1.The latest news from well-known fund managers

Zhang Kun: Reducing holdings at China Merchants Bank and Wuliangye

E-Fangda Blue Chip Select, managed by Zhang Kun, had basically stable stock positions in the first quarter, mainly adjusting the structure of the consumer and pharmaceutical industries. By the end of the first quarter, the fund's top ten stocks were: CNOOC, Wuliangye, Luzhou Laojiao, Tencent Holdings, Kweichow Moutai, Yanghe, Hong Kong Stock Exchange, Meituan-W, Shanxi Fenjiu, and CMB Bank. Compared with the fourth quarter of 2023, Shanxi Fenjiu entered the top ten heavy-held stocks, and Yao Ming Biotech withdrew from the top ten heavy-held stocks.

Zhang Kun believes that judging from the stock asset performance of long-term treasury bonds and similar bonds, the market risk appetite has dropped to a very low level. This is reflected in giving high weight to a static dividend rate level during pricing, and he is skeptical about growth, especially the long-term growth of enterprises.

Zhu Shaoxing: Big changes in the first quarter, and the top ten new stocks such as Xingqi Pharmaceutical

In the first quarter of this year, Fuguo Tianhui Growth Hybrid (LOF), managed by Zhu Shaoxing, increased its holdings of Xingqi Pharmaceutical, Chunfeng Power, Spring Airlines, Midea Group, and Shanxi Fenjiu, and reduced its holdings in Kweichow Moutai, Jerry, Lixun Precision, Zheng Meiji, and Bank of Ningbo. Xingqi Pharmaceutical, Spring Airlines, Midea Group, Shanxi Fenjiu, and Zheng Meiji newly entered the top ten major stocks, while Jinyu Medical, Mindray Healthcare, Ruifeng New Materials, Hualu Hengsheng, and Sinocera Materials withdrew from the top ten major stocks.

Gülen: Drastic increase in Donga Ejiao

The largest China-Europe healthcare hybrid among the funds managed by Gülen reduced holdings of Hengrui Pharmaceuticals, Mindray Medical, Aier Ophthalmology, Tongrentang, China Resources 39, Tiger Pharmaceuticals, Pien Tsai, and Kanglong Chemical in the first quarter, and added stocks of the medicines Mingkang and Donga Ejiao. Among them, Donga Ejiao became the top ten new heavy-held stocks in the first quarter, and Gloria Ying withdrew from the top ten heavy-held stocks at the end of the fourth quarter of last year.

The increase in Gülen's position on Donga Ejiao is quite obvious. Compared with the amount of shares held at the end of last year, Gülen increased its position on this stock by more than 80% in the first quarter. As of April 19, Donga Ejiao has increased by more than 30% this year.

Xie Zhiyu: Making a big deal out of the Ningde era

Xie Zhiyu of the Xingzheng Global Fund made obvious moves to adjust positions. For example, Xing Quan Herun, Hikvision, and IFF withdrew from the top ten, and Ningde Era and China Micro entered the top ten. Its management was well-balanced. In the first quarter, it mainly reduced its holdings of Tongfu Microelectronics, Sanan Optoelectronics, and Kuaishou-W. Furthermore, the new industry withdrew from the top ten, and Bubble Mart entered the top ten.

Xie Zhiyu said that in the first quarter, it maintained a high position, explored industrial chains related to artificial intelligence, intelligent driving, AI applications, pharmaceutical consumption, etc., and selected and laid out hardware and software companies with long-term competitiveness and broad application space.

Xiao Nan: Increase the allocation ratio of high-end and sub-high-end liquor

As of the first quarter, the top ten major stocks in the Yifangda consumer industry managed by Xiao Nan and Wang Yuanchun were: Gujing Gongjiu, Wuliangye, Kweichow Moutai, Shanxi Fenjiu, Midea Group, Fuyao Glass, Luzhou Laojiao, Haier Smart Home, Tsingtao Brewery, and Great Wall Motor. Compared with the end of the fourth quarter of 2023, there has been no change in the top ten major stock positions, and the number of shares held has changed.

The fund's position adjustment is mainly carried out in two directions. On the one hand, it has increased its allocation to sectors such as household appliances and auto parts under the goal of lowering the overall valuation level of the portfolio; on the other hand, considering the probability of a steady recovery in the future domestic economy, the sensitivity of the portfolio to domestic demand has increased slightly, and the overall allocation of liquor has been actively adjusted, and the allocation ratio of high-end and sub-high-end liquor has been increased.

Liu Yanchun: Increased holdings of Fenjiu in Shanxi and exempted from China

By the end of the first quarter, Liu Yanchun had a total of 6 funds under management (combined share calculation), with a management scale of 51,877 billion yuan.

Invesco Great Wall Emerging Growth A, which he manages, reduced its holdings of individual stocks such as Wuliangye, Kweichow Moutai, Gujing Gongjiu, Mindy Healthcare, and Haida Group in the first quarter. Among them, Mindray Healthcare and Wuliangye reduced their holdings by a large margin. Meanwhile, although there is no change in the number of shares held by Chenguang Co., Ltd., Yao Ming Kangde dropped out of the top ten heavy-held stocks.

His other masterpiece, Jingshun Great Wall Dingyi Blend (LOF) A's top five stocks went from Kweichow Moutai, Mindray, Wuliangye, Gujing Gongjiao, and Luzhou Laojiao to Wuliangye, Kweichow Moutai, Gujing Gongjiu, Luzhou Laojiao, and Mindray Healthcare. The fund only slightly increased its holdings in Shanxi Fenjiu and China in the first quarter. The reduced holdings included many individual stocks such as Wuliangye, Kweichow Moutai, Gujing Gongjiu, Mindray Healthcare, and Hikvision. Furthermore, Yao Ming Kangde withdrew from the top ten major stocks, while Midea Group entered the top ten.

