Star Fund Manager's latest position exposure, continue to reuse white wine and Hong Kong stock technology stocks

With the report of public funds in the second quarter of 2022, the latest positions of many star fund managers have surfaced one by one. For example, the four funds controlled by the E Fund Fund Zhang Kun continued to reuse white wine and some Hong Kong stock technology stocks.

Zhang Kun's two partial stocks are new -Yaoming creatures

Specifically, Zhang Kun's two partial stock hybrid funds, Yifangda high -quality enterprises have a mixed period of three years of holding, and the Blue Chip selection of Blue Chip in the second quarter of this year. Luzhou Laojiao, Guizhou Moutai, Tencent Holdings, Hong Kong Exchange, China Merchants Bank, Yili, Meituan-W, Yaoming creatures. From the perspective of configuration, at the end of the 2nd quarter, the three -year holding period of Yifangda high -quality enterprises and the selected mixed stock positions of Yifangda Blue Chips were 93.46%and 92.68%. Compared with the end of the first quarter, it was basically the same, and the liquor was still heavy. Financial stocks, etc.

In addition, compared with the fund's stock holding position, compared with the end of the first quarter of this year, Yaoming Bio was the top ten heavy stocks in the fund, and Hikvision withdrew.

In the latest quarterly report of the Blue Chip selection of Yifangda, the fund manager Zhang Kun said that the fund's stock position in the second quarter was basically stable, adjusted the structure, increased the allocation of pharmaceutical industries, and reduced the allocation of technology and finance industries. In terms of individual stocks, high -quality companies with excellent business models, clear industry patterns, and strong competitiveness.

At the same time, Zhang Kun also reviewed and reflected on the market's changes in the Fund 2 quarterly report and how to judge the future of the company. Zhang Kun believes that usually, investors tend to either pay too much attention to risks, or completely ignore risks, and it is difficult to have a middle area. In addition, the recent causes are also very prominent. Investors often believe that through the results obtained through several continuous observations, through scattered evidence, a full image is made up and created a model that did not exist in the mind. When predicting the future, the vivid sense of picture, the occurrence of continuous occurrence, and the more attention of their own are more likely to cause the judgment deviation.

Zhang Kun also said that when investors pay too much attention to something, they will search for the cause of memory. When they find that there is a regression effect, they will activate the cause and effect interpretation, but in fact, this may not be able to stand. Although it is difficult to judge the future, the essence of investing is to judge the future of companies. Fund manager hopes to return more common sense or basic probability of returning to common sense or things when doing judgments. For example, does the product or service provided by the company continue to be required and increased by customers in the future? Is it difficult for outsiders to imitate the business of this company and whether the business model can produce sufficient free cash flow? Is it good for corporate governance and friendly shareholders? This has become a fund manager who wants to judge accurate questions.

Zhang Kun believes that these factors are very important for the development prospects of the enterprise on the one hand, and on the other hand, the possibility of changes in 5-10 years is less. Correspondingly, some market factors, such as short -term economic fluctuations and short -term supply and demand imbalance in the industry, have significant impact on the short -term market, but it is not important during a long cycle. When these factors are unfavorable, they buy excellent buyers for long -term investors. The company provides better odds.

Zhang Kun's two QDII fund holding strategy disclosure

In addition to the two partial stock mixed funds, Zhang Kun is also a well -known fund manager who manages QDII products. On July 20, Zhang Kun's Yifangda Asian Selection Stocks (QDII) and Yifangda High -quality Selected Mixed (QDII) disclosed the 2022 quarterly report. On the whole, during the reporting period, Zhang Kun continued to heavy warehouses on the Internet leading Internet leading stocks, and made a small increase.

From the perspective of configuration, as of the end of the second quarter of this year, E Fund's Asian Selection Stocks (QDII) and E Fund's high -quality selection mixed (QDII) stock positions were 93.15%and 93.45%, respectively, all adopting high -position strategies, which were generally the same.

Specifically, on the list of the latest top ten heavy warehouses in the fund, E Fund's Asian Selection Stocks (QDII) include JD Group-SW, Alibaba-SW, China Merchants Bank, Tencent Holdings, Hong Kong Exchange, Mengniu Dairy, Meituan-W,,, Meituan, Meituan-W. Staarsurgicalco, China Ocean Petroleum, Bubble Mate; E Fund's high-quality selection mixed (QDII) includes Wuliangye, Luzhou Laojiao, Guizhou Moutai, Yanghe, Tencent Holdings, Jingdong Group-SW, China Merchants Bank, Illi, Alibaba- SW, Hong Kong Exchange.

It can be seen that as of the end of the 2nd quarter, the Hong Kong stocks of Yifangda Asia (QDII) accounted for 77%, US stocks accounted for 16.3%, and the stocks listed on the British Stock Exchange accounted for 1.16%; The largest heavy positions of the fund are A -share Wuliangye. Among them, A shares account for 54%of the fund's net asset value, and the proportion of Hong Kong stock stocks accounts for about 41%. In terms of stock layout, there are certain differences in the two QDII funds.

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