In the early morning of October 27th, four products managed by Zhang Kun, namely, blue chip selection, quality selection, three-year holding of high-quality enterprises, and Asia selection, which were managed by Zhang Kun, released the three-quarter report of 2021. This quarterly report is full of information, and there are several bright spots worth noting.

First of all, the scale. Under the "purchase restrictions" measures that began at the beginning of the year, the scale of Zhang Kun's Yifangda blue-chip selection increased rather than decreased in the second quarter. Although there were small fluctuations, the overall scale of his management continued to climb, still "hundreds of billions of dollars". However, by the end of the third quarter, the scale of his management had shrunk obviously. by the end of the third quarter, the figure was 105.749 billion yuan, dangerously holding the "100 billion" mark, a decrease of 28.729 billion yuan compared with 134.478 billion yuan at the end of the second quarter.

The second is heavy stocks, compared with the second quarter, Zhang Kun's "good heart" in the third quarter has changed greatly, especially after the renamed Yi Fangda high-quality selection, 8 of the 10 heavy stocks are new, and the position has increased significantly to more than 90%. Yi Fangda was once ridiculed as one of the three "wineries". As the company's ace, Zhang Kun still put heavy stocks on liquor, Guizhou Moutai, Wuliangye and Luzhou laojiao returned to the top three; in addition, he also added bank shares.

Zhang Kun said that after this round of decline, the valuations of these high-quality companies have been basically reasonable. "because there is no bubble in the starting point valuation, and the overall high-quality equity is still scarce, so in the next 3-5 years, we can be more optimistic about the compound returns of the stocks of these companies."

The position of high-quality selected positions of Yifangda has risen sharply.

Eight new entrants to the top ten heavy stocks

What everyone is most concerned about is the configuration path of the public offering "top stream". From the latest three quarterly reports, Zhang Kun two main funds Yifangda blue chip selection and Yifangda high-quality selection, positions have climbed. In the latter, in particular, the position rose sharply from 70.36% at the end of the second quarter to 92.31% at the end of the third quarter.

Among them, Yifangda high-quality selection has increased the configuration of food and beverage, Internet, banking and other industries, and reduced the configuration of medicine, computer, home appliances and other industries. Specifically, the top 10 heavy stocks are Guizhou Moutai, Wuliangye, China Merchants Bank, Tencent, Luzhou laojiao, Yili shares, Haikang Visa, Ping an Bank, HKEx and JD.com Group.

Guizhou Moutai and Wuliangye belong to "old" heavy warehouses. Compared with the end of the second quarter, Yi Fangda selected Guizhou Moutai and Wuliangye to increase their holdings to 1.17 million shares and 9.7 million shares, respectively, sending them to the position of the first and second largest stocks.

In addition, the other eight stocks are new entrants in the third quarter, and the previous General Strategy Medical, Hang Seng Electronics, Hualan Biology, Tiantan Biology, Mainian Health, Bailun shares, Supor and Zhongju High-tech fell out of the top 10, which can be described as "subversion". From the perspective of fund investment distribution, the fair value of A shares accounts for 70.72% of the fund's net asset value, while H shares account for 22.85%. This change is also due to the completion of the modification of the fund contract and the expansion of the investment scope of the product in the third quarter.

Yi Fonda blue chip redistributes consumption and bank

Yili shares and Ping an Bank are among the top 10

Like Yifangda's high-quality selection, Yifangda's blue-chip selection has refocused on liquor stocks. Luzhou laojiao, Guizhou Moutai and Wuliangye have returned to the top three, but this is not brought about by increasing their holdings.

Because the overall scale has shrunk, Guizhou Moutai, Luzhou laojiao, Wuliangye, Yanghe shares, Tencent, Hong Kong Stock Exchange, China Merchants Bank H shares have all been reduced to varying degrees, and even Meituan and Ayre Ophthalmology have dropped out of the top 10. Under this background, Haekangwei has greatly increased its holdings by Zhang Kun, increasing its holdings by about 34 million shares, and now ranks as the fourth largest heavy stock; China Merchants Bank A shares have also slightly increased their holdings.

In addition, Yili shares and Ping an Bank just entered the top ten heavy stocks at the end of the third quarter. From the perspective of the overall industry configuration, Yifangda blue-chip selected key configuration industry lies in consumption and banking, and medicine has been reduced to a certain extent.

Another Yifangda high-quality enterprise managed by Zhang Kun has been held for three years, which is highly coincident with Yifangda's top 10 blue-chip stocks, with only a different shareholding ratio, with an overall position of more than 90%.

Yifangda Asia Select has greatly adjusted its position.

Increase the holdings of banks and real estate stocks

Zhang Kun manages the QDII fund, the third quarter adjustment trend is also very obvious. China Merchants Bank, Postal Savings Bank of China, PICC and other financial stocks have all been increased to a certain extent. Compared with the second quarter, China Merchants Bank even surpassed Meituan to become the largest stock.

At the same time, Tencent and JD.com Group were also favored. Zhang Kun chose to increase his position in the third quarter, but Meituan suffered a reduction of 230000 shares, from the first heavy position to the seventh. BABA, Vipshop Holdings Limited and Jin Xin are no longer in the top ten.

It is worth mentioning that Zhang Kun increased the allocation of a lot of real estate in the third quarter, overseas development and Vanke Holdings are in this quarter into the top ten heavy stocks. In addition, Mengniu shares and PICC property insurance are also new stocks.

The scale of the three products all dropped sharply.

The total scale has shrunk by 28.7 billion yuan.

After a quarter, the overall management scale of Zhang Kun, the "number one brother" of public offering, has declined significantly, and all three products have shrunk, only one has increased slightly.

Specifically, the scale of Yifangda Blue Chip Select was 69.847 billion yuan at the end of the third quarter, a decrease of 20.042 billion yuan compared with 89.889 billion yuan at the end of the second quarter; the scale of Yifangda quality Select at the end of the third quarter was 21.662 billion yuan, a decrease of 7.039 billion yuan compared with the end of the second quarter, halving from the end of last year; Yifangda high-quality enterprises held 9.925 billion yuan for three years, a slight decline of 1.773 billion yuan as a whole. Only Yi Fangda Asia Select (QDII) has a slight increase of 124 million yuan with a scale of 4.315 billion yuan.

On the one hand, the decline in scale is related to the redemption of holders. Take Yifangda Blue-chip selection as an example, the total share of the fund decreased by 2.8 billion in the third quarter; on the other hand, the change in scale is also related to the previous performance of the fund. According to the disclosure, during the reporting period in the third quarter, the growth rate of eFonda's blue-chip selected net worth was-14.21%, while the benchmark rate of return for the same period was-7.53%.

"there is no bubble in the valuation of a good company."

After reviewing the market and investment in the third quarter, Zhang Kun said in the quarterly report that due to the market's worries about the economic and corporate earnings decline in the next few 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. After this round of decline, the valuations of these high-quality companies have been basically reasonable.

He believes that the company's pricing power is determined by its business model, moat and industry prospects, 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.

"if we make a combination, we are confident about its overall business model, moat and industry prospects, and these companies are expected to achieve a highly reliable compound profit growth in the next 3-5 years." He said that although it is not known whether there will be periodic undervaluation, but because there is no bubble in the starting point valuation, and the overall high-quality equity is still scarce, so from the next 3-5 years, we can be more optimistic about the compound returns of the stocks of these companies.