Zhang Kun, a public fundraiser, made a 700-word small essay in the four seasons of E Fangda Blue Chip, Angkor takes you to professional interpretation, what he said, what he did, and what he wanted in the future!
Remember, Angkor started E Fonda blue chips in December 2020, when Zhang Kun and E Fonda blue chips were also in the sky, remember when Angkor took profits on the first day after the Spring Festival, when E Fonda blue chips, sent a small article, attracting countless people to say that they do not understand how to play the fund, where can the fund play like stocks? Long-term holding is king!
In fact, in the market after the Spring Festival, many of the funds that went to the peak like E Fangda blue chips fell in the market, while the difference is that many funds climbed up, but E Fangda blue chips were lost in the whole market after that.
This year was not easy for Zhang Kun! The scale of E Fangda's blue chips has also been reduced again and again due to poor performance, giving up the throne of the number one fund.
In the Four Seasons, Zhang Kun also talked about his review of 2021 and the outlook for 2022 as always, let's take a look at it together, Angkor also analyzed and analyzed!
Quarterly report interpretation
Zhang Kun:
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 down 4.79% and the Hang Seng China Enterprises Index down 5.62%. In the fourth quarter, as real estate sales weakened, the economy faced certain downward pressure, and liquidity began to gradually relax.
Angkor Interpretation:
This paragraph is a review of the past period of time, in the fourth quarter, the overall market on the A-share performance is good, but the Hong Kong stocks continue to be weak throughout the year, the performance is still not good, due to E Fangda blue-chip Heavy Positions of Hong Kong stocks, so it is also affected, this may also be for their own poor performance in the search for reasons, right?
In terms of the stock market, the differentiation in the fourth quarter was obvious, and the media, national defense and military industry, communications, light industry manufacturing, electronics and other industries performed better, while the coal, steel, petroleum and petrochemical industries performed relatively backward.
Plate differentiation is not only in the fourth quarter, in the whole year of 2021 is the main theme, Angkor in the middle of the year, but also found that the big blue chips in the mixed industry, those funds, are not performing well, but also because these industries have a rotation, often you come up and I down, hedging has become the main theme of net worth growth stagnation or decline.
If you have the impression of the small partner remembers, Angkor at that time specially made a 5 steady fund to 5 star funds PK, after a few periods, found that the steady fund won, intended to use this comparison to persuade everyone to abandon the star fund.
The reason is that the scale of star funds is generally large, and their style is highly concentrated, so choosing a large-cap blue chip in multiple industries has become an inevitable choice, and this way of choosing investment and relatively rigid positions must not be flexible enough and conservatively beaten.
In the fourth quarter, the fund slightly increased its stock position and adjusted its structure, increasing the allocation of industries such as technology and reducing the allocation of industries such as finance and medicine.
The most significant change in Zhang Kun's E Fangda blue chip is to increase Tencent's proportion, making it the first heavy position. Obviously, this is slightly similar to Zhang Kun's past success stories, do you remember the original masterpiece Maotai, which was also held heavily when it was almost cut off.
Tencent, which is in the Hong Kong stock market, has fallen from the highest 751 Hong Kong dollars to the current 474, while the lowest is only 400.82, almost waist-cutting. But in any case, Tencent is the best Internet company. Looking at Tencent's recent multiple buybacks, you know that this price is too cheap.
Therefore, Zhang Kun increased his holdings in Tencent, and Angkor believes that there is no problem and is a good choice!
In addition, the industry configuration of medicine has been reduced, and this choice is also good from a recent point of view, and with the clarity of the trend of the epidemic this year, there is still a certain negative impact on medicine in the short term.
As for finance, the recent financial process has been very good, which may not be a good choice.
In addition, Zhang Kun did not say that he reduced the liquor. As a staunch supporter of baijiu, is Zhang Kun embarrassed to say it directly?
In terms of individual stocks, we still hold high-quality companies with excellent business models, clear industry patterns and strong competitiveness.
For Zhang Kun, his choice is relatively stable, or even conservative, that is, he will not touch the new energy industry, because for Zhang Kun, there is too much uncertainty, the business model or moat may change in the future, so he will only invest in those companies that are mature, stable, have a leading position in the industry, and cannot be replaced.
For Zhang Kun, this may also be the reason why he can maintain his long-term prosperity, and it is also the result of Buffett's deep influence!
At present, the downward pressure on the economy is only staged, and we remain optimistic about the long-term prospects of the economy, firmly believing that economic strength will eventually reach the level of developed countries.
At the end of the four seasons, liquidity easing has begun to appear, it is clear that for the economic downturn, this is the best solution, and here Zhang Kun has also shown enough confidence.
This is refreshing and slightly gratifying compared to the slightly pessimistic tone of the quarterly reports of previous seasons.
In this context, we believe that there are a group of high-quality companies that can create value for customers, improve the efficiency and productivity of society as a whole, and have the ability to continuously generate free cash flow for shareholders.
Obviously, in the process of our growing development, a group of highly competitive and world-class enterprises will surely emerge in large quantities! These enterprises are the representatives of the best Chinese enterprises, and it is clear that Zhang Kun's confidence has once again been expressed, and he will obviously take these enterprises as the main investment target.
In 2021, some of these companies are lagging behind the market, but we always believe that "to invest well, it is more important to stare at the field, not at the scoreboard". We will carefully examine the fundamentals of the companies in the portfolio and select the companies with outstanding competitiveness and high logical certainty to hold for a long time. We believe that after the valuation digestion in 2021, the valuation of some high-quality enterprises has become attractive, and in the dimension of 3-5 years, the performance growth of enterprises will be projected into the growth of their market value.
This expression once again exposes Zhang Kun's value investment nature! And "to do a good job of investment, it is more important to stare at the arena, not stare at the scoreboard", this golden sentence, is not only can be regarded as a motto by all fund managers, but also should be remembered by all value investors.
Angkor has also always believed that prices fluctuate around value. For example, in the first month of 2022, the market situation has been greatly disturbed, and the prices of many high-quality enterprises, including Tencent, Hikvision, Yili shares, etc., which are favored by Zhang Kun, are obviously more attractive.
A good company may not make you happy now, but its future will make you very rewarding. Just like Angkor firmly believes that the dragon head of the meta-universe should be Tencent!
summary:
Overall, Angkor is quite satisfied with Zhang Kun's position adjustment direction and confidence in the quarterly report, maybe the Zhang Kun we once knew and loved will stage the return of the king in 2022?!
I also hope that Zhang Kun and several funds he manage can support his investors with better performance returns in 2022! Although Angkor is currently unsound his fund!
Attached: E Fangda four quarters to report the change of heavy stocks:
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