Star fund manager rebalancing path exposed: what are the new layouts of Ge Lan, Zhang Kun, and Xie Zhiyu?

The Paper

2024-05-23 20:08Posted on the official account of Shanghai The Paper

When A-share listed companies ushered in a new wave of "repurchase waves", the latest position adjustment trends of top fund managers were also exposed.

According to the statistics of the latest share repurchase announcement disclosed since May, the funds under management of many star fund managers such as Ge Lan, Zhang Kun, Xie Zhiyu, and Zhu Shaoxing have adjusted their positions and exchanged shares for some individual stocks.

Specifically, following the first quarter of 2024, the Sino-European Medical and Health Hybrid managed by Gülen will reduce its holdings in Hengrui Pharmaceutical, with a total of 2,120,300 shares, and since the liquidation of Yili's shares at the end of 2023, Zhang Kun's E Fund Blue Chip Select will re-establish its position in the stock in the first quarter of 2024 and increase its position in the second quarter.

In addition, Xingquan Herun Mix, managed by Xie Zhiyu, is a new member of the top 10 unrestricted shareholders of Qianwei Central Kitchen, which is the first time that Xingquan Herun Mixed has opened a position in the stock since its establishment, and Fuguo Tianhui Select Growth Mix, managed by Zhu Shaoxing of Wells Fargo Fund, also increased its holdings in Qianwei Central Kitchen in the second quarter.

Gülen reduces his holdings in "medicine brother" again

On May 22, according to the latest announcement on the repurchase of shares by Hengrui Pharmaceutical (600276), the "first brother of medicine", as of May 15, the largest Sino-European medical and health hybrid under the management of China Europe Fund Gülen was the eighth largest shareholder of the company, holding 80.6135 million shares, a reduction of 2.1203 million shares compared with the end of the first quarter of 2024.

The surging news reporter found that this is the second time that Gülen has reduced his holdings in Hengrui Pharmaceutical. Wind data shows that as of the end of the first quarter of 2024, Hengrui Pharmaceutical is the largest heavy stock in the Sino-European medical and health mix, with 82.7338 million shares, a reduction of 4.5134 million shares or 5.17% compared with the end of 2023.

Judging from the list of the top ten shareholders of Hengrui Pharmaceutical in the past, from the third quarter of 2022 to the fourth quarter of 2023, the Sino-European Medical and Health Hybrid Fund has increased its holdings of Hengrui Pharmaceutical for 6 consecutive quarters.

In terms of market performance, as a leading enterprise in the domestic pharmaceutical industry, Hengrui Pharmaceutical's revenue and net profit in 2021 and 2022 will decline significantly year-on-year, which has attracted the attention of the industry. But judging from the latest annual report, Hengrui Pharmaceutical is re-moving towards a growth trajectory.

According to Hengrui Pharmaceutical's 2023 annual report, the annual operating income was 22.82 billion yuan, an increase of 7.26% year-on-year; net profit attributable to shareholders of listed companies was 4.302 billion yuan, an increase of 10.14% year-on-year.

At the same time as the 2023 results, the results of the first quarter of 2024 were announced, Hengrui Pharmaceutical's operating income in the first quarter was 5.998 billion yuan, and the net profit attributable to shareholders of listed companies was 1.369 billion yuan, a year-on-year increase of 9.2% and 10.48% respectively.

Zhang Kun added a warehouse dairy leader

Since the liquidation of Yili shares (600887), the "leading dairy industry" at the end of 2023, E Fund Blue Chip Select, the largest product under management under management by Zhang Kun, deputy general manager of E Fund, has reopened its position in the stock in the first quarter of 2024 and increased its position in the second quarter.

According to the report of Yili shares in the first quarter of 2024, the number of shares held by E Fund was 55,000,100 shares, with a shareholding ratio of 0.86%, ranking the tenth largest circulating shareholder.

On May 9, according to the announcement on the shareholding of the top 10 shareholders on the repurchase of shares disclosed by Yili Shares, E Fund Blue Chip Select Mix has become the ninth largest circulating shareholder, with the number of shares unchanged and the shareholding ratio of 0.90%.

