The fund suffered a huge loss of 30 billion, but Zhang Kun won hemp!
At the mention of the fund, the people burst into tears.
When it comes to Zhang Kun, the former "god of liquor", has now become synonymous with huge losses.
With a huge loss of more than 30 billion, Zhang Kun still has a heavy position in liquor
Some time ago, with the completion of the disclosure of the annual report of the public fund, the performance of various fund managers also surfaced.
Let's take a look at the overall situation of the industry, in 2023, the overall loss of public funds will be about 434.7 billion yuan, which is another huge loss on the basis of the loss of 1.45 trillion yuan in 2022, and the cumulative loss in two years has been nearly 1.9 trillion yuan.
According to China's 700 million people, the average loss per person is about 2,700 yuan!
Among all the fund managers, the one who caused the most losses to the people was Zhang Kun, who was praised to the altar before.
After losing 10.714 billion yuan in 2022, the E Fund Blue Chip Select Blend managed by him will lose another 11.2 billion yuan in 2023, and if you count the loss of 10.391 billion yuan in 2021, Zhang Kun's single fund will lose more than 32 billion yuan in three years, becoming a veritable "king of losses".
In addition to E Fund Blue Chip Select, Kun Zhang also manages E Fund Premium Select Blend, E Fund Premium Enterprise Three-Year Holding Blend, and E Fund Asia Select Stocks. The above four funds have all experienced huge losses and significant fund sizes in the past 2023.
E Fund Blue Chip Select is the largest fund managed by Zhang Kun, and this fund, called "Blue Chip", is essentially half of the liquor industry fund.
As of the end of 2023, among the top ten holdings of this fund, the top four are still all liquor stocks, namely Kweichow Moutai, Wuliangye, Yanghe Shares, and Luzhou Laojiao. All four stocks account for more than 9% of the fund's holdings, accounting for nearly 40% of the fund's holdings.
The remaining six stocks are Tencent Holdings, CNOOC, Hong Kong Stock Exchange, China Merchants Bank, WuXi Biologics, and Meituan.
The circle of competence is single, and the investment logic is seriously questionable
Taking Zhang Kun's top 20 holdings in the fourth quarter of 2023 as an example, in addition to the top 10 heavy stocks, the holdings between the 11th and 20th are Shanxi Fenjiu, WuXi AppTec, Yum China, Li Ning, Juzi Biotech, Samsonite, Tigermed, L'OCCITANE, Tong Ren Tang Sinopharm, and China Resources Vientiane Life.
The 11th-20th heavy stocks are often referred to as "hidden heavy stocks" because they are not displayed on the stock software.
Zhang Kun's hidden heavy stocks are obviously still focused on the consumer industry. In the past year or so, under the background of AI stocks and computing power stocks blooming, Zhang Kun still chose to stick to consumer stocks, completely missing the dividends of this wave of technology stocks, which also shows that his circle of competence is relatively single and too concentrated in the consumer field.
Zhang Kun's ability circle is single, which is quite similar to Cai Songsong, who is famous for only buying semiconductor stocks and fell to the bottom a few days ago because of his reputation in the case.
Although Cai Songsong is a professional in the chip industry, his operation level of chip stocks is a mess. In the author's article two days ago, it was especially pointed out that Cai Songsong continued to increase his position on the way to Zhuosheng's slight plunge, adding to the negative case of touching the holding line.
Zhang Kun, who has studied consumer stocks for many years, has also exposed a very low level in the operation of adding and reducing positions in some consumer stocks.
It can be seen that Zhang Kun will increase the number of stocks with the largest number of positions in the second half of 2023:
WuXi AppTec added 24.9 million shares, Juzi Biotech 20 million shares, Samsonite 18.3 million shares, and Tongrentang Sinopharm 10.3 million shares.
So how are these stocks performing in the second half of 2023?
