Editor | Guo Nan

2021 is a year of major challenges for top fund managers. As the last report of the year, the Four Seasons Report is also important. Different from the past, which usually includes a review and summary of the year, with many highlights, "Reading Yi Zhi" has compiled the quarterly reports of some fund managers.

Zhang Kun of E Fund rarely talked about his views on the macroeconomic situation and policies, Jiao Wei of Yinhua Fund conducted "reflections on the shock and recovery period" after the fund's net value fell from a high level, and ABC-CA Zhao Yi believes that photovoltaic stock prices have run ahead of fundamentals. Liu Gesong of Guangfa Fund believes that the style differentiation will continue in 2022. Zhou Yingbo of China Europe Fund summed up the experience of Hong Kong stock investment, "Hong Kong is a very important boundary of capabilities" and summarized 2022 in one sentence. In the year, "patiently wait for the economy to bottom out, carefully identify new energy bubbles, and actively look for new driving forces."

It is worth mentioning that Zhou Yingbo, as always, honestly recorded the review, reflection and outlook in the quarterly report of the China-EU Innovation Future Fund (18-month closed period), with more than 4,000 words. With the arrival of the fund opening period (April this year), public fund investors may no longer be able to read "weekly quarterly reports."

The last easter egg in this article comes from Li Xiaoxing of Yinhua Fund. When the news of Zhou Yingbo's resignation came out, Li Xiaoxing forwarded the news in his circle of friends and added an online lyrics, "Lonely thoughts are hidden decently, and the memories of the past are slowly stranded." People who eat melons said they couldn't understand. However, Li Xiaoxing once again quoted this lyric in the Four Seasons Newspaper, revealing the mystery.

Zhang Kun of E Fund Fund:

The downward pressure on the economy is only temporary

The investment circle had great expectations for today’s stock market.

Zhang Kun’s latest management scale is 101.935 billion yuan. In the recently disclosed Four Seasons Report, Zhang Kun not only reviewed the quarterly market conditions, but also rarely expressed his own views on the macroeconomic situation and policies. The following is an excerpt from E Fund Asia’s selection:

“The fund slightly increased its stock positions in the fourth quarter and adjusted its structure, increasing its allocation to technology, consumer and other industries, and reducing its allocation to finance, real estate and other industries. In terms of individual stocks, we still hold high-quality companies with excellent business models, clear industry patterns, and strong competitiveness.

The Central Economic Work Conference in December 2021 emphasized that "adhere to economic construction as the center." It is a requirement of the Party's basic line, and the Chinese economy and enterprises themselves contain considerable potential. Therefore, we believe that the current downward pressure on the economy is only temporary, and we remain optimistic about the long-term prospects of the Chinese economy. We firmly believe that China's economic strength will eventually reach the level of developed countries. In this case, we believe that there are a number of high-quality companies that can create value for customers, improve the efficiency and productivity of the entire society, and at the same time have the ability to continue to create free cash flow for shareholders. Ability.

In 2021, the stock prices of some of these companies have lagged behind the market, but we always believe that "to make a good investment, it is more important to keep an eye on the field, not on the scoreboard." We will carefully examine the fundamentals of the companies in the portfolio and select companies with outstanding competitiveness and high long-term logic certainty for long-term holding. We believe that after the valuation digestion in 2021, the valuations of some high-quality companies are already attractive. Within the dimension of 3-5 years, the performance growth of a company will most likely be projected into the growth of its market value. ”

Jiao Wei of Yinhua Fund:

Still after falling from a high level. The shock and recovery period

Jiao Wei's quarterly reports have always been full of literary talent. In this quarterly report, he said that the past 2021 was a year in which the investment philosophy and logic of fund managers have been significantly challenged. In the changing policy environment and market style after July, the retracement of the fund's net value is "rare in history" and is still in the shock and recovery period after falling from high levels.

Jiao Wei said in his own words, “With a strong desire to survive, I reflected on the changing logic of the market and investment issues, and made simultaneous moves to persist and adjust.