21st Century Business Herald Pang Huawei reports
On January 21, the four funds managed by Zhang Kun, the "first brother of public offering"— E Fangda Blue Chip Select, E Fangda Quality Select, E Fangda Asia Select, and E Fangda Quality Enterprise Holding for three years – disclosed the 2021 four quarterly reports.
According to the statistics of the four research reports, Zhang Kun's management scale at the end of the fourth quarter of 2021 was 3.8 billion yuan lower than the 105.7 billion yuan at the end of the third quarter, but it still exceeded 100 billion yuan, reaching 101.9 billion yuan.
In 2021, the stock price performance of some high-quality companies lags behind the market, zhang Kun believes, "to do a good job of investment, it is more important to stare at the arena, rather than staring at the scoreboard."
The total size fell slightly by 3.8 billion
According to the statistics of the fund's four quarterly reports, Zhang Kun's management scale at the end of the fourth quarter of 2021 still exceeded 100 billion yuan, reaching 101.9 billion yuan.
From the perspective of total scale, the size of the fund managed by Zhang Kun has decreased slightly compared with the end of the third quarter of 2021. The total scale at the end of the fourth quarter of 2021 was 101.9 billion yuan, down 3.8 billion yuan, or 3.5%, from 105.7 billion yuan at the end of the third quarter of 2021.
Specifically, in the fourth quarter of 2021, the two funds managed by Zhang Kun had net redemptions, namely E Fangda Blue Chip Selection and E Fangda High Quality Selection, with a net redemption share of 825 million and 197 million shares, respectively. E Fonda Asia Select, on the other hand, saw net subscriptions of 97 million shares. In addition, E Fangda's high-quality enterprises have not been opened for redemption for three years, and the holding share remains unchanged.
The size of the four funds has also changed:
The market's largest actively managed fund, E Fonda Blue Chip Select, shrank by 2.2 billion, from 69.8 billion to 67.6 billion yuan in the fourth quarter; E Fonda's premium select scale was 20 billion yuan, a decrease of 1.6 billion yuan; E Fonda Asia's select scale was 4.4 billion yuan, an increase of 100 million yuan; E Fonda's three-year holding scale was 9.9 billion yuan, basically unchanged;
It is worth mentioning that among the four funds managed by Zhang Kun, at the end of the fourth quarter of 2021, only the share and scale of E Fangda Asia Select increased. The share and scale of E Fangda Blue Chip Selection and E Fangda High Quality Selection both declined.
It is noteworthy that the net value of the four funds managed by Zhang Kun fell in the fourth quarter of last year, and the annual return was negative.
However, E Fangda Asia Select, which fell the most , fell by 8.75% in the fourth quarter of 2021 and 29.25% in 2021) instead showed net subscriptions.
The reason behind this may be because E Fangda Asia Select is a QDII fund, and investors are more optimistic about the low-valued Hong Kong stocks and enter the bottom.
Stare at the arena instead of the scoreboard
Although the performance of the fund managed by Zhang Kun in the fourth quarter and full year of 2021 was not satisfactory, with all negative returns, he remained optimistic about the prospects and optimistic about the long-term performance of high-quality companies.
In the 2021 Four Seasons Report, Zhang Kun's most impressive sentence is: "To do a good job of investment, it is more important to stare at the field, not stare at the scoreboard."
Zhang Kun said in the 2021 Four Quarters Report that the December 2021 Central Economic Work Conference emphasized that "adhering to economic construction as the center is the requirement of the party's basic line", and that China's economy and enterprises themselves contain considerable potential.
"At present, the downward pressure on the economy is only staged, and we remain optimistic about the long-term prospects of China's economy, firmly believing that China's economic strength will eventually reach the level of developed countries." Zhang Kun said.
It said it was optimistic about "high-quality enterprises" and that "there are a number of high-quality companies that can create value for customers, improve the efficiency and productivity of the whole society, and have the ability to continuously create free cash flow for shareholders." ”
Although the stock price performance of some of these companies in 2021 lags behind the market, Zhang Kun always believes that "to invest well, it is more important to stare at the arena, not on the scoreboard."
Zhang Kun said that he will carefully examine the fundamentals of the enterprises in the portfolio and select enterprises with outstanding competitiveness and high long-term logical certainty to hold for a long time.
"After the valuation digestion in 2021, the valuation of some high-quality enterprises has become attractive, and in the 3-5 year dimension, the performance growth of enterprises will be projected into the growth of their market value." Zhang Kun said.
Batch reduction of liquor to increase tencent and other technology stocks
In the fourth quarter of 2021, A-shares were a differentiated market that oscillated upwards, while Hong Kong stocks performed less than ideally.
In the fourth quarter of 2021, the A-share market rose in shock, with the CSI 300 Index up 1.52%, the Shanghai Composite Index up 2.01%, and the ChiNext Index up 2.40%. The Hong Kong market fell in shock, with the Hang Seng Index falling 4.79% and the Hang Seng China Enterprises Index down 5.62%.