On May 15, Yili shares disclosed another announcement on the repurchase of shares, and as of May 10, the number of shares held by E Fund Blue Chip Select Mix has increased to 57.2001 million shares, an increase of 2.2 million shares compared with the end of the first quarter.

After combing through E Fund's past holdings of Blue Chip Select Mix, the surging news reporter found that the fund entered the list of the top ten circulating shareholders of Yili shares as early as the end of the third quarter of 2021. It is worth mentioning that Yili shares were first bought and became the ninth largest heavy stock in E Fund's blue-chip select mix, and from the third quarter of 2021 to the second quarter of 2023, Yili shares have always been among the top ten heavy stocks, which shows Zhang Kun's recognition of the company at this time.

In terms of market performance, Yili's share price has been declining since hitting a record high in early 2021, and has rebounded since the first quarter of this year. According to the performance report of Yili Co., Ltd. in the first quarter of 2024, the total operating income in the first quarter was 32.463 billion yuan, a year-on-year decrease of 2.60%, and the net profit attributable to shareholders of listed companies was 5.923 billion yuan, a year-on-year increase of 63.84%. Among them, the transfer of equity of subsidiaries and the increase in investment income were the main reasons for the change in net profit in the first quarter.

Xie Zhiyu lays out the "first stock of the catering supply chain"

Qianwei Central Kitchen (001215), the "first stock of the catering supply chain", has been deployed and increased by a number of well-known fund managers.

On May 15, the announcement of the repurchase of shares issued by Qianwei Central Kitchen showed that as of May 14, Fuguo Tianhui Select Growth Mixed managed by Zhu Shaoxing was the fifth largest shareholder, holding 1,309,300 shares, and 574,600 unrestricted tradable shares. At the end of the previous quarter, the number of shares held by Wells Fargo Tianhui Select Growth Mix in Qianwei Central Kitchen was 1,109,300 shares.

On January 10, Wells Fargo Fund announced that some of the company's securities investment funds recently participated in the subscription of Qianwei Central Kitchen's non-public offering of shares, among which Zhu Shaoxing's only managed Wells Fargo Tianhui Select Growth was impressively listed. According to the announcement, Fuguo Tianhui Select Growth was allocated about 734,700 shares, spending about 34 million yuan.

In addition, Wells Fargo Value Advantage Mix managed by Sun Bin of Wells Fargo Fund, Wells Fargo Consumption Theme managed by Wang Yuanyuan of Wells Fargo Fund, ICBC Credit Suisse Yuanxing Mix managed by Yan Yao of ICBC Credit Suisse Fund, and China Universal Consumer Industry managed by Hu Xinwei of China Universal Fund also appeared on the list of the top 10 circulating shareholders of Qianwei Central Kitchen.

It is worth mentioning that on April 30, according to the announcement of the repurchase of shares disclosed by Qianwei Central Kitchen, as of April 26, Xingquan Herun Mixed Mix, managed by Xie Zhiyu, the "famous general" of Industrial Securities Global Fund, also newly entered the list of the top ten shareholders of Qianwei Central Kitchen, with a total of 1.0214 million shares. The surging news reporter found that this is the first time that Xingquan Herun Mixed has opened a position in the stock.

According to public information, Qianwei Central Kitchen was established in 2012 and listed on the main board in September 2021, and the company's main business is the research and development, production and sales of quick-frozen noodles and rice products for catering enterprises. The company adheres to the strategic positioning of "only for catering and chefs", and is committed to providing customized and standardized quick-frozen food and related catering kitchen solutions for catering enterprises, and its partners include Wallace, Zhen Kung Fu, Yonghe Dawang, Haidilao, Lao Xiang Chicken and Jiumaojiu.

In terms of operation, Qianwei Central Kitchen achieved operating income of 463 million yuan in the first quarter of 2024, a year-on-year increase of 8.04%; The net profit attributable to the parent company was 34.5751 million yuan, a year-on-year increase of 14.16%.

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