Recently, fund companies intensive disclosure of the fund semi-annual report, Zhang Kun, Liu Gesong and other well-known fund managers all the positions surfaced.

From the point of view of the position, Zhang Kun has adjusted the industry structure, regional allocation and investment proportion of individual stocks of his funds, while the small market growth managed by Liu Gesong, while the position structure has not been significantly adjusted.

Zhang Kun has hidden positions in many Hong Kong stocks and US stocks.

On August 30, Yi Fangda Fund disclosed the semi-annual report of the Fund, and the position of Zhang Kun, a well-known fund manager, surfaced. As of the end of the second quarter, Zhang Kun managed Yifangda Blue Chip Select, holding a total of 64 stocks. What is noteworthy is that$CNOOC (00883.HK)$和$LI NING (02331.HK)$Appeared in the fund's position for the first time. Among them, the cumulative purchase amount of CNOOC Limited in the first half of the year was the largest, accounting for 2.23% of the fund's net asset value at the beginning of the reporting period.

Zhang Kun manages two QDII funds, hidden heavy positions in a number of Hong Kong stocks and US stocks. Its management of Yifangda quality selection, in addition to the top ten heavy stocks, to$Meituan-W (03690.HK)$The market value of the shareholding accounts for 3.92% of the net value of the fund.$WUXI BIO (02269.HK)$、$LI NING (02331.HK)$、$CNOOC (00883.HK)$、$Yum China-S (09987.HK)$、$HWORLD-S (01179.HK)$And other stocks all hold more than 1%.

Its management of Yi Fangda Asia Select, in addition to the top 10 heavy stocks, stocks with a shareholding ratio of more than 2% also include$WUXI BIO (02269.HK)$, US stocks$Sea (SE.US)$、$LI NING (02331.HK)$、$Yum China-S (09987.HK)$、$Beijing Tong Ren Tang Chinese Medicine (03613.HK)$, US stocks$Meta Platforms (META.US)$, US stocks$Alphabet-C (GOOG.US)$等。

Reviewing the operation in the first half of the year, Zhang Kun said that the structure of Yifangda Asia Select had been adjusted.In terms of industry, the allocation of medicine and other industries has been increased, while that of finance and other industries has been reduced.Regionally, the combination is more balanced.The allocation proportion of some high-quality listed companies in the United States, Southeast Asia and other regions has been increased.In terms of individual stocks, the investment proportion of individual stocks with distinctive business model, clear long-term logic and reasonable valuation level has been increased.

Zhang Kun believes that the phased change in demand is an important factor that determines the short-term operating results of enterprises, but it is difficult to become the key factor to determine the long-term trend of enterprises. In the long run, structural demand growth and competition barriers are more important factors that determine the direction of enterprises. these factors are usually difficult to be suppressed by the entry and exit of industrial capital, and will play a role inviolently but persistently for a long time. Thus affecting the long-term value of the enterprise.

Liu Gesong's layout around the high-end manufacturing industry chain

In the market fluctuations in the first half of the year, the growth position structure of Guangfa managed by Liu Gesong has not been significantly adjusted, and it still revolves around the layout of the high-end manufacturing industry chain, which has established a global comparative advantage.

Specifically, in addition to the top 10 stocks disclosed in the second quarterly report, as of the end of the first half of the year, the fund also held 11 stocks, namely$Jafron Biomedical (300529.SZ)$、$Shanghai Pret Composites (002324.SZ)$、$Zhejiang Chint Electrics (601877.SH)$、$Wuhan Guide Infrared (002414.SZ)$、$Ningbo Deye Technology (605117.SH)$、$Trina Solar Co., Ltd. (688599.SH)$、$Broadex Technologies (300548.SZ)$、$Rongsheng Petro Chemical (002493.SZ)$、$Zhejiang Jingu (002488.SZ)$、$Shandong Wit Dyne Health (000915.SZ)$、$Three'S (605168.SH)$。

Reviewing the performance of the fund's position portfolio in the first half of the year, he believes that the volatility of assets in the direction of scientific and technological innovation and high-end manufacturing is higher than that of other assets in the first half of the year. The reasons behind this are mainly reflected in two aspects: first, high-end manufacturing assets have achieved higher returns in the past two years; second, in the asset choices of most market participants, there may be differences between high-end manufacturing assets and traditional "core assets".

As for the future, he believes that the most pessimistic phase of expectations may be over, the trend forces of fundamentals are expected to become the core of asset pricing again, and the capital market may present a rich and colorful structural market in the second half of the year.

"from a long-term perspective, I am full of confidence in the assets allocated by the fund. I invite fund holders to invest from a long-term perspective and invest with us in Chinese comparative advantage companies in order to get better long-term returns. Liu Gesong said.