Zhang Kun also said in E Fangda's blue-chip selected four-quarter report that the stock market in the fourth quarter was clearly differentiated, and the media, national defense and military industry, communications, light industry manufacturing, electronics and other industries performed better, while coal, steel, petroleum and petrochemical industries performed relatively backward. Simply put, in the fourth quarter of last year, growth stocks performed better, while cyclical stocks declined.
The four funds managed by Zhang Kun - E Fangda Blue Chip Select, E Fangda Quality Select, E Fangda Asia Select, E Fangda Quality Enterprise held for three years, the income in the fourth quarter of 2021 is not ideal, respectively: -0.14%, -1.25%, -8.75%, -0.09%, last year's full year performance was -9.89%, no data (the fund was changed from the original E Fangda small and mid-cap fund last year), -29.25%, -0.22%,
In this context, in the fourth quarter, the four funds under Zhang Kun's management have slightly increased their stock positions. Among them, E Fonda Blue Chip and E Fonda Asia Select both increased by more than 2 percentage points.
Looking at the allocation of Zhang Kun's four funds, the top ten heavy stocks remain basically unchanged, and the overall position adjustment direction is: increasing position technology, consumption, reducing holdings in finance, medicine, and real estate, specific to each fund is different.
1. E Fangda Blue Chip Select Fund: Increased the allocation of science and technology and other industries, and reduced the allocation of finance, medicine and other industries.
The top ten heavy stocks of E Fangda Blue Chip Fund at the end of the fourth quarter of 2021 are: Tencent Holdings, Hikvision, Luzhou Laojiao, Guizhou Moutai, China Merchants Bank, Wuliangye, Yanghe Shares, Hong Kong Stock Exchange, Yili Shares, and Ping An Bank.
In the fourth quarter of 2021, the fund reduced its liquor position, and reduced the position of 4 heavy liquor stocks - Guizhou Maotai, Wuliangye, Luzhou Laojiao, yanghe shares - at the same time, it increased the position of tencent holdings and Hikvision in the technology category; while the bank stocks were treated differently, and china merchants bank was not moved, but the position was reduced to Ping An Bank.
2. E Fangda high-quality enterprise three-year holding fund: increased the allocation of science and technology, consumption and other industries, reduced the allocation of finance and other industries.
The top ten heavy stocks held by E Fangda High-quality Enterprises at the end of the fourth quarter of 2021 are: Tencent Holdings, Hikvision, Luzhou Laojiao, Guizhou Moutai, Wuliangye, Yanghe Shares, Hong Kong Stock Exchange, China Merchants Bank, Yili Shares, and Ping An Bank.
The fund's top ten heavy stocks in the fourth quarter basically coincided with E Fangda's blue-chip selection, but replaced Yili shares with Mengniu Dairy.
E Fangda Quality Enterprise held the fund for three years, reduced its holdings of 4 liquor stocks in the fourth quarter of 2021, while reducing its position in Ping An Bank, while the holdings of China Merchants Bank and the Hong Kong Stock Exchange remained unchanged, and increased its holdings in Tencent Holdings and Hikvision, as well as Yili shares.
3. E Fangda High-quality Select Fund: Increased the allocation of science and technology, consumption and other industries, and reduced the allocation of finance, medicine and other industries.
The top ten heavy stocks of E Fangda Quality Select Fund at the end of the fourth quarter of 2021 are: Tencent Holdings, Guizhou Moutai Bank, China Merchants Bank, Wuliangye, Luzhou Laojiao, Yanghe Shares, Yili Shares, Hikvision, JD Group-SW, and Hong Kong Stock Exchange.
E Fonda Premium Select Fund, a QDII fund, was re-registered from the original E Fonda Mid Cap Fund on 10 September 2021.
Among the top ten heavy stocks at the end of the fourth quarter of 2021, the fund newly entered Yanghe shares, withdrew from Ping An Bank, increased its position on the Hong Kong Stock Exchange, and reduced the remaining 8 heavy stocks.
4. E Fund Asia Select Fund: Increased the allocation of technology, consumption and other industries, and reduced the allocation of finance, real estate and other industries.
The top ten heavy stocks of E Fangda Asia Select Fund at the end of the fourth quarter were: Hong Kong Exchange, Tencent Holdings, JD Group-SW, Alibaba-SW, China Merchants Bank, Mengniu Dairy, Savings Bank, Meituan-W, China Overseas Development, and Master Kong Holdings.
In the fourth quarter of 2021, E Fangda Asia Select Fund newly entered Alibaba and Master Kong Holdings, increasing its holdings in Meituan-W, Mengniu Dairy, JD Group-SW, Tencent Holdings, and reducing its holdings in Postal Savings Bank, China Overseas Development and Hong Kong Stock Exchange.
For more information, please download the 21 Finance APP