WuXi AppTec rose more than 16% in the second half of 2023, but this increase was mainly contributed by a 38% jump in the third quarter, and WuXi AppTec fell more than 15% in the fourth quarter. So far in 2024, due to the impact of multiple negative news, WuXi AppTec has fallen by as much as 40%!
More than 80% of WuXi AppTec's revenue comes from overseas markets, and the risks faced by the company in overseas markets have long been known and increasing. However, Zhang Kun still started from zero allocation and built a large position and increased WuXi AppTec, which is incomprehensible.
Tigermed, which belongs to the same CXO sector as WuXi AppTec, was also bought by Zhang Kun for 7.2 million shares during the same period, and the overseas market revenue accounted for nearly 50% of Tigermed. So it's still the same sentence, does Zhang Kun think that the external environment of CXO is getting better, so he buys it so much?
After 2024, there will be obvious black swan events for CXO companies such as WuXi AppTec, and the stock price will plummet, and I don't know if Zhang Kun has reduced his holdings.
Objectively speaking, the stock prices of Juzi Biotech and Samsonite bought by Zhang Kun are performing well, but the problem is that the stocks that make money are bought less, while WuXi AppTec, which has fallen sharply, buys more.
In addition, Li Ning, the 14th largest blue-chip stock selected by E Fund, has increased its position by a small amount, but its stock price performance can be called disastrous.
In the whole year of 2023, Li Ning plummeted by nearly 70%, including a 50% drop in the second half of the year! Since 2024, it has fallen by more than 16% again.
Looking back at the overall performance of Li Ning in recent years, it has fallen from the highest of HK$106 in September 2021 to HK$17 now, a decline of more than 83%, and it is undoubtedly a big bear stock.
The stock price has been plummeting for a long time, and Li Ning's fundamentals have serious problems, including but not limited to strategic swings, unclear positioning, management turmoil, and price increases abandoned by consumers.
This is a serious injury that Li Ning has been having in recent years, but Zhang Kun also bought this stock as the 14th largest heavy stock, holding 900 million yuan. What kind of stock picking ability is this? Is there nowhere to spend the money?
Zhang Kun put hard indicators such as revenue and profit, and soft indicators such as brand value and channel construction are far better than Li Ning, and Anta, which is also a Hong Kong stock, does not buy, but has to buy Li Ning, which is obviously at a disadvantage in all aspects, what kind of logic is this? Can Zhang Kun stand up and take two steps and explain?
The liquor industry is down, and Zhang Kun still wants to hold on?
As a fund manager with a reputation for heavy exposure to liquor stocks, liquor is the largest heavy position industry in Zhang Kun's E Fund Blue Chip Selection, and the proportion of holdings is far ahead of other industries, and the performance of liquor stocks is also a decisive factor in the performance of this fund.
In the past 6-7 years, the sales volume of the entire liquor market has been declining year by year. The most important reason why liquor stocks can get out of the big bull market in 2019 and 2020 is that it has benefited from price increases.
However, at present, the price reduction of high-end liquor has become an obvious trend. The most typical is that the retail price of 53 degrees Feitian Moutai fell below 2,500 yuan on a certain duoduo, and it was about 3,000 yuan when it was popular before.
The important factors supporting liquor stocks have been significantly loosened, and the performance of liquor stocks since 2024 is also very average.
After Zhang Kun's E Fund Blue Chip Selection completely missed the era of AI stocks, does it still have to stick to the long-term downward cycle with a high probability of liquor stocks?
In the past six months, E Fund's blue-chip selection has ranked 4,000 among more than 4,600 funds of the same kind, and the degradation of Zhang Kun's ability value could not be more obvious.
A few years ago, the investors who were crazy about Zhang Kun and built a fan support club for him may never have imagined that the idol would collapse so completely and become the "king of losses"!
Did Zhang Kun lose? Of course, Zhang Kun, who had a sky-high annual salary and a commission for management fees, did not lose, he simply won. The iKuns who entered the high position in Zhang Kun's god-making movement lost completely.