Warehouse Vane | Yi Fangda Fund Zhang Kun: Pharma Medicine, reduce holdings of technology and finance, and further increase in Hong Kong stock positions

China Fund reports Jiang Youyou Zhao Xinyi

Editor's note: Recently, the Fund's second quarterly report has disclosed that the positioning movements and position changes of the star fund managers have also become the focus of the attention of the citizens. Behind each regular report, these outstanding manager's "investment secrets" are also hidden. Fund Jun will continue to update the character's database feature [positioning vane], decoding star fund product holding changes and its manager's investment philosophy.

In the second quarter of this year, the management scale of Zhang Kun, the "public fundraising", rose from 84.927 billion yuan in the first quarter to 97.137 billion yuan, once again "approaching" 100 billion yuan, and the scale growth mainly came from the rise in the second quarter. Among them, the large -scale Yifangda blue chip selection and Yifangda high -quality selection of the net value of the second quarter rose 13.2%, respectively, 13.47%, respectively.

For long -term investment value investment, Zhang Kun's four funds continued to strengthen the high positions of about 94%of the high positions "high -ranking high". Warehouses of individual stocks such as finance.

The scale approaches 100 billion again: plus medicine, liquidation technology and finance

Zhang Kun currently has a total of four products in control. The scale of the second quarter increased from 84.9 billion yuan to 97.1 billion yuan, approaching 100 billion yuan. In addition to the slightly increased share, it is mainly the growth of net value in the second quarter. QDII Fund Yifangda Asia's selection of net value increased by 7.78%, and the net value of 3 funds such as E Fund Blue Chips increased by more than 13%.

Yifangda Blue Chips is the largest fund owned by Zhang Kun. As of the end of the second quarter, the fund was 62.779 billion yuan. Although its funds have suspended large purchase (open redemption) or closed state, except for the three years in the second quarter, in the second quarter, the Blue chip selection, the high -quality selection of Yifangda, and Yifangda Asia selected 3 in the second quarter. In the second quarter, the fund still slightly recorded a net purchase of 88 million to 182 million.

In terms of heavy warehouse stocks, Zhang Kun's warehouse was not large in the second quarter, which mainly increased the allocation of pharmaceutical industries and reduced the positions of individual stocks such as technology and finance. Zhang Kun's fund investment strategy and operation analysis are similar. In the second quarter report of the Blue Chip selection of E Fund, Zhang Kun said that in the second quarter, the stock positions were basically stable and the structure was adjusted. The configuration of technology, finance and other industries. In terms of individual stocks, we still hold high -quality companies with excellent business models, clear industry patterns, and strong competitiveness.

Compared with the first quarter, only Alibaba-SW and Yaoming creatures in the top ten heavy stocks in the top ten heavy warehouses in the top ten of the top ten of Yifangda were selected. In addition, the two fund's heavy positions are very similar. The top four stocks are liquor stocks. The proportion of liquor positions such as Wuliangye, Yanghe, Laojiao, and Maotai accounted for about 40%. Tencent, the Hong Kong Stock Exchange, China Merchants Bank, Yili, etc. are still Zhang Kun's core heavy stocks. It is worth noting that although the number of liquor stocks in Blue Chip in Blue Chip is slightly reduced, because the stock price is relatively strong, the positions have increased, basically approaching 10%.

The difference is that Yifangda's high-quality selected heavy positions have the JD.com and Alibaba-SW. Among them, Alibaba-SW's positions are 11.1 million shares. Compared with 10.3 million shares at the end of last year, the number of shares has increased. The Blue Chip of the Blue Chip of the Blue Chips of Meituan and Yaoming creatures. Compared with the end of the first quarter, the main change is that Hikvision withdrew from the top ten heavy stocks, and Yaoming creatures became the tenth.

Hong Kong stock positions continue to increase

In addition to the above-mentioned newly entered Alibaba-SW and Yaoming Bio, JD.com and Meituan, which are heavy in Zhang Kun, are also new Hong Kong stocks this year, and E Fund's high-quality selection and Yifangda blue chip selection continued to increase the holdings of Tencent Holdings in the second quarter. The Yifangda Asian Selection Fund and the E Fund's high -quality selection QDII fund are the funds that directly focus on the Hong Kong market.

Zhang Kun's three non -QDII funds continued to increase Hong Kong stocks. After the Hong Kong stock positions of E Fund Blue Chip and Yifangda high -quality enterprises slightly increased in the first quarter, the Hong Kong stock positions in the second quarter increased from about 25%to about 35%; Yifangda high -quality quality The proportion of selected Hong Kong stocks continued from 37.05%in the first quarter to 40.66%in the second quarter. However, the QDII Fund's selected Hong Kong stock positions in Asia have been reduced, and the fund has increased its positions.

When choosing stocks, pay attention to whether it has a good corporate governance pattern and corporate cash flow. In the second quarter report, Zhang Kun also mentioned corporate governance and friendship with shareholders. Zhang Kun said that whether it has good corporate governance and friendliness to shareholders is also a question of accurate judgment.

Zhang Kun is still firmly holding high -quality companies. In the investment strategy and operation analysis of the second quarterly report, it is said that it still holds high -quality companies with excellent business models, clear industry patterns, and strong competitiveness.

Zhang Kun said that at the end of the first quarter, it is estimated that few investors can accurately determine the expected and ups and downs. Standing in the early third quarter, the performance of the Chinese and the United States economy and the stock market may be quite predictable. Difficulty, Zhang Kun said that investors tend to either pay too much attention to risks, or completely ignore risks, and it is difficult to have a middle area. In addition, the recent causes are also very prominent. Investors often believe that through the results obtained through several continuous observations, through scattered evidence, a full image is made up and created a model that did not exist in the mind. When predicting the future, the vivid sense of picture, the occurrence of continuous occurrence, and the more attention of their own are more likely to cause the judgment deviation. Zhang Kun also said that when investors pay too much attention to something, they will search for the cause of memory. When they find that there is a regression effect, they will activate the cause and effect interpretation, but in fact, this may not be able to stand.

Zhang Kun said that although it is difficult to judge the future, the essence of investing is to judge the future of companies. Fund manager hopes to return more common sense or basic probability of returning to common sense or things when doing judgments. For example, does the product or service provided by the company continue to be required and increased by customers in the future? Is it difficult for outsiders to imitate the business of this company and whether the business model can produce sufficient free cash flow? Is it good for corporate governance and friendly shareholders? This has become a fund manager who wants to judge accurate questions.

Zhang Kun believes that these factors are very important for the development prospects of the enterprise on the one hand, and on the other hand, the possibility of changes in 5-10 years is less. Correspondingly, some market factors, such as short -term economic fluctuations and short -term supply and demand imbalance in the industry, have significant impact on the short -term market, but it is not important during a long cycle. When these factors are unfavorable, they buy excellent buyers for long -term investors. The company provides better odds.

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