Li Xiaoxing: Significantly increasing holdings in Kweichow Moutai and China Airlines Shen Fei

By the end of the first quarter, Li Xiaoxing had a total of 10 funds under management, with the latest management scale of 26.255 billion yuan. Li Xiaoxing actively increased her positions in the first quarter. Fund positions for managed products almost all increased compared to the fourth quarter of last year.

Judging from changes in heavy stocks, Yinhuaxinyi A sharply increased its positions in Kweichow Moutai, China Airlines Shen Fei, and North China Chuang in the first quarter, increasing positions by 79.08%, 59.79%, and 28.13%. This also made Kweichow Moutai the second largest stock in the fund. At the same time, the holdings of Huichuan Technology and Wuliangye were reduced by -4.53% and -7.62%, respectively, compared to last year's quarterly report. Zhongtong Express-W, Oriental Wealth, Salt Lake Co., and China Mining Resources entered the top ten shareholding list, while Yili Shares, Jiang Feng Electronics, SMIC, and Midea Group dropped out of the top ten major holdings.

Hu Xinwei: A group that has significantly increased its positions in the US

The Huitianfu consumer industry mix managed by Hu Xinwei. In the first quarter, Jin added warehouses to Kweichow Moutai, Luzhou Laojiao, Yasjing Foods, Yingjia Gongjiu, and Midea Group, and reduced their holdings of Shanxi Fenjiu, Wuliangye, Haier Zhijia, and Jinshiyuan. There was no change in the number of Gujing Gongjiu holdings. The fund's increase in positions with the US Group was quite obvious. The stock became the top ten new heavy-held stocks in the first quarter. Compared with the end of 2023, the number of shares held in the first quarter increased by about 1.78 million shares.

Zhao Bei: Drastic reduction in holdings of Zhifei Biotech and Aier Ophthalmology

By the end of the first quarter, Zhao Bei had a total of 4 funds under management, with a total size of 20.063 billion yuan.

Zhao Bei's representative, ICBC Frontier Medical Stock A, drastically reduced its holdings of individual stocks such as Zhifei Biotech, Huadong Pharmaceutical, and Aier Ophthalmology, reaching -43.14%, -36.84%, and -24.12%, respectively. At the same time, it also increased its holdings of Mindray Healthcare and Donga Ejiao, which increased their holdings by 5.42% and 13%, respectively. China Resources Shuanghe, China Resources 39, and Baiyang Pharmaceutical entered the top ten major stocks, while Pharmaceutical Kangde, Dirui Healthcare, and Tongrentang dropped out of the top ten shareholding list.

Former stock base champion managers such as Lu Bin and Chen Ying unveiled quarterly reports

On April 22, the first quarterly public fund report continued to be disclosed. Previously, the quarterly product reports of many annual equity champion fund managers were revealed. Individual precious metal stocks such as CICC Gold and Shandong Gold appeared in Chen Ying's heavy holdings, while Lu Bin clearly adjusted positions to the pharmaceutical industry. Sansheng Pharmaceuticals and Connoa-B clearly increased their positions.

II. Today's Fund News Fast Facts

Mini funds are facing new regulatory requirements

Mini funds have recently introduced new regulatory requirements to encourage fund companies to independently bear the various fixed expenses of mini funds and no longer pay from fund assets. If the fund company chooses not to bear the fixed costs of the mini fund, it is necessary to provide a solution and change the mini status or liquidation of the product before the end of 2024. At the same time, it is strictly prohibited to use forms such as “help funds” to avoid irregularities such as paying fixed fees to mini funds. According to industry insiders, handing over the issue of leaving the mini fund to the market will help enhance fund holders' sense of attainment and promote the high-quality development of the fund industry.

Resource funds continue to excel    

Since this year, active equity funds, which focus on the resources sector, have continued to lead the way in earnings performance. As of April 19, Jingshun Great Wall Cycle Preferred had an annual yield of over 30%, with Wanjia Dual Engine, Bosch Growth Select, Guangfa Resources Preferred, Jingshun Great Wall Pillar Industry, Harvest Resources Selected for one year, driven by the Wanjia Cycle, and the yield of Ruifeng between China and Europe was over 25%.

The first batch of science and innovation themed funds performed well in the 5th anniversary of their establishment

According to Wind data, as of April 19, 2024, the average yield of the first batch of 7 science and innovation themed funds reached 53.5% in the five years since their establishment. Among them, Yifangda Science and Technology Innovation's revenue has doubled since its establishment, reaching 115.6%, with an annualized return of 16.68%; products such as Southern Science and Technology Innovation and Harvest Science and Technology Innovation have all had annualized returns of more than 10% since their establishment.

The stock private equity position index continues to reach new highs

According to data from the Private Equity Ranking Network, as of April 12, the stock private equity position index was 78.71%, up 0.49% from last week. Since the rebound in A-shares in early February, private equity positions have also continued to rise. The latest position index has basically returned to its high level during the year and hit a new high since February, up 3.47% from the 75.24% position level on February 8. As of April 12, 57.58% of stock private equity positions were at the full level, 27.66% of stock private equity positions were at a moderate level, and 12.87% of stock private equity positions were at a low level.

III. Recent developments in fund products