Zhitong Financial APP learned that on October 27th, Zhang Kun, deputy general manager of the "top 100 billion" Yi Fangda Fund, disclosed three quarterly reports one after another in charge of the fund, and its position also surfaced. Overall, Zhang Kun slightly increased the stock position in the third quarter, adjusted the position structure, increased the allocation of food and beverage, banking and other industries, and reduced the allocation of pharmaceutical, Internet and other industries. However, due to weak performance and product purchase restrictions, the size of Zhang Kun's fund shrank sharply in the third quarter. By the end of the third quarter, Zhang Kun managed a total of 105.748 billion yuan in four funds, which was worth 100 billion yuan, about 28.7 billion yuan less than the 134.478 billion yuan at the end of the second quarter, and the scale has shrunk by more than 20%.
Zhang Kun's four funds are Yifangda quality enterprise three-year holding period mix (market value 9.925 billion), Yi Fangda blue chip selection mix (market value 69.847 billion), Yi Fangda Asia select stocks (4.315 billion), Yi Fangda high quality selection (QDII) (market capitalization 28.701 billion), a total of 112.788 billion. Among them, the top three stocks of Yifangda blue chip selection are Luzhou laojiao (000568.SZ), Guizhou Moutai (600519.SH) and Wuliangye (000858.SZ). The fund increased its holdings of Luzhou laojiao (000568.SZ) to 31.3 million shares, and increased its holdings of shares such as 002415.SZ and 002415.SZ, China Merchants Bank (600036.SH), etc., while 600887.SH shares and 000001.SZ Bank newly entered the top 10 heavy positions in the fund.
Investment strategy and operation analysis of the fund during the reporting period:
Zhang Kun, the fund manager, said: "the fund slightly increased its stock position in the third quarter and adjusted its structure."The allocation of food and beverage, banking and other industries has been increased, while that of pharmaceutical and Internet industries has been reduced.We believe that the business model, the moat and the prospect of the industry jointly determine the pricing power of the enterprise, which is one of the most lasting determinants of high return on investment. In a short period of time, stocks are usually driven by other factors, such as macroeconomic or breaking news, which makes investing in high-quality companies with pricing power often boring in the short term, so the low risk associated with investing in these high-quality companies can only be observed over a long period of time. In terms of individual stocks, we still hold high-quality companies with excellent business models, clear industry patterns and strong competitiveness. "