In the third quarter, the scale of management declined, and the starfundHow does the manager see the market outlook? These aspects should not be missed.
In the past few days, the three quarterly reports of public funds have been released together, and the positions and earnings of star fund managers such as Zhang Kun, Hou Hao, Liu Yanchun, Xie Zhiyu, Ge Lan, and Liu Gesong have also been exposed.
shellFinancial reporters found that in terms of scale, the scale of celebrity fund managers in the third quarter has undergone major adjustments, and the scale of celebrity fund managers such as Zhang Kun has declined. Some celebrity fund managers have already fallen out of the “50” billion yuan club. During the same period, there were also fund managers who jumped up and were promoted to the “100 Billion Club”.
Halo effect diminishedthreeZhang Kun at the end of the quarterWaitThe scale of funds under management is close to the “100 billion” mark
Under the aura of “star fund managers”, the scale of fund managers under management is also growing. It is worth noting that in the third quarter, Citizens’ “pursuit” of star fund managers’ halo has declined, and the scale of funds under management of many star fund managers has declined, even the “top stream” Zhang Kun is no exception.
As of the end of the third quarter, the scale of funds under Zhang Kun’s management was close to the “100 billion” mark, down from 134.478 billion at the end of the second quarter to 105.749 billion. Among them, the scale of E Fund’s blue chip selection decreased by more than 20 billion yuan from the end of the second quarter to 69.847 billion yuan; the newly renamed E Fund’s premium selection scale decreased by 7 billion yuan to 21.662 billion yuan from the end of the second quarter. The scale of the two funds of 2010 and E Fund Asia Selection has also been reduced.
Liu Yanchun, another 100 billion star fund manager, has also seen a decline in the size of his fund under management. As of the end of the third quarter, Liu Yanchun’s six funds under management totaled 102.916 billion yuan, a decrease of nearly 13.4 billion yuan from 116.301 billion yuan at the end of the second quarter.
In addition, the membership of the 50 billion star fund manager club has also changed.GF FundThe scale of star fund managers such as Liu Gesong has also declined. Dong Chengfei, the star fund manager of Xingquan Fund, has resigned from the position of fund manager, and the combined scale of Xingquan Trend Investment Hybrid and Xingxin Vision of the two funds he previously managed has decreased by nearly 8.4 billion yuan.
However, some star fund managers achieved scale expansion in the third quarter. The scale of the medical goddess Gelan reached 97.002 billion yuan, an increase of more than 10 billion yuan compared to the end of the second quarter; Hou Hao, the god of liquor, is a dark horse, with its funds under management exceeding 100 billion yuan for the first time. The size of a baijiu fund increased by 27 billion yuan from the end of the second quarter.
Awkward stocks remain stableLiquor stillTake upleading
“goddess”GlenLong-term optimistic about leading companies in the innovative drug industry chain, medical services, and high-quality generic drugs
In the third quarter of 2021, the A-share market fluctuated and fell. The CSI 300 Index fell by 6.85%.The Shanghai Composite IndexDown 0.64%,Growth Enterprise Market IndexThe number fell by 6.69%. During the same period, the Hong Kong market’s Hang Seng Index fell by 14.75%. Hang Seng China EnterpriseThe index fell 18.17%.In terms of the stock market, the three quarters were clearly differentiated. Industries such as coal, nonferrous metals, steel, and electric power performed well.Textile and Apparel, Home appliances,food and drinkThe performance of industries such as, pharmaceuticals, and consumer services is relatively backward.
From the perspective of industry configuration, the positions held by Zhang Kun’s E Fund Blue Chip Selection and E Fund’s high-quality companies have increased slightly in three years.And adjusted the structure, addingfood and drink、BankThe allocation of industries such as medicine has reduced the allocation of industries such as medicine and the Internet.
Specifically, E Fund Blue Chip Select’s stock position at the end of the third quarter was 91.71%, which was fine-tuned from 90.17% at the end of the second quarter. Specifically, the top ten heavyweight stocks are as follows:Luzhou Laojiao、Kweichow Moutai、Wuliangye、Hikvision、Hong Kong Stock Exchange、Yanghe shares、China Merchants Bank、Tencent Holdings、Yili shareswithPing An Bank。
“In terms of individual stocks, we still hold high-quality companies with outstanding business models, clear industry patterns, and strong competitiveness.” Zhang Kun said.
