Zhang Kun's two QDII fund positions are exposed and still love the Internet leader

　　Securities Times reporter An Zhongwen

　　As the most well-known fund manager of QDII, the two QDII funds managed by Zhang Kun disclosed the position strategy on July 20.

The second quarterly reports disclosed by E Fund Asia Select Fund and E Fund Select QDII Fund show that although one of the two QDII funds focuses on Hong Kong stocks and the other is a mix of Hong Kong stocks and A shares, on the whole, Zhang Kun’s second quarter of this year Continue to hold heavy positions in leading Internet stocks listed in Hong Kong, and increase positions in related stocks slightly.

　　Zhang Kun emphasized that short-term business problems or imbalances in companies or industries have a significant impact on the short-term market, but they are not important in the long-term cycle. When these factors are unfavorable, they provide long-term investors with more opportunities to buy excellent companies. good odds.

　　Zhang Kunliang QDII Fund

　　Significant difference in holdings

　　On July 20, E Fund Asia Select Fund and E Fund Select QDII Fund both disclosed their second quarterly reports. These two funds focusing on the Hong Kong market are managed by top fund manager Zhang Kun.

According to the information disclosed by the two funds, as of the end of the second quarter, the stock position of E Fund Asia Select Fund was as high as 93.15%, and the position of E Fund Select QDII Fund also reached 93.45%.

This operation also shows that although the volatility of the Hong Kong stock market is not small, Zhang Kun has adopted a high position strategy as always.

　　Although the equity positions of the two funds are roughly the same, and both focus on the Hong Kong stock market as the core investment object, Zhang Kun has a lot of differences in the stock layout of the two funds.

　　Specifically, as of the end of the second quarter, the first largest position of the E Fund Selected QDII Fund was actually A shares. A shares accounted for 54% of the fund's net asset value, and the remaining positions were Hong Kong stocks, which accounted for about 41%.

The "QDII flavor" of the E Fund Asia Select Fund is much purer. The reporter noticed that among the fund's holdings, Hong Kong stocks accounted for 77%, US stocks accounted for 16.3%, and stocks listed on the British stock exchange accounted for 77%. Compared with 1.16%, the proportion of A shares is almost negligible.

　　In the second quarter holdings of E Fund Asia Select Fund, Zhang Kun's core stocks did not change significantly, mainly pointing to leading Internet stocks. Although JD.com's stocks were slightly reduced in the second quarter, they became the largest position. share.

At the end of the previous quarter, the fund's largest holding stock was Alibaba, which was also slightly reduced in the second quarter, temporarily ranking the second largest holding stock.

　　The more obvious adjustment is that Zhang Kun sold Postal Savings Bank in the core position of E Fund Asia Select Fund. The stock has faded out of the top ten stocks of the QDII fund. Instead, Zhang Kun added a US stock of healthcare. The stock Da Shiguang, a US stock that also became a heavy stock in the overseas investment portfolio of Gao Yi Assets last year.

　　In contrast, the E Fund Quality Selected QDII Fund focuses on A-shares because its largest position is concentrated in A-shares, and its main position adjustment changes also revolve around A-shares.

Hikvision was sold by Zhang Kun in the second quarter of this year and disappeared from the fund's top ten core stocks list.

In addition to reducing his holdings in Hikvision, Zhang Kun increased his position in liquor stocks. For example, after adding 230,000 shares, Wuliangye became the largest stock in E Fund's Selected QDII Fund.

In addition, Zhang Kun also increased the Hong Kong stocks of Tencent and JD.com.

　　Reflect on the ups and downs of the market

　　Zhang Kun also reviewed and reflected on the changes in the market and how to judge the future of the companies he bought in the fund's second quarterly report.

　　"At the end of the first quarter, it is estimated that very few investors can accurately judge the fluctuations and fluctuations of such expectations. Standing at the beginning of the third quarter, it may be quite difficult to correctly predict the performance of the Chinese and U.S. economies and the stock market again. Investors tend to either place too much emphasis on risk or ignore it entirely, and it's hard to have a middle ground, Zhang Kun said.

In addition, the recency effect is also very prominent. Investors tend to be too confident in the results obtained through several consecutive observations, piece together a full image through scattered evidence, and create patterns in their minds that did not exist before.

When predicting the future, vivid picture, continuous occurrence, and too much attention to oneself are more likely to cause judgment bias.

　　Zhang Kun also said that when investors pay too much attention to something, they will search for the reasons in memory, and when a regression effect is found, the causal explanation will be activated, but in fact this may not be tenable.

Although it is difficult to judge the future, the essence of investing is to judge the future of each company.

Fund managers hope to return to common sense or the basic probability of things when making judgments. For example, will the products or services provided by this company continue to be demanded and increased by customers in the future?

Is it difficult enough for outsiders to imitate the business of this company, and can the business model generate sufficient free cash flow?

Does it have good corporate governance and is shareholder friendly?

This has become a question for fund managers to hope to judge accurately.

　　Zhang Kun believes that these factors are very important to the development prospects of the company on the one hand, and are less likely to change within 5-10 years.

Correspondingly, some market factors, such as short-term economic fluctuations, short-term supply and demand imbalances in the industry, etc., have a very significant impact on the short-term market, but they are not important in the long-term cycle. When these factors are unfavorable, they will be long-term investors. Buy excellent Companies offer better odds.