The rise and fall of the market in 2021 brings the sequence of top stars to the ups and downs.

But Zhang Kun, the most elite, still has the most trust among the people.

He once tortured himself in the quarterly report: "if the stock market is closed and cannot be traded for three years, do I still have the confidence to buy this company?"

In the latest three quarterly reports, he made clear conclusions about some companies:After this round of decline, the valuations of a number of high-quality companies have been basically reasonable.

He also expressed confidence in the business model, moat and industry prospects of some companies.It is believed that these companies are expected to achieve a high degree of certainty of compound profit growth in the next 3-5 years.

He also summed up the long-term investment again:The pricing power of an enterprise is one of the most lasting determinants of a high return on investment.

So what kind of variety did he buy?

Pricing power is the decisive factor

Since the beginning of this year, the adjustment of high-quality stocks and the disturbance of fundamentals are the common test faced by this generation of fund managers. What does Zhang Kun think?

In the third quarterly report, he said:The pricing power of an enterprise is determined by its business model, moat and industry prospect, 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.

The valuation of high-quality companies is basically reasonable.

For the current high-quality stocks, Zhang Kun showed the clearest confidence in recent quarters.

He said he was worried about the economic and corporate earnings downturn in the coming quarters, as well as policy uncertainty.The share prices of some listed companies that have been operating well for a long time have fallen significantly recently. Zhang Kun believes that after this round of decline, the valuations of these high-quality companies have been basically reasonable.

If he makes a combination, he is confident about his overall business model, moat and industry prospects.These companies are expected to achieve a high degree of certainty of compound profit growth in the next 3-5 years.Although he does not know whether there will be periodic undervaluation (similar to the end of 2018), he believes that because there is no bubble in the starting point valuation and the overall high-quality equity is still scarce, in the next 3-5 years, we can be more optimistic about the compound returns of the stocks of these companies.

It is still the top stream of hundreds of billions.

3 Quarterly report statistics show that Zhang Kun's latest management scale is about 105.7 billion yuan, although it has dropped somewhat compared with the middle of the year, but it is still the "top stream" in the industry.

From the redemption situation, Yifangda blue-chip selection, Yifangda high-quality selection share has been reduced to a certain extent. And Yifangda's Asian selection and even its share has also increased.

Considering that the quality selection of Yifangda has also experienced the change of the fund during the period, the scale stability is still good from the transformation of Yifangda small and medium-sized stocks, which is more familiar to everyone.

The final share of Yifangda blue chip selection is about 90% of the initial share, and the proportion of "shrinking" is not large.

Reduce the position of Hong Kong stocks

Both Yifangda high-quality enterprises holding funds for three years and Yifangda blue-chip funds have reduced the net proportion of the stock portfolio invested by Hong Kong Stock Exchange.

The three-year fund held by Yi Fangda quality companies slightly increased its stock position in the third quarter, with the share-to-net ratio rising to more than 94%. However, the net investment ratio of the stock portfolio of Hong Kong Stock Exchange has decreased to less than 23%, which is more than 9 percentage points lower than that of the medium report.

EFonda blue-chip funds slightly increased their stock positions in the third quarter. However, the net investment ratio of the stock portfolio of Hong Kong Stock Exchange has decreased by more than 10 percentage points compared with the medium report.

On the other hand, the stock position of Yi Fangda Asia Select Fund basically increased slightly in the third quarter, and its investment in US stocks decreased to less than 4%, a decrease of more than 11% compared with the China report. The fund's position in Hong Kong stocks has increased.

The Yifangda quality Select Fund completed the revision of the fund contract in the third quarter. The fund's investment in Hong Kong stocks accounted for 22.85% of its net value, which is basically at the same level as the three-year fund held by Yifangda high-quality enterprises and the Yifangda blue chip fund.

Increase holdings of food and beverages and banks

Zhang Kun talked aboutHigh quality selection of YifangdaHe completed the revision of the fund contract in the third quarter, and he made a big adjustment to his position.It has increased the allocation of food and beverage, Internet, banking and other industries, and reduced the configuration of medicine, computer, home appliances and other industries.In terms of individual stocks, they still hold high-quality companies with excellent business models, clear industry patterns and strong competitiveness.

The top ten heavy stocks in the quarterly report partially confirmed the above statement.

High quality selection of YifangdaNot only bought a lot of Hong Kong stocks such as Tencent, HKEx and JD.comThere are also significant changes in A-share positions. In addition to Guizhou Moutai and Wuliangye, which were previously the "old faces" of the top 10 stocks, stocks such as Luzhou laojiao, Haikang Weishi and China Merchants Bank, which were originally ranked later, rushed into the top 10 stocks. In additionHe also substantially increased his holdings in Yili and Ping an Bank.

Zhang Kun also talked aboutYifangda blue-chip fund has increased the allocation of food and beverage, banking and other industries, and reduced the allocation of pharmaceutical, Internet and other industries.

Specific to the top ten heavy stocks.Meituan-W and Ayre Ophthalmology quit the top ten stocks, while Yili shares and Ping an Bank newly entered the top ten stocks.. Among them, Ping an Bank report is also the fund's "waist position" stocks.

在Yifangda high-quality enterprises hold for three yearsOn the fund, heThe allocation of food and beverage, banking and other industries has been increased, while that of pharmaceutical and Internet industries has been reduced.

在Yi Fangda Asian selectionOn the other hand, he increasedThe configuration of food and beverage, real estate and other industries has reduced the configuration of pharmaceutical, Internet and other industries.