New Trend Of Star Fund Managers' Position Increase In The First Quarter: Procyclicality And Emerging Industries

Recently, with the disclosure of the first quarter report of public funds, including star fund managers Zhang Kun, Xiao Nan, Feng Bo and so on, the fund position adjustment route has surfaced.

The disclosed quarterly report shows that the position structure of some funds has been adjusted to varying degrees according to various influencing factors such as macro-economy, enterprise profits and market style.

On the whole, as a weathervane, the main directions of star fund managers to increase positions in the first quarter are pro cyclical, emerging industries and Hong Kong stocks.

Zhang Kun: jiacang bank, biomedicine and computer

On April 19, four funds managed by Zhang Kun, the first brother of public offering, disclosed the first quarter report of 2021. In the name of "100 billion top flow", Zhang Kun's total management scale continued to grow compared with the beginning of the year, reaching 133.109 billion yuan at the end of the first quarter.

On the whole, Zhang Kun did not change heavy warehouse liquor in the first quarter, but increased the allocation of banking, biomedical and computer industries as a whole.

Zhang Kun adopted different operational strategies for the four funds. Overall, e-fonda still loves liquor stocks. E-fund blue chip has significantly increased its positions in three liquor stocks and bank stocks in the first quarter. However, e-fonda's small and medium-sized stocks are another reverse operation mode, reducing its positions in liquor stocks and adding computer and pharmaceutical stocks. In line with the operation direction of e-fonda's small and medium-sized stocks, e-fonda's high-quality enterprises have also increased their positions in medicine and food and beverage in three years; while e-fund has also increased its positions in medicine and food and beverage in three years Reach Asia to select but drop medicine, increase storehouse Internet.

Take e fund blue chip hybrid fund managed by Zhang Kun as an example. It is the largest active equity fund in the market. At the end of the first quarter of 2021, the total scale was 88.016 billion yuan, which was 67.701 billion yuan at the end of 2020, with a month on month increase of 20.315 billion yuan, an increase of 30%.

In the first quarter of this year, the net value of fund share of e fund was 2.8453 yuan, and the growth rate of net share was - 0.73%. From the perspective of position, e fund blue chip selection has always maintained a high position operation. At the end of the first quarter of 2021, its shareholding accounted for 93.61% of the total assets of the fund, an increase of 2.49% compared with 91.12% at the end of 2020.

It is worth noting that e fund's blue chip selection positions are very concentrated, with the top 10 heavy positions accounting for 76.85% of the net fund value, and even Wuliangye and the Hong Kong stock exchange account for more than 10% of the net asset value of the fund.

At the end of the first quarter, the shareholding scale of top 10 heavy positions of e fund blue chip selection fund were: Wuliangye 8.843 billion yuan, Hong Kong Stock Exchange 8.837 billion yuan, Guizhou Maotai 8.679 billion yuan, meituan-w8.495 billion yuan, Tencent Holdings 8.301 billion yuan, China Merchants Bank (Hong Kong stock) 2.508 billion yuan, Luzhou Laojiao 6.706 billion yuan, Hikvision 5.031 billion yuan, and Yanghe shares 4.118 billion yuan 2.861 billion yuan from Ping An Bank.

According to the data disclosed in the first quarter report, Zhang Kun is still his favorite liquor maker. There are still 4 liquor stocks among the top 10 stocks in the first quarter, and three liquor stocks have been added, including 11.14 million shares of Wuliangye, 1.05 million shares of Guizhou Maotai and 2.1 million shares of Luzhou Laojiao. Only one Yanghe stock has decreased by 2.2 million shares compared with the end of last year, and the market value has decreased by 2.3 billion yuan.

At the end of the fourth quarter of 2020, Aier ophthalmology and Yihai international withdrew from the top 10 positions in the first quarter.

It is worth mentioning that Zhang Kun's new favorite is bank stocks. E fund blue chip selected 50 million shares of China Merchants Bank listed in Hong Kong with a market value of 2.5 billion yuan, and 130 million shares of Ping An Bank with a market value of 2.861 billion yuan.

Zhang Kun said that e fund blue chip select fund in the first quarter of the stock position basically remained stable, and the structure was adjusted. In terms of industry, the allocation of food and beverage industries has been reduced, and the allocation of banking and other industries has been increased. In terms of individual stocks, the company still holds excellent business model, clear industry structure and strong competitiveness for a long time.

