection It is 1.129 billion yuan. In terms of the latest holdings, as of the end of last year, Kweichow Moutai was still his first major holding, with a total of 6.04 million shares and a total market value of 12.068 billion yuan.
A shares still drunk”drinking”, the top four heavy warehouses are all liquor stocks
According to the disclosure of the five major fund holdings managed by Zhang Kun, we collected statistics on all the A-shares he had heavily held at the end of last year and found that he was still obsessed with”drinking”. It is a liquor stock with a market value of more than 10 billion yuan, of which Kweichow Moutai, the highest, reached 12.068 billion yuan.
Let’s first take a look at his A-share heavy holdings in the five funds in the Four Seasons Report.
As Zhang Kun said in the Four Seasons News, the stock market diverged significantly in the fourth quarter. The non-ferrous metals, power equipment and new energy, food and beverage, automobile and other industries in the CITIC’s first-tier industries performed relatively well. Good, while the performance of industries such as integrated finance, media, retail and telecommunications is relatively lagging. In terms of operation, E Fund’s Blue Chip Selection, E Fund’s Small and Medium Caps, and E Fund’s High-Quality Enterprise Funds have basically maintained stable stock positions in the fourth quarter. , And adjusted the structure to reduce the allocation of industries such as medicine and increase the allocation of industries such as the Internet. E Fund’s new Silk Road’s operational thinking is to maintain a positive stock position and a stable structure, focusing on the leading companies in the food and beverage and pharmaceutical industries with outstanding business models and outstanding competitiveness. In addition, during the reporting period, it has also been equipped to represent the direction and competition of China’s technology boom. Powerful and cost-effective companies, such as leading companies in the computer and chemical industries. Zhang Kun said that in terms of individual stocks,”we still hold high-quality companies with outstanding business models, clear industry patterns, and strong competitiveness for a long time.”
Hong Kong stocks have a heavy position in technology stocks, greatly increasing positions in Meituan and Tencent
In the operation of Hong Kong stocks, Zhang Kun has significantly increased the allocation of technology stocks. In the fourth quarter, he significantly increased the position of Meituan and Tencent. etc. Let’s first take a look at a few Hong Kong stocks that the fund holds.
Take the operation of E Fund’s Blue Chip Selection as an example. Zhang Kun holds 26,192,300 shares of Meituan, with a market value of 6.494 billion yuan, which is an increase of 208.14%from the end of the third quarter; he holds 1352 of Tencent Holdings. The market value of 10,000 shares and holdings was 6.418 billion yuan, an increase of 88.20%compared to the end of the third quarter; the holdings of 17,796,700 shares on the Hong Kong Stock Exchange and the market value of holdings were 6.366 billion yuan, an increase of 75.81%compared to the end of the third quarter, which was a substantial increase hold. In the fourth quarter of last year, these three stocks rose by 21.84%, 10.26%and 17.47%respectively, and they are still among the top three holdings of Zhang Kun Hong Kong stocks.
In the operation of QDII fund E Fund Asia Selected Stocks, Zhang Kun has obviously continued to reduce the allocation of the pharmaceutical industry. The three quarterly reports of WuXi Biologics and Cinda Biosciences in the previous half-year report are still among the top ten heavyweight stocks China Biopharmaceutical Co., Ltd. etc. And so on, have already withdrawn from the ranks of heavy stocks in the fourth quarter, replaced by technology and education companies, good future, etc.
In the long run,”Mr. Market” can basically accurately reflect the value of an enterprise
In the Four Seasons, Zhang Kun spoke frankly about his The views of the market, as well as some investment experience and thinking.
He wrote emotionally that looking back on this year’s stock market, he experienced optimism (expected a strong economy in January), pessimism (expected domestic outbreak in early February), and optimism (expected loose liquidity in early March). ), pessimism (the outbreak of an overseas epidemic at the end of March), and optimism (the liquidity easing and economic recovery are expected after April) ups and downs.”Looking back on the past, the market is very logical at every point in time. However, standing at the time and looking at the future, it feels very vague. Looking back on the past is not to be able to better judge future market trends or styles, but to again Remind yourself that you don’t have this ability.”
He frankly said that investing is to find a few important and controllable factors among the numerous factors, and use the law of large numbers to continuously accumulate returns. Such factors as macroeconomics, market trends, market styles, and industry rotation are obviously important, but he humbly stated that they are not in his circle of ability.”We believe that we have the ability to find a few outstanding companies that we can understand through in-depth research. If these companies have good business models, significant competitiveness and bargaining power, broad industry space and shareholder-friendly capital The ability to redistribute enables us to judge with a high probability that the free cash flow generated by the company in 5-10 years will significantly exceed the current level, as the shareholders will naturally enable the company to grow.”
In Zhang Kun and the team It seems that the distribution of income is not uniform, and the short-term sentiment of”Mr. Market” is also unstable. He will be cold and enthusiastic about a certain company at one stage. However, in the long run,”Mr. Market” can basically accurately reflect the value of an enterprise.
Speaking of his views on the future market, he said that he is optimistic about the long-term prospects of China’s capital market and believes that a number of high-quality companies will continue to grow, stabilize and live longer.
Become the first batch of active equity fund managers in the industry with a management scale of over 100 billion
As the Four Seasons continues to disclose, there are also some new Record generation. According to the Four Seasons Report disclosed by Zhang Kun in charge of the fund, the total size of funds under his management has exceeded 125.5 billion yuan, becoming one of the first active equity fund managers in the public fund industry with a management scale of over 100 billion yuan.
This data is amazing. After all, according to public information, there are currently about 30 fund companies with a scale of hundreds of billions in addition to the cargo base, which is less than a quarter of the total number of companies in the industry. One. In this way, the scale of funds managed by Zhang Kun is already equivalent to that of a medium-sized fund company. Coupled with the hot market situation since last year, the size of the fund is constantly climbing its peaks. I believe that with the further disclosure of the Four Seasons, we can see more and more milestone data.
Of course, as the size of the fund has risen sharply, the pressure on the shoulders of managers has also increased sharply. Many star fund managers have put forward their own thinking on the scale of management in the Four Seasons, such as letting more investment The person understands fund products, prompts clearly related risks, etc. As for how they will perform next, we also need to study the opinions in the Four Seasons.
Source of cover image:Photograph.com
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