Fund four Seasons report in 2021 revealed that it entered the peak period, and the operation ideas of star fund managers also surfaced.

On January 21, Yi Fangda Fund disclosed its fund Quarterly report, and the fund Quarterly report managed by Zhang Kun, a closely watched fund manager, has also been published. as of the end of 2021, the total size of the four fund products managed by Zhang Kun is still 100 billion yuan, reaching 101.935 billion yuan, a decrease from the end of the third quarter.

It is worth mentioning that in the latest quarterly fund report, Zhang Kun's attitude towards the market is becoming more and more determined, and the quarterly report point of view is becoming more and more refined. "to make a good investment, it is more important to keep an eye on the field rather than at the scoreboard," he said.

The management scale of Zhang Kun is still more than 100 billion.

Zhang Kun, who is famous for investing in liquor stocks, has attracted much market attention in recent years.

Zhang Kun's four fund products disclosed their quarterly reports in 2021 on January 21. By the end of 2021, Zhang Kun still managed hundreds of billions of yuan, reaching 101.935 billion yuan, down 3.813 billion yuan from 105.748 billion yuan at the end of the third quarter of last year. Among them, Yi Fangda blue chip selection scale is the largest, reaching 67.623 billion yuan, but compared with the scale at the end of the third quarter of last year, also reduced by 2.224 billion yuan.

In terms of performance, due to the pullback of core asset stocks and the sharp pullback of Internet stocks, the four fund products managed by Zhang Kun lost money across the board last year, of which Yifangda Asia Select lost 29.25% last year. Yifangda high-quality enterprises held a loss of 8.22% last year, and Yifangda Blue Chip Select lost 9.89%. After the fund was changed, Yifangda lost 3.10% as of the end of last year.

In spite of this, Ki-min's love for Zhang Kun continues unabated, and Yi Fangda received a large number of net applications during the fourth quarter of Asia Select. Data show that during the fourth quarter, Yi Fangda Asia Select received 900 million applications, 457 million redemptions and a net purchase of 443 million. By the end of 2021, the share of Yi Fangda Asia Select Fund reached 4.108 billion.

Although Yi Fangda Blue Chip Select was redeemed 2.624 billion copies by the base people during the fourth quarter, the purchase share was also 1.8 billion. Overall, the base people redeemed 824 million copies net in the fourth quarter, and the total fund share dropped to 26.185 billion.

Yi Fangda quality selection has been in a state of "purchase restrictions", the fourth quarter was a net redemption of 197 million, the total share of the fund dropped to 2.791 billion at the end of the period.

Reduce liquor holdings, finance, increase positions on the Internet

In the fourth quarter of 2021, the A-share market continued to fluctuate, with the CSI 300 index up 1.52%, the Shanghai Composite index up 2.01%, and the gem index up 2.40%. The overall volatility of the Hong Kong market fell, with the Hang Seng Index falling 4.79% and the Hang Seng China Enterprises Index down 5.62%.

However, in the fourth quarter, as property sales weakened and the economy faced some downward pressure, liquidity began to ease gradually. In terms of the stock market, there was an obvious division in the fourth quarter, with media, national defense, communications, light industry, electronics and other industries performing better, while coal, iron and steel, petrochemical and other industries lagged behind.

Against this background, Zhang Kun also made significant adjustments to the fund positions he managed. Yifangda Blue Chip Select slightly increased its stock position in the fourth quarter, adjusted its structure, and increased the allocation of science and technology and other industries. reduced the allocation of financial, pharmaceutical and other industries.

Specifically, Yi Fangda Blue Chip managed by Zhang Kun increased its holdings in Yili, Tencent and Haikang Visa in the fourth quarter, and liquor shares such as Luzhou laojiao, Guizhou Moutai, Wuliangye and Yanghe shares were all reduced. Luzhou laojiao and Guizhou Moutai have been reduced by more than 15%, and Ping an Bank, which is held by its heavy warehouse, has also reduced its stake of 6%, while Hong Kong Exchanges and Clearing, China Merchants Bank and other positions have not changed.

It is worth noting that Tencent is currently promoted to Yi Fangda blue chip selected the largest heavy stock, while the largest stock at the end of the third quarter is Luzhou laojiao.

In terms of Yi Fangda's selected positions in Asia, a reporter from the Securities Times also found that Zhang Kun's attention to the Internet has increased significantly. Most of his heavy stocks are Internet stocks. At the end of the fourth quarter, BABA newly entered the top 10 heavy stocks.

Keep an eye on the field instead of the scoreboard

In the Fund's four Seasons report, Zhang Kun said that in December 2021, the Central Economic work Conference stressed that "adhering to economic construction as the center is the requirement of the party's basic line," and that China's economy and enterprises themselves contain considerable potential. at present, the downward pressure on the economy is only phased, it remains optimistic about the long-term prospects of China's economy, and firmly believes that China's economic strength will eventually reach the level of developed countries.

In this context, Zhang Kun believes that there are a number of high-quality companies that can create value for customers, improve the efficiency and productivity of the whole society, and at the same time have the ability to continue to create free cash flow for shareholders. Some of these companies' stock prices lagged behind the market in 2021, but "it's more important to keep an eye on the field than on the scoreboard to make a good investment."

Zhang Kun said that he will carefully examine the fundamentals of the enterprises in the portfolio and choose enterprises with outstanding competitiveness and high long-term logical certainty to hold them for a long time.

Zhang Kun believes that after being digested by the valuation in 2021, some of the valuations of high-quality enterprises have become attractive, and in the dimension of 3-5 years, the growth of corporate performance will most likely be projected into the growth of its market value.

Judging from Zhang Kun's record of changing positions, he is particularly optimistic about Internet stocks. Tencent, BABA and so on have all received their key positions. Since the beginning of last year, Internet stocks have been adjusted one after another, and many stocks have halved. In this context, many fund managers have made it clear that they are optimistic about Hong Kong Internet stocks.

Qiu Dongrong, the manager of Zhong Geng Fund, mentioned in the fund quarterly report that he is optimistic about the market value stocks and some Internet stocks. There are three main reasons: first, the value stocks of Hong Kong stocks are basically leading enterprises or central enterprises, and these assets are of very high quality and can withstand fundamental pressure, so the risk is relatively small; second, the price is relatively low. at the same time, the corresponding dividend yield remains at a high level. Internet stocks in Hong Kong stocks are also under various pressures at the moment, with valuations falling to undervalued levels; third, trading risks are more fully released and trading is not crowded. With the gradual release of fundamentals, regulatory and liquidity pressures, Hong Kong stocks deserve attention.