Because E Fund's blue chip is my first heavy position, I have been very nervous about the scale of Zhang Kun's four quarterly reports. With the publication of the four quarterly reports, the veil was finally unveiled: 654.38+02 billion!
Whether Zhang Kun is the first fund manager whose management scale has exceeded 1000 billion yuan is still uncertain. Judging from the scale of the third quarterly report, the only one who has a chance to compete with it is Liu Guangfa Song Ge.
The time has come when the big boss is equivalent to a medium-sized fund company. Top star fund managers are increasingly capable of absorbing gold, and resources, whether the company's investment and research resources or external resources, will be further concentrated to fund managers with pricing power.
There are nearly 70 billion blue-chip stocks and 40 billion small and medium-sized stocks.
At present, the largest management scale in Zhang Kun is E Fund Blue Chip Select Mix (005827), with a scale of nearly 70 billion, twice that of the third quarterly report, and its stock position is stable.
Blue chip selection jiacang meituan, jiacang yihai
Judging from the top ten heavy positions, compared with the third quarterly report, the position of liquor stocks has not decreased, and Kweichow Moutai is still the biggest heavy position. The category of liquor has not decreased, but the position has increased slightly. When liquor was adjusted back last month, the valuation and net performance of E Fund's blue chips were far from each other, and many citizens speculated that Zhang Kun had reduced its liquor holdings.
But my judgment is that Zhang Kun will definitely not reduce its holdings casually. If you have seen Zhang Kun's previous interviews and his reports, you will know that Zhang Kun has extremely strict standards for the selection of individual stocks. After that, unless the fundamentals of individual stocks have changed, they will not move easily.
Obviously, the recent performance of liquor stocks does not meet the conditions for Zhang Kun to abandon them.
In addition to liquor, Meituan's position in the blue-chip selected Hong Kong stocks rose from 5.32% to 9.59%, becoming the second largest heavyweight. The positions of two Hong Kong stocks, Tencent and HKEx, have not changed much.
Among them, Yihai International is newly added. You may not be familiar with Yihai International, but when it comes to Haidilao, everyone knows it.
201June July 13 Yihai was listed on the Hong Kong Stock Exchange, and over 50% of Yihai International's revenue came from the related transactions of Haidilao. In order to "grab a hand from Haidilao" at the B end, Yihai International launched Haidilao self-heating hot pot in May 2065438+2007, and later launched the leisure snack brand "Wow" and the semi-finished product brand "Chopsticks Hand Kitchen". Products include self-heating rice, brewed hot and sour powder, and brewed rice to further seize the C-end market.
After the outbreak of the epidemic last year, products such as self-heating hot pot in domestic supermarkets were out of stock many times, and the upstream supply was insufficient; Tmall data shows that since February, the overall sales volume of "convenience food" has increased by 7 times year-on-year.
Combined with the impact of the epidemic on the catering industry and the C-end bonus brought by "house consumption", Yihai International's brand power and C-end operational strength have been significantly enhanced, and the new moat of market competition has begun to take shape. This is undoubtedly good news for the future growth of consumer goods enterprises.
It is also possible that Zhang Kun bought it because he saw the influence of Yihai at the C end and the formation of the moat. I have great confidence in Zhang Kun's judgment on the sustainable competitive advantage of individual stocks in the field of consumer goods.
If you look at Zhang Kun's style of holding for 3-5 years, you will definitely gain a lot from buying Hong Kong stocks.
The top ten positions of small and medium-sized stocks have not changed. Basically, liquor is poured to the upper limit.
What did the Fourth Quarterly Report say?
Zhang Kun said frankly in the report that his ability circle is not a top-down macro analysis and plate rotation, but a judgment on individual stocks, which is also very consistent with all his previous positions.
Can you still buy such a large scale?
In fact, one of the questions that everyone is most concerned about is whether it can be bought on such a large scale.
In the era when resources and funds are concentrated in the head star fund managers, star fund managers must work hard to adapt and form their own methods of managing a larger scale. Many fund managers have encountered this dilemma, but they have all come up with a solution, that is, establishing investment and research teams and paying attention to cultivating new people.
So now I will be more concerned about whether there is a training team in Zhang Kun. Although Qihe and I manage a fund, most of my positions are written by Zhang Kun. They have great differences in research background and industry configuration, so they can't see the strength of Zhang Kun's team.
Although Zhang Kun's performance in the fourth quarter of last year has proved his ability to manage a scale of more than 70 billion yuan, doubling the scale is still a big test for a fund manager. Even if he bought a trillion-dollar large-cap stock, it is doomed that this big ship will be difficult to turn around.
For Zhang Kun, there are three difficulties: first, it is difficult to select individual stocks, and second, it is difficult to operate. With such a large amount of money, buying a little share price will go up, and the cost of holding positions will also go up, which has a great impact on the income. Third, from the perspective of the holder structure, most of the new ones are retail investors, who hold them for a short time and are vulnerable to market fluctuations. They must leave some cash in their positions to deal with possible redemption. After all, this is the performance, and there are still many people scolding him in Tian Tian Fund Bar.
My operation will be divided into two steps:
1. Keep the current position. After all, in my eyes, Zhang Kun is the opportunity cost of investing in all funds, and it is uncomfortable to miss it. Holding Zhang Kun's fund is the most reassuring thing.
2. Observe the market situation and the performance of Zhang Kun in the next quarter. If you want higher returns, you can only continue to search for gold in the market.