Source: Gelonghui
Zhang Kun emphasized that long-term growth is the core of high-quality stocks, and encouraged investors to seek investment opportunities with the potential for continued growth.
As the Fund's quarterly report continues to be disclosed, E-Fangda Zhang Kun's latest holdings have also surfaced.
By the end of the first quarter of 2024, Zhang Kun's management scale was about 64.732 billion yuan. Compared with 65.474 billion yuan at the end of 2023, his fund management scale was slightly reduced by about 742 million yuan, a decrease of 1.13%.
Zhang Kun made strategic adjustments to fund holdings in the first quarter. Despite a slight reduction in the size of the fund, he maintained a high stock position and made structural adjustments for the consumer, technology, and pharmaceutical industries.
Compared to previous quarters, all 4 funds managed by Zhang Kun lost losses in the first quarter of 2024. Among them, E-Fangda Blue Chip Select recorded its best quarterly earnings in the past year, and E-Fangda Asia Select also significantly outperformed the benchmark for the same period in the quarter.
In the report, Zhang Kun thoroughly explained his analysis of current market trends and investment philosophy through specific cases. He pointed out the reduction in market risk appetite, particularly the emphasis on dividend rates in pricing mechanisms, and general skepticism about the long-term growth of enterprises. Despite this, Zhang Kun stressed that long-term sustainable growth is an indispensable characteristic of high-quality stocks, and current market pricing provides appeal to companies with long-term high-quality growth.
E-Fangda Premium Selection: Alibaba's shareholding ratio increased
The net fund share value of E-Fangda Premium Select Fund at the end of the first quarter was 4.7877 yuan. The net worth growth rate was -0.42%, while the performance comparison benchmark yield was 1.54%.
The fund is right$Kweichow Moutai (600519.SH)$,$Wuliangye Yibin (000858.SZ)$, China Merchants Bank reduced its holdings and increased Alibaba's holdings at the same time. The number of holdings increased by 18.12% compared to the previous period.$CNOOC (00883.HK)$und$HWORLD-S (01179.HK)$Newly added to the top ten heavy-held stocks, while JD Group and$WUXI BIO (02269.HK)$Withdraw from the top ten largest stocks.
E-Fangda Asia Picks: New Heavy Stock Prada and Asmack
The net fund share value of E-Fangda Asia Select Fund at the end of the first quarter was 0.987 yuan, and the net worth growth rate was 9.67%, significantly exceeding 3.80% of the performance comparison benchmark for the same period. The fund has increased its holdings significantly$TENCENT (00700.HK)$Along with Alibaba, it also added Prada, Asma,$SAMSONITE (01910.HK)$It shows Zhang Kun's in-depth layout of the international market.
Zhang Kun said, “Stock positions were basically stable in the first quarter, and the structure was adjusted to adjust the structure of the technology and consumer industries.”
E-Fangda Blue Chip Picks: CNOOC becomes the number one heavy stock
The net fund share value of E-Fangda Blue Chip Select Fund at the end of the first quarter was $1.7291. The net worth growth rate was 0.91%, and the performance comparison benchmark yield was 1.21%. CNOOC was promoted to the largest stock due to the strong performance of its stock price.
It is worth mentioning that due to the strong performance of the CNOOC stock market in the first quarter, the increase reached 39.38%. Faced with this situation, Zhang Kun had no choice but to implement a strategy to reduce his holdings by 34 million shares under the upper limit rule that the market value of a single stock position should not exceed 10% of the net value. Despite the reduction in holdings, due to the continued rise in stock prices, the market value of CNOOC's holdings increased from 3.322 billion yuan to 4,074 billion yuan, thus continuing to maintain its position as the largest stock in the fund's investment portfolio.
In addition to this, the fund's second-largest to fifth-largest stocks are Wuliangye in that order,$Luzhou Laojiao (000568.SZ)$, Tencent Holdings, and Kweichow Moutai remained basically the same as in the previous quarter; only Wuliangye and Kweichow Moutai were slightly reduced.$Shanxi Xinghuacun Fen Wine Factory (600809.SH)$Newcomers became the top ten biggest stocks.
E-Fangda high-quality enterprises hold for three years: Shanxi Fenjiu ranks among the top ten major stocks
The net fund share value of the fund held by E-Fangda High Quality Enterprise for three years at the end of the first quarter was 0.8413 yuan. The net worth growth rate was 0.79%, and the performance comparison benchmark yield was 1.21%. The fund also reduced its holdings in Kweichow Moutai, Wuliangye, and China Merchants Bank, and added Fenjiu, Shanxi, and Pharmaceutical Biotech withdrew from the top ten major stocks.
Zhang Kun stated in the quarterly reports of “E-Fangda Blue Chip Selection” and “E-Fangda Quality Enterprise Holdings for Three Years”: “Stock positions were basically stable in the first quarter, and the structure was adjusted to adjust the structure of the consumer and pharmaceutical industries.”
Growth can also be obtained by looking for it in different segmented structures
Compared to the past, Zhang Kun's remarks in the quarterly report have become more and more succinct. However, in this year's quarterly report, he explained his understanding and response to the current capital market more clearly.
Zhang Kun first reviewed the significant decline in the bond market, particularly long-term treasury bond yields. In the stock market, the performance of the industry was divided in the first quarter. Industries such as banking, petroleum and petrochemical, and coal performed well, while the pharmaceutical, biological, computer, and electronics industries lagged behind.
He pointed out that market risk appetite has dropped to a low level, and investors prefer stocks with high dividend rates when pricing, and are skeptical about the long-term growth of enterprises. Through model comparison, Zhang Kun explained the market's selection preferences between companies with high dividend rates and high growth companies with low dividend rates. Currently, the market chooses the former more.
Although the market's preference for high-growth companies has declined, Zhang Kun still emphasizes that long-term growth is the core of high-quality stocks, and encourages investors to seek investment opportunities with the potential for continued growth.
Zhang Kun placed special emphasis on the quality of growth, believing that growth should be based on a reasonable return on investment rather than extensive management or disorderly expansion. He is concerned about the company's cost control, cash flow management, and shareholder returns.
Finally, Zhang Kun analyzed the market's revisions to growth expectations from a valuation perspective. He believes that under current market pricing, companies with long-term high-quality growth potential are very attractive.
edit/lambor