Unbeknownst to me, the 10 billion fund manager's performance this year has quietly begun to improve.

As of May 21, Yifangda Wealth Theme A managed by Jiao Wei, Ruiyuan Equilibrium Value 3-year A managed by Zhao Feng, Yifangda Consumer Industry managed by Xiao Nan, Huitianfu Consumer Industry managed by Hu Xinwei, E-Fangda Blue Chip Select managed by Zhang Kun, and Fuguo Tianhui Select Growth A products managed by Zhu Shaoxing have all recovered, and have accumulated remarkable increases.

For example, the annual increase in E-Fangda's consumer industry was 11.55%, Huitianfu's consumer industry rose 8.48% during the same period, and E-Fangda Blue Chip Select rose 8.4%.

Seen this way, it appears that consumption-related active equity funds performed better. At the same time, recent changes in the positions of many 10 billion fund managers have come to light, and the targets of position adjustments are also mainly focused on consumer stocks.

For example, Zhang Kun recently made frequent moves to increase Yili's stock positions. Xingquan's business model, which is managed by the relocation, selects the top ten tradable shareholders of Xinjin Bull Group. Fuguo Tianhui Selection and Growth managed by Zhu Shaoxing, Huitianfu Consumer Industry Blend managed by Hu Tingwei, and Xing Quan Herun Hybrid managed by Xie Zhiyu all became the top ten tradable shareholders of Qianwei Yang Chef. Also, on May 17, Hu Xinwei also investigated Wen's shares.

01 Chef Zhu Shaoxing, Hu Tingwei, and Xie Zhiyu Kakura

On April 26, the list of the top ten tradable shares announced by Qianwei Chef showed that Xing Quan Herun Hybrid, managed by Xie Zhiyu, became the top ten tradable shareholders of Qianwei Yang Chef, holding 1.021,400 shares. The Huitianfu consumer industry mix managed by Hu Xinwei also became the top ten tradable shareholders of Qianwei Yang Chef, holding 700,000 shares.

On May 14, Fuguo Tianhui Growth Hybrid (LOF), managed by Zhu Shaoxing, also became the top ten tradable shareholders of Qianwei Yang Chef, holding 574,600 shares.

In 2023, Qianwei Chef's revenue was 1.90 billion yuan, up 27.7% year on year, and net profit to mother was 130 million yuan, up 31.4% year on year. Revenue in 2024Q1 was 460 million yuan, +8.0% year on year, and net profit to mother was 0.3 billion yuan +14.2% year over year.

Overall, Qianwei Chef's performance for the full year of 2023 grew steadily, and 2024Q1 revenue was under pressure.

Zheshang Securities believes that on the channel side, Qianwei Yang Chef: demand in the catering industry is still recovering. Looking at the company's steady operation in the long run, it is expected that Big B will recover and Little B will grow steadily. Product side: Continue to focus on the four major product lines of fritters, steamed dumplings, baking, and rice cakes to stabilize its leading position in fritters products, while increasing the development and promotion of other major products, and strive to form a core single product of 300 to 500 million yuan within the next 3-5 years.

02 Dong Chengfei reduced his holdings in Bull Group

Bull Group recently announced the shareholding status of the top ten tradable shareholders as of April 25, 2024. In the list of the company's top ten tradable shareholders, many 10 billion fund products appeared, such as Xing Quan Herun, Xing Quan Fit, and Xing Quan Business Model Preferred Management managed by Xie Zhiyu.

Compared with the end of the first quarter of 2024, Xingquan's business model of relocated management once again entered the list of the top ten tradable shareholders. The number of shares held was 1,819,800 shares, and the shareholding ratio was 0.2%; the fund first entered the Bull Group's top ten tradable shareholders list in the third quarter of 2021. The number of shares held by Xing Quan Herun and Xing Quan Heyi A managed by Xie Zhiyu remained unchanged, making them the fifth and seventh largest tradable shareholders of the company, respectively.

It is worth mentioning that the Ruijun Youfu No. 1 Private Equity Investment Fund, managed by Ruijun Asset Partner Dong Chengfei, was newly added to the list of 10th largest tradable shareholders of the Bull Group in the first quarter of this year, holding 1.8615 million shares.

However, according to data from April 25, the newly managed Xingquan business model replaced Ruijun Youfu No. 1 Private Equity Investment Fund as the 10th largest tradable shareholder, holding 1,819,800 shares. It can be seen that the Ruijun Youfu No. 1 Private Equity Investment Fund managed by Dong Chengfei should have reduced its holdings of Bull Group in April.

As of April 25, the top ten tradable shareholders of Bull Group held a total of 788 million shares, a decrease of 15,900 shares from the previous period.

03 Zhang Kun continues to buy Yili shares

Looking at the top ten weighted stocks of fund products managed by Zhang Kun in total, in the first half of 2023, Yili shares were Zhang Kun's seventh-largest holdings, holding a total of 133 million shares.

However, by the fourth quarter of 2023, Yili shares had completely disappeared from Zhang Kun's management products.

However, in the first quarter of this year, the E-Fangda Blue Chip Select Hybrid, managed by Zhang Kun, became the top ten tradable shareholders of Yili shares, holding 55.01 million shares.

According to the latest list of the top ten tradable shares of Yili Co., Ltd. as of April 29, the E-Fangda Blue Chip Select Blend managed by Zhang Kun continued to buy 2 million shares of Yili shares, and the shareholding volume rose to 57.01 million shares.

According to the latest list of the top ten tradable shares of Yili Co., Ltd. as of May 10, the E-Fangda Blue Chip Select Blend managed by Zhang Kun continued to buy 200,000 shares of Yili shares, and its shareholding volume rose to 57.201,000 shares.

Yili Co., Ltd. achieved operating income of 126.179 billion yuan in 2023, an increase of 2.44% over the previous year, and realized net profit of 10.429 billion yuan to mother, an increase of 10.58% over the previous year.

Yili Co., Ltd. achieved operating income of 32.577 billion yuan in the first quarter of this year, a year-on-year decrease of 2.58%; realized net profit to mother of 5.923 billion yuan, an increase of 63.84% over the previous year.

In 2024, Yili Co., Ltd. plans to achieve total operating income of 130 billion dollars (+3.0%) and total profit of 14.7 billion yuan (+25.6%). The company plans to use its own capital of 1 to 2 billion dollars to cancel all shares and reduce registered capital. The market believes that cash repurchases show management confidence.

Zhang Kun mentioned in his 2023 annual report that in the age of high-quality growth, inefficient growth is no longer meaningful. The key is whether management can allocate the company's capital more carefully and evaluate the opportunity cost differences between investing in new businesses and helping shareholders increase old businesses.

In this year's quarterly report, Zhang Kun continued to think that during the period of high-quality development, the basic probability that the company will continue to grow rapidly is declining, but we should never give up looking for moderate and continuous growth, and growth can also be obtained by searching for it in different segmented structures.

He believes that growth must be of high quality; it must not be brought about by extensive management or burning of money; it should be obtained while maintaining a reasonable marginal return on investment. “We will pay close attention to the company's ability to control costs and expenses, the ability to control working capital, the ability to generate free cash flow, the ability to allocate capital, and the will to return to shareholders.” He believes that current growth stocks with long-term high-quality growth are attractive.