During this process, Liu Yanchun’s top ten heavyweight stocks in the management of 6 funds remained stable as a whole. Only emerging growth, domestic demand growth, and high-performance growth were added.Gujing Gongjiu、Midea Group、Aier OphthalmologyThree heavy stocks. Specifically from the emerging growth of its ace funds,Luzhou LaojiaoBeyondKweichow Moutai、China FreeBecome Liu Yanchun’s “favorite”.
Shanxi FenjiuwithChenguang StationeryWithdraw from the top ten heavyweight stocks,Gujing GongjiuwithMidea GroupAmong whichMidea GroupThe proportion of positions held by Liu Yanchun rose from 1.23% at the end of the second quarter to 3.85%. Liu Yanchun’s emerging growth in charge bought nearly 20 million shares of Midea Group.
Compared with other fund managers’ extensive analysis of their investment strategies and operations in the third quarter, “Goddess” Gülen was quite “refined”. She said that in the third quarter, the overall operation of high positions was maintained, and she is optimistic about the long-term innovative drug industry chain. , Medical services, leading enterprises of high-quality generic drugs, etc. have been emphatically deployed.
Specifically, in the third quarter, Sino-European Healthcare, managed by Gülen, had a relatively stable structure of heavy stocks. Among them,Changchun High-techWithdraw from the top ten heavy stocks,MedicilonInto. From the perspective of the proportion of holdings, the proportion of holdings of many heavy stocks has declined.Mindray MedicalThe proportion of holding positions decreased from 5.81% to 3.76%;ZhifeiThe proportion of holding positions decreased from 5.14% to 3.86%.
Star fund managers look at the market outlook？These aspects are not to be missed
Zhang Kun believes that a company’s business model, moat, and industry prospects jointly determine a company’s pricing power, and pricing power is one of the most durable determinants of high returns on investment. In a short period of time, stocks are usually driven by other factors, such as macroeconomics or breaking news, which makes investing in high-quality companies with pricing power often tedious in the short term. Therefore, investing in these high-quality companies is associated with low risk. It can only be observed for a longer period of time.
“Furthermore, due to market concerns about the economic and corporate earnings decline in the next few quarters, as well as policy uncertainties, some listed companies with outstanding long-term operations have fallen significantly recently.” Zhang Kun said that after this round of decline, these high-quality companies’ The valuation is basically reasonable.
In his view, these companies are expected to achieve a high degree of confidence in the profitability compound growth in the next 3-5 years. Although we don’t know whether there will be a period of undervaluation (similar to the end of 2018), since there is no bubble in the starting valuation and high-quality equity is still scarce overall, from the perspective of the next 3-5 years, the stocks of these companies can be compounded. The yield is more optimistic.
Liu Gesong said that with the continuous adjustment of industrial policies, the situation of rapid rise in resource prices may have come to an end, but the production process will be improved in the future.Medium GreenThe proportion of color energy has become an irreversible trend. It is expected that the demand for high-end manufacturing industries such as photovoltaics, energy storage, and new energy vehicles may usher in a longer period of “golden growth.”
“Looking forward to the fourth quarter and next year, we are still very optimistic about the growth quality and profit expectations of the global comparative advantage manufacturing industry assets.” Liu Gesong said that in the future, the fund’s asset allocation will still be based on these directions, starting from the supply and demand pattern. , Use the industry’s perspective to find excellent and great companies, and grow together with them to obtain long-term excess returns for the holders.
Liu Yanchun emphasized that market styles are changing, and this is only the beginning. Marginal business pricing has reached its limit this year, but the stock price will eventually return to its intrinsic value. The seemingly drastic operating fluctuations in the short-term have minimal impact on stock pricing in the long-term. Mistakes will always be corrected, just as the epidemic will eventually pass. Those industries and individual stocks that have suffered from rising costs, declining demand, and policy disturbances now have a high probability of a good layout opportunity.
(Source: Beijing News)
(Original title: The halo of star fund managers has weakened, Zhang Kun and Liu Yanchun are defending the scale of 100 billion yuan, how do you look at the fourth quarter?)
(Editor in charge: DF537)
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