In the early morning of January 21, e fund disclosed the 2021 fourth quarter report of its funds. Zhang Kun, Xiao Nan and other well-known fund managers exposed their heavy positions, Zhang Kun increased his holdings of Tencent, and Xiao Nan bought companies in the tide game industry.
For the next investment, Zhang Kun said that after the valuation digestion in 2021, the valuation of some high-quality enterprises has been attractive.
Zhang Kun: the valuation of some high-quality enterprises has been attractive
By the end of the fourth quarter of 2021, the fund scale managed by Zhang Kun still exceeded 100 billion yuan. E fund blue chip selection and e fund high-quality selection managed by Zhang Kun slightly increased the stock position in the fourth quarter of 2021, adjusted the structure, increased the allocation of science and technology and other industries, and reduced the allocation of finance, medicine and other industries.
Compared with the heavy position stocks in the third quarter of 2021, Zhang Kun’s heavy position stocks generally changed little in the fourth quarter. Tencent Holdings has become the largest heavyweight stock of three funds held by e fund blue chip selection, e fund high-quality selection and e fund high-quality enterprises under his management for three years. Among them, e fund blue chip selection and e fund high-quality enterprises have held investment for three years, and Tencent holdings accounts for more than 10% of the net asset value of the fund.
Specifically, the top ten heavyweight stocks selected by e fund blue chip are Tencent holdings, Hangzhou Hikvision Digital Technology Co.Ltd(002415) , Luzhou Laojiao Co.Ltd(000568) , Kweichow Moutai Co.Ltd(600519) , China Merchants Bank Co.Ltd(600036) (600036), China Merchants Bank Co.Ltd(600036) (03968), Wuliangye Yibin Co.Ltd(000858) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Hong Kong stock exchange, Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Ping An Bank Co.Ltd(000001) . (Note: China Merchants Bank Co.Ltd(600036) A shares and Hong Kong shares are combined into one). The top ten heavyweight stocks selected by e fund are Tencent holdings, Kweichow Moutai Co.Ltd(600519) , China Merchants Bank Co.Ltd(600036) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Hangzhou Hikvision Digital Technology Co.Ltd(002415) , JD group and the Hong Kong stock exchange.
Zhang Kun said in the four seasons that China’s economy and enterprises themselves contain considerable potential. At present, the downward pressure is only phased. He remains optimistic about the long-term prospects of China’s economy and firmly believes that China’s economic strength will eventually reach the level of developed countries.
He believes that in this case, a number of high-quality companies can create value for customers, improve the efficiency and productivity of the whole society, and have the ability to continuously create free cash flow for shareholders. In 2021, the share price performance of some of these enterprises lagged behind the market, but he always believed that “to make a good investment, it is more important to focus on the field rather than the scoreboard”. Zhang Kun said that he would carefully examine the fundamentals of enterprises in the portfolio and select enterprises with outstanding competitiveness and high long-term logical certainty for long-term holding.
Zhang Kun pointed out that after the valuation digestion in 2021, some high-quality enterprise valuations have become attractive. In the dimension of 3-5 years, the performance growth rate of the enterprise will be projected into the growth of its market value.
Xiao Nan: greatly increase the configuration of automobile and parts
Yi Fangda consumer industry managed by Xiao Nan has significantly increased the configuration of automobile and parts in the fourth quarter. Based on the pattern differentiation of the household appliance sector, the fund adjusted the corresponding allocation. Out of concern about the long-term policy uncertainty of the duty-free goods sector, it significantly reduced its holdings in the duty-free goods sector. At the same time, it slightly reduced its holdings in the breeding sector, mainly considering that the ultra long trough of this round of pig cycle may be a severe test for the cash flow of all participants in the industry, and a better time point is needed to balance the time cost.
Specifically, the top ten heavyweight stocks in e fund’s consumer industry are Kweichow Moutai Co.Ltd(600519) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Anhui Gujing Distillery Company Limited(000596) , Fuyao Glass Industry Group Co.Ltd(600660) , Midea Group Co.Ltd(000333) , Muyuan Foods Co.Ltd(002714) , Oppein Home Group Inc(603833) , Haier Smart Home Co.Ltd(600690) .
Another fund managed by Xiao Nan, e Fangda, was held by high-quality and strict selection for three years. According to the fourth quarter report of 2021, the fund increased the allocation of power and coal sectors in the fourth quarter. The reason is that it believes that a possible reasonable accident caused by this round of new energy revolution is that traditional energy is becoming more and more valuable – with the promotion of new energy, the supply of traditional energy is becoming more and more tense. The fund also continued to buy related companies in the fashion industry. Although the stock price has not performed well in the short term, it believes that these emerging business models and product forms will eventually be recognized by the market. In addition, the fund has made a small reduction in the security, photovoltaic, sportswear, aquaculture and other sectors with more positions before, but it still retains a considerable position as a whole.
The top ten heavyweight stocks held by yifangda in the three years of high-quality strict selection are Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Wanhua Chemical Group Co.Ltd(600309) , Jiangsu Yangnong Chemical Co.Ltd(600486) , bubble mart, Li Ning, Shenzhou International, Longi Green Energy Technology Co.Ltd(601012) , Luzhou Laojiao Co.Ltd(000568) .
Chen Hao: bargain hunting to increase holdings of food and beverage industry leaders
According to the balanced growth of e fund managed by Chen Hao, the fourth quarter report of 2021 shows that the fund made more positive adjustments in portfolio positions and industry allocation in the fourth quarter.
In the growth track, we appropriately increased the proportion of the military industry sector, and prospectively reduced the allocation proportion of electric vehicles and photovoltaic sectors, so as to better control the retreat range of the portfolio when the mainstream varieties of the growth sector fell in the fourth quarter; At the same time, after a year of valuation digestion, some high-quality blue chips have entered the value range of time for space. Therefore, bargain hunting increased holdings of leading enterprises in food and beverage, medicine, computer and other industries, and also brought certain absolute benefits to the portfolio.
Chen Hao said that the Hong Kong stock market entered a technical bear market in the fourth quarter of 2021, further focusing on companies with outstanding core competitiveness and relatively strong fundamentals. Although the position of Hong Kong stocks has decreased, this part of the allocation still has a certain negative impact on the portfolio.
Specifically, the top ten heavyweight stocks with balanced growth of e fund include Wuliangye Yibin Co.Ltd(000858) , Kweichow Moutai Co.Ltd(600519) , Tencent holdings, Avic Electromechanical Systems Co.Ltd(002013) , Hong Kong stock exchange, Unigroup Guoxin Microelectronics Co.Ltd(002049) , Victory Giant Technology (Huizhou)Co.Ltd(300476) , Ninestar Corporation(002180) , Changchun High And New Technology Industries (Group) Inc(000661) , Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) .
Collective exposure! Liu Gesong, Fu Pengbo and Xiao Nan dingliu are indeed adjusting their positions. Have you bought their “first heaviest position stock”?
The latest heavy positions of Liu Gesong, Fu Youxing and Wang Chong have been exposed! These stocks were overweight
Ruiyuan new trend! Two “top stream” Fu Pengbo and Zhao Feng’s latest heavy positions were exposed
Famous Fu Youxing’s latest position: Kweichow Moutai Co.Ltd(600519) withdraw from the top ten heavy positions and increase his holdings in light industry, auto parts and other sectors
