On April 19, E Fund disclosed the first quarter report of its funds in 2021. Zhang Kun, Xiao Nan, Feng Bo and other top fund managers clearly presented their investment operations in the first quarter of this year in front of investors.
Zhang Kun's management scale reached 133.1 billion in the first quarter of the bank, medicine, computer
Zhang Kun is currently managing E Fangda Small and Medium Cap (110011), E Fangda Blue Chip Selection, E Fangda Quality Enterprise Three-Year Holding Period Mix and E Fangda Asia Select 4 funds, with a management scale of 133.1 billion yuan at the end of the first quarter.
In the first quarter, in the case of a sharp retracement of group stocks and the adjustment of the large market shock, Zhang Kun still chose to increase his position against the market, E Fangda small and medium cap, E Fangda blue chip selection, E Fangda high-quality enterprise three-year holding period mixed three funds In the first quarter of this year, the proportion of stock assets in the total assets of the fund reached 93.93%, 93.61%, and 94.57%, respectively, an increase of 2.27%, 2.49%, and 0.19% compared with the end of the fourth quarter of last year.
From the perspective of industry configuration, E Fangda small and medium-sized caps reduced the configuration of transportation, automobiles and other industries in the first quarter, and increased the configuration of computers, pharmaceuticals and other industries. E Fonda Blue Chip Selection has reduced the allocation of industries such as food and beverage, and increased the configuration of industries such as banking. The three-year holding period of E Fangda high-quality enterprises has reduced the allocation of food and beverage industries and increased the allocation of pharmaceutical and other industries.
In terms of specific individual stocks, Meinian Health replaced Guizhou Moutai as the largest heavy stock of E Fangda small and medium-cap mix, Hualan Bio, Bairun Shares, Hang Seng Electronics, and Zhongju High-tech entered the top ten positions of E Fangda Small and Medium Cap Mix, while Yanghe Shares, Luzhou Laojiao, Shanghai Airport, and Yutong Bus disappeared from the top ten heavy stocks.
Among the top ten positions of E Fangda Blue Chip Select Mix, there are two bank stocks of China Merchants Bank and Ping An Bank, of which China Merchants Bank not only bought a shares, but also bought Hong Kong stocks. Aier Ophthalmology and Yihai International were transferred out of the top ten heavy stocks.
E Fangda high-quality enterprise three-year holding period mixed with the top ten heavy stocks only 1 only adjusted, Hualan Biological transferred, Tsingtao Beer shares into the top ten positions.
Regarding the investment strategy of the future market, Zhang Kun said that it will focus on the intrinsic value of the enterprise and the long-term performance of the best, and strive to combine the sum of the intrinsic value of the enterprise in the long run to approximate a gradual growth curve. In that case, the value of the enterprise increases by a small margin every day. But in fact, the volatility of stock prices is much greater than that. The reason is that, first, different investors will have differences in the speed and even direction of the accumulation of corporate value, for example, when the enterprise encounters operational difficulties, some investors think that short-term difficulties can be overcome, and some investors think that it is the beginning of long-term decline; second, the opportunity cost of different investors is different, so the requirements for future yields are different, when investors who expect a yield of 20% think that the stock price is too high and the yield is not enough, investors who expect a yield of 10% may think that the stock price is still attractive; third, Emotions amplify the effects. The charm of the market is that once the price is far away from the intrinsic value of the enterprise, sooner or later it will stimulate a negative feedback mechanism, generate hedging buying and selling forces, pull the price back to the intrinsic value line of the enterprise, and even often pull over the head in stages, and the stock price will fluctuate and run in the cycle.
Zhang Kun believes that it is almost impossible to judge the top and bottom of the cycle, and it is relatively feasible to constantly examine whether the ability of the company in the portfolio to create free cash flow for a long time has been damaged, if not, as long as the intrinsic value can be steadily improved, the stock price operation center will increase sooner or later. Without understanding the shape and slope of this intrinsic value enhancement curve, it is easy to replace the intrinsic value curve with a stock price curve as an indicator. The fluctuation of the stock price is violent, sometimes it can reach 20% a day, if there is no "anchor" of the intrinsic value of the enterprise in your heart, the investment is easy to fall into the chase.
