Judging from the periodic increase, at any time in the past three years, E Fund's small and medium-sized stocks are among the best in their kind.
I told you before, you can't buy funds in name. E Fund is a small and medium-sized fund. Do you think all positions are the names of small and medium-sized board stocks?
Let's look at the location:
They are all large-cap stocks in liquor, medicine and other sectors, and basically have nothing to do with small and medium-sized stocks. In addition, Zhang Kun's investment style is biased towards large-cap blue-chip stocks.
Zhang Kun's most famous investment is to buy Maotai and Wuliangye in heavy positions, and hold them for seven years, from Maotai at 20 12 to Qian Qi at over 100, and hold them at over 1700 now. He is really a value investor.
How many investors can hold a stock for seven years? So Zhang Kun's success is not without reason.
Zhang Kun's investment style is to look at the enterprise, bet heavily and hold it for a long time. Just like E Fund's small and medium-sized stocks, the top ten positions are 72%, while Zhu Shaoxing's position mentioned earlier is only 40%, so Zhang Kun's positions are very concentrated in the whole industry.
This will cause the market to fall, and his products will fall, but they will rise and will rise again soon.
What he values is the return on investment, not the retreat.
In the words of Zhang Kun: "Real high-quality enterprises are rare. His ideal is to accompany these high-quality enterprises 10 for 20 years. "
Let's take a look at Zhang Kun's resume:
Zhang Kun joined E Fund in 2008, and successively served as researcher, assistant fund manager and fund manager. He spent 12 years in the E Fund.
Working wholeheartedly in a company, managing more than 50 billion assets, is rare in the highly competitive Public Offering of Fund. It is this single-minded spirit that makes many investors choose Zhang Kun's products.
When I choose a fund manager, I attach great importance to stability, even if the performance is almost poor, because the fund manager is the soul of actively managing the fund, and once it is replaced, it will have a great impact.
Let's take a look at Zhang Kun's investment view:
Just now, I also talked about Zhang Kun's investment view. In addition to betting heavily on high-quality enterprises to accompany their growth, he also regards Buffett as an example and believes in value investment. In Buffett's words, it is "to acquire excellent enterprises and share their operating results". Just like he buys Maotai, if he doesn't want to hold a business for more than ten years, don't hold it for a minute.
Among the Asian stocks selected by E Fund managed by Zhang Kun, the top ten positions account for 84%, while HKEx, Tencent, Ali, JD.COM and Meituan are the top five positions, accounting for 50%, so Zhang Kun's investment style is very obvious: concentrate on positions, buy high-quality enterprises, hold them for a long time, and reduce turnover rate.
To sum up, funds in Zhang Kun are suitable for investors with strong professional knowledge and strong risk tolerance because of their large equity positions and large fluctuations, otherwise it is difficult to make money by purchasing Zhang Kun products.