In the long run, Zhang Kun believes that "fluctuations of similar magnitude in the stock market will continue to appear in the future, and it is difficult to predict in advance. However, as long as the intrinsic value of the enterprise is improved, such fluctuation will eventually be fluctuation, and will not cause permanent loss of principal. As managers, we can only improve the accuracy of judging the long-term ability of enterprises to create free cash flow through continuous research and accumulation every day. "

In addition, according to Zhang Kun's Fund Quarterly Report, he managed three public funds that can be allocated to the overseas market - e fund blue chip selection, e-fund's medium and small cap, and e-fund's high-quality enterprises holding for three years - the pattern of southward distribution has not changed, and the Hong Kong market continues to play a role in expanding the scope of investment and asset allocation of public funds.

On the whole, as a weathervane, the main directions of star fund managers to increase positions in the first quarter are pro cyclical, emerging industries and Hong Kong stocks. Visual China

Xiao Nan: farm farming, duty-free, auto parts

Xiao Nan, known as the "king of consumption", currently manages six funds with a management scale of about 60 billion yuan.

The funds managed by Xiao Nan in the first quarter focused on food and beverage, medicine and other fields, but increased the allocation of breeding, tax-free, auto parts and other sectors as a whole.

Taking e fund, a representative product of Xiao Nan, as an example, as of the end of the first quarter, the net value of the fund unit was 4.903 yuan, the growth rate of net fund value in the first quarter was - 7.03%, and the benchmark yield of performance comparison in the same period was - 5.05%.

During the reporting period, e fund's position in the consumer sector was 89.30%, up nearly 2% from 87.31% at the end of last year.

The market value of the top 10 stocks in the first quarter report is: Shanxi Fenjiu 3.060 billion yuan, Wuliangye 3.011 billion yuan, Luzhou Laojiao 2.997 billion yuan, Guizhou Maotai 2.847 billion yuan, muyuan shares 2.731 billion yuan, Midea Group 2.460 billion yuan, Gujing gongjiu 2.00 billion yuan, Shunxin agriculture 1.646 billion yuan, China Central immune system 1.556 billion yuan, Fuyao Glass 1.533 billion yuan.

From the current top 10 heavy positions of e-fonda consumer industry stocks, there are 5 liquor stocks, among which the top 4 heavy positions are all liquor stocks.

Nine of the top 10 heavy positions at the end of the fourth quarter of last year were still in the list of top 10 heavy positions in the first quarter, only Tsingtao Brewery retired, and muyuan stock was upgraded from the 13th largest to the fifth largest. At the end of the first quarter, Xiao Nan increased his holdings of muyuan shares by 16.697 million shares to 27.3066 million shares, an increase of 145%.

Shanxi Fenjiu is still the largest heavy position stock, the number of shares has not changed, but the market value of Shanxi Fenjiu decreased by 347 million yuan due to the decline of stock price.

Similarly, the number of Maotai positions in Guizhou has not changed. However, Wuliangye and ancient liquor were added to the warehouse, and Luzhou Laojiao was reduced.

In addition, in terms of the number of positions, Xiao Nan increased the positions of Shunxin agriculture, Fuyao Glass and China central immune system, while the number of positions held by Midea Group remained unchanged.

In the first quarter, e-fonda strengthened the allocation of breeding, tax-free, auto parts and other sectors, and correspondingly adjusted the individual stock structure in food and beverage, household appliances and other sectors.

"The relatively high market value needs to be digested by performance growth, but we will not allocate short-term cheap and long-term uncompetitive enterprises." Xiao Nan said.

Feng Bo: jiacang new energy, computer, electronics

Feng Bo also focused on liquor consumption, but increased the allocation of new energy, computer, electronics and other industries in the first quarter.

Feng Bo is currently in charge of four funds, with a management scale of over 50 billion. He subscribed for the new fund with nearly 240 billion yuan in January this year, setting a historical record for the highest subscription of public funds.

Feng Bo's representative fund is e fund industry leading hybrid. At the end of the first quarter, the scale was 2.857 billion yuan.

As of the end of the first quarter, the net value of the fund unit was 4.401 yuan, the growth rate of net fund value in the first quarter was - 5.96%, and the benchmark yield of performance comparison in the same period was - 2.54%.

Specifically, e-fund was ahead of the industry and its position was relatively stable in the first quarter, reaching 89.36%.

At the end of the first quarter, e-fonda's top 10 stocks in the industry were: Luzhou Laojiao 277 million yuan, Wuliangye 272 million yuan, Longji stock 254 million yuan, Midea Group 253 million yuan, Guizhou Maotai 217 million yuan, China Merchants Bank 176 million yuan, Shanxi Fenjiu 124 million yuan, goer shares 119 million yuan, Changchun hi tech 109 million yuan, Yilian network 106 million yuan.

At the end of the first quarter, e-fonda was the industry leader with 4 liquor stocks.

In the first quarter, among the top 10 heavy positions, goer shares and Shanxi Fenjiu replaced TCL technology and Qingdao beer, becoming the new top 10 heavy positions.

Among the remaining 8 stocks with heavy