Although the purchase was liberalized in the first quarter of this year, Zhang Kun failed to turn the tide after all.
On April 22, the first quarterly reports of the four fund products managed by Zhang Kun were released. With the continuous adjustment of the A-share market, the scale of Zhang Kun's management decreased by about 17 billion yuan from 101.9 billion yuan at the end of 2021 to 84.9 billion yuan at the end of the first quarter of 2022.
It is worth mentioning that although e fund blue chip selection was redeemed by Jimin net, there were not many redeemed shares, while the total shares of e fund high-quality selection and e Fund Asia selection fund were still increasing due to their subscription by Jimin net. In other words, the shrinkage of Zhang Kun's management scale in the first quarter of this year was more affected by the adjustment of the equity market, and the impact of Jimin redemption was relatively small.
"Zhang Kun's accumulated value in the short-term market reflects the growing value of the fund in the short-term market. Although Zhang Kun has accumulated its own value in the short-term market, it also reflects the constant growth of the fund's market value in the short-term market."
Zhang Kun's management scale falls below 100 billion
The market adjustment in the first quarter led to a significant decline in the scale of many fund managers. The top flow management scale of Zhang Kun and Hou Hao directly fell below the 100 billion mark. At the same time, the scale of fund products managed by some star fund managers also shrank significantly.
The management scale of Hou Hao, the investment promotion fund manager, decreased from 103.4 billion yuan at the end of 2021 to 92.19 billion yuan at the end of the first quarter of this year. Zhang Kun's management scale also decreased significantly, from 101.94 billion yuan at the end of 2021 to 84.93 billion yuan at the end of the first quarter of 2022. The management scale fell below 100 billion yuan, with a decrease of about 17 billion yuan.
According to the reporter of the securities times, the decline of e fund blue chip selection managed by Zhang Kun was relatively more serious. The fund scale decreased by about 12.35 billion yuan from 67.62 billion yuan at the end of 2021 to 55.27 billion yuan at the end of the first quarter of this year. At the end of June 2021, the scale of the fund reached an all-time high of 89.89 billion yuan. In the third quarter of 2021, it shrank by 20.04 billion yuan to 69.85 billion yuan, and in the fourth quarter, it shrank again to 67.62 billion yuan.
In the first quarter of this year, the scale of e fund's blue chip selection fund continued to shrink, which has a great relationship with the continuous withdrawal of the fund's net value. The data show that the net value growth rate of e fund blue chip selection in the first quarter was - 18.04%, while the redemption fund share of Jimin in the first quarter was 70 million. Under the superimposed influence, the scale of e fund blue chip selection fund decreased by 12.35 billion yuan.
The scale of e fund's high-quality selection also shrank to a certain extent in the first quarter of this year, and the adjustment of the equity market is the main reason for its shrinkage. According to the data, the net value growth rate of e fund quality selection in the first quarter was - 17.06%, and the net value growth rate of fund units from the change of fund registration to the end of the reporting period was - 19.63%.
It is worth mentioning that e fund's high-quality selection had previously "thanked customers behind closed doors", and the fund had been redeemed by Jimin one after another. In the first quarter of this year, with the significant adjustment of the market, Zhang Kun released the restrictions on the subscription of e fund's high-quality selection. In the first quarter, Jimin subscribed 263 million funds, redeemed 214 million, and made a net subscription of 49 million.
The scale of the fund reached a historical peak of 40.11 billion yuan at the end of 2020, but now it has decreased to 16.87 billion yuan, shrinking by more than 23 billion yuan during the period.
The fund scale held by e fund quality enterprises in the past three years has also shrunk, while the fund scale of e Fund Asia selection bucked the trend and increased by 270 million yuan under the condition of Jimin's active subscription. In the first quarter of this year, the growth rate of e Fund Asia's selected net value was - 6.61%, and Jimin net subscribed 564 million copies.
Zhang Kun maintains high position operation
Although the market experienced a significant adjustment in the first quarter, the fund products managed by Zhang Kun still operated in high positions.