In the long run, Zhang Kun believes that similar fluctuations in the stock market will continue to appear in the future, and it is difficult to predict in advance. However, as long as the intrinsic value of the enterprise increases, such fluctuations will eventually be fluctuations and will not cause permanent losses of principal. As a manager, only through daily continuous research and accumulation, we can continuously improve the accuracy of judging the company's ability to create free cash flow for a long time.
Xiao Nan added warehouse new energy and aquaculture sectors To adjust the individual stock structure of food and beverage, home appliances, and light industry
Xiao Nan, another star fund manager of E Fangda, is currently managing E Fangda Consumer Industry Stocks, E Fangda Consumer SelectEd Stocks, E Fangda Big Health, E Fangda Ruiheng, E Fangda Keshun and E Fangda High Quality Strict Selection of 6 products with a three-year holding period, with a management scale of more than 58.3 billion yuan at the end of the first quarter.
Like Zhang Kun, Xiao Nan also chose to increase the position against the market in the first quarter, E Fangda consumer industry stocks, E Fangda consumer select stocks, E Fangda big health theme mix, E Fangda Ruiheng mix in the first quarter of this year, the proportion of stock assets in the total assets of the fund reached 89.3%, 92.71%, 87.26%, 91.19%, respectively, an increase of 1.99%, 1.67%, 1.58%, 3.17% over the end of the fourth quarter of last year. The proportion of E Fangdako Shundingkai's mixed equity assets in the fund's total assets decreased from 92.32% at the end of the fourth quarter of last year to 89.53% at the end of the first quarter of this year, a decrease of 2.79%.
In terms of industry allocation, Xiao Nan strengthened the allocation of aquaculture, tax exemption, auto parts, Internet, photovoltaic, banking, chemical and other sectors in the first quarter, and adjusted the individual stock structure in the food and beverage, home appliances, light industry and other sectors accordingly.
For the investment ideas of the future market, Xiao Nan believes that although high-quality assets such as short-term medical services are facing adjustment needs due to the large increase in recent years, these assets are still attractive in terms of growth space and competitiveness, and at the same time, these assets still constitute the core position in their portfolio allocation.
Xiao Nan said that the relatively high valuation of the market needs to be digested by performance growth, but he will not allocate short-term cheap and long-term uncompetitive enterprises.
Feng Bo increased the allocation ratio of new energy, computer, electronics and other industries
Feng Bo is currently managing E Fangda Industry Leading (110015) Enterprise Mix, E Fangda Mid-Cap Growth, E Fangda Research Selected Stocks, E Fangda Competitive Advantage Enterprise Mix 4 products, with a management scale of more than 55 billion yuan at the end of the first quarter.
In the first quarter of this year, the proportion of E Fangda Mid-Cap Growth Hybrid and E Fangda Research Select stock assets in the total assets of the fund was 89.55% and 92.58%, an increase of 5.76% and 2.03% over the end of the fourth quarter of last year, and E Fangda's industry-leading position reduced its stock positions, and the proportion of equity assets in the total assets of the fund decreased from 90.35% at the end of the fourth quarter of last year to 89.36% at the end of the first quarter of this year.
E Fangda industry leading enterprises mixed in the industry configuration, mainly consumption, new energy, home appliances, electronics, banking and so on. In terms of individual stocks, we have actively carried out structural adjustment, reduced our holdings in some companies with high valuation levels, and increased the proportion of individual stocks with strong competitiveness and certainty, stable growth and reasonable valuation when the market has pulled back sharply.
In the configuration of the mixed industry of E Fangda Mid-Cap Growth, it has maintained the configuration in the consumption, new energy and other industries, and increased the allocation ratio of the Internet, TMT, and medicine. In terms of individual stocks, some companies with high valuation levels have been reduced, and at the same time, when the market has pulled back sharply, the proportion of individual stocks with strong competitiveness and certainty, stable growth and reasonable valuation in the medium market value has been increased. In terms of Hong Kong stocks, the fund increased its allocation ratio last year, and this measure achieved good results in the first quarter. In the quarter, the allocation ratio of Hong Kong stocks decreased, mainly due to the sharp rise at the beginning of the year, resulting in a higher valuation level of some individual stocks and a decline in attractiveness.
E Fangda Research selects stocks in the industry allocation, mainly on the Internet, consumption, new energy, home appliances, and electronics. In terms of individual stocks, some companies with high valuation levels have been reduced, and at the same time, the proportion of individual stocks with strong competitiveness and certainty and reasonable valuation has increased when the market has pulled back sharply. In terms of Hong Kong stocks, the fund increased its allocation ratio last year, and this measure achieved good results in the first quarter. In the quarter, the allocation ratio of Hong Kong stocks decreased, mainly due to the sharp rise at the beginning of the year, resulting in a higher valuation level of some individual holdings and a decline in attractiveness.
E Fangda Competitive Advantage Enterprise Blend was established in late January and began to open positions. In the early days of position building, the market rose sharply and the valuation level of the stock was high. In the face of this situation, we take risk control as the main task and insist on investing with absolute returns. Operationally, control the stock position at a low level, and cautiously buy enterprises with reasonable valuations. After the Spring Festival, the market retreated sharply, and the valuation of some high-quality enterprises gradually entered a reasonable range. We moderately increased some stock positions and increased investment in high-quality targets of A-shares and Hong Kong stocks. From a structural point of view, we mainly allocate high-quality stocks in the Internet, home appliances, consumer, photovoltaic and other industries.
Regarding the operation idea of the future market, Feng Bo said that after the sharp rise in the previous two years, the valuation reconstruction process of A-share core enterprises driven by the process of marketization and internationalization has been basically completed.
He believes that at a reasonable valuation level, the growth of corporate earnings will become the most important factor driving future stock price increases. This will further test the depth of the manager's research on fundamentals and the ability to set reasonable prices. Large fluctuations in the market are risky for short-term investors, but for long-term investors, it is the best opportunity to obtain excess returns.
The overall allocation of E Fund is more balanced The layout pattern of public offerings to the south has not changed
Overall, from the latest disclosure of E Fangda's fund quarterly report data, it can be seen that the top ten heavy stocks of the fund basically cover most of the first-level industries in the A-share market, and evolve in a more balanced direction in the overall allocation. On the one hand, the allocation of pro-cyclical industries such as banking, chemical industry, and agriculture and aquaculture that meets the expectations of economic recovery has been improved; on the other hand, with the accelerated development and growth of strategic emerging industries and the continuous advancement of the process of new formats led by the digital economy, the fund has increased the overall allocation of high-end manufacturing industries such as new energy, computers, and electronics, as well as emerging industries such as Internet software and services and Internet retail.
Zhang Kun is still optimistic about high-quality companies with excellent business models, clear industry patterns and strong competitiveness for a long time, and the overall combination has increased the allocation of industries such as banking, biomedicine and computers.
Xiao Nan believes that the current valuation level of the market needs to be digested by performance growth, but it will not allocate long-term uncompetitive enterprises, and the overall combination will increase the allocation ratio of new energy, aquaculture and other sectors.
Feng Bo believes that under the current valuation level, the growth of corporate earnings will become the most important factor driving the rise of stock prices in the future, which will further test the depth of the manager's research on fundamentals and the ability of reasonable pricing, and the overall combination will increase the allocation ratio of new energy, computers, electronics and other industries.
From the first quarter report of E Fund, it can also be found that the pattern of the southward layout of public funds has not changed, and the Hong Kong market continues to play a role in expanding the investment scope and asset allocation of public funds.