By the end of the first quarter, the stock positions of funds such as e fund blue chip selection, e fund high-quality selection, e fund high-quality enterprise holding for three years and e Fund Asia selection accounted for more than 90%. Among them, Yi Fang Da blue selection also increased the allocation of Internet technology in the first quarter of this year. The quality of the products was enhanced by Jingdong, Tencent and other Internet technology stocks, and Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) and other Baijiu stocks.
Specifically, the top ten heavyweight stocks selected by e fund blue chip at the end of the first quarter of this year are Kweichow Moutai Co.Ltd(600519) , China Merchants Bank Co.Ltd(600036) , Tencent holdings, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) , HKEx, Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , meituan. Overall, Zhang Kun managed the easy to blue fund selection fund position changed little, Kweichow Moutai Co.Ltd(600519) , Tencent holdings were slightly reduced, the US group was increased by 32.5% of the shares, Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) and other Baijiu shares were added.
It is worth noting that Kweichow Moutai Co.Ltd(600519) returned to e fund blue chip after more than a year. Previously, Wuliangye Yibin Co.Ltd(000858) , Hong Kong stock exchange, Luzhou Laojiao Co.Ltd(000568) , Tencent holdings, etc. successively occupied the first position.
The position of e-fonda's high-quality selection has also changed little. Tencent holdings, JD, Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) and others have been increased, while China Merchants Bank Co.Ltd(600036) , Kweichow Moutai Co.Ltd(600519) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) and the Hong Kong Stock Exchange have been reduced.
In the quarterly report of the fund, Zhang Kun said that the stock position of the fund was basically stable in the first quarter, adjusted the structure, increased the allocation of industries such as medicine and technology, and reduced the allocation of industries such as finance. In terms of individual stocks, it still holds high-quality companies with excellent business model, clear industry pattern and strong competitiveness.
Zhang Kun rethinks again
"In the first quarter, the net value of the fund fell significantly, which made many holders feel anxious. I feel the same." Zhang Kun admitted in the first quarterly report.
He believes that anxiety may come not only from the realized decline, but also from the fear of further decline in the future. After all, the brain is naturally aware of trends, even if they don't exist. If a stock rises for three consecutive days, people will automatically feel that it will rise on the fourth day. If the stock does rise on the fourth day, dopamine will be released and people will feel satisfied. Moreover, the feeling of anticipating good and bad things is often stronger than actually experiencing them. When imagining the possible painful things, the feeling is no less than real pain.
In the quarterly report of the fund, Zhang Kun also mentioned that when the stock falls, we may need some time and restraint to calm ourselves down, and then ask ourselves a few questions: 1 Does my fear come from the decline of share price or from the negative change of fundamentals? 2. Does the original investment reason no longer exist? 3. The share price is lower. As a long-term net buyer, shouldn't I be happier?
He believes that the most reliable way to judge the authenticity of something is to prove its wrongness (falsification).
This way of thinking can effectively inhibit the sensory system, because the sensory system is good at dealing with vivid facts such as "what is", and our rational analysis system will be forcibly invoked in the face of abstract concepts such as "what is not" or "why".
Buffett once mentioned that for an investor, the most important thing is temperament. In Zhang Kun's view, the most important thing is the ability to control emotions and maintain rationality.
Zhang Kun also quoted Graham as saying that the reason why most investors fail is that they are too concerned about the current operation of the stock market. For such investors, it may be better for the stock to have no market quotation at all. Because in this way, he will not suffer mental torture because of the wrong judgment of others. The human reflex system pays so much attention to change that it is difficult for it to notice what remains constant. The stock price, like the weather, is always changing, unpredictable and difficult to grasp, while the enterprise value, like the climate, is always changing slowly and regularly. Although in the short term, it seems that it is the weather that catches our attention and determines the environment, in the long run, it is the climate that really determines the environment of a region.
Zhang Kun believes that although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors. He believes that the free cash flow accumulated by enterprises every day will be reflected in the accumulation of their value, and the growing enterprise value will eventually be projected into the growth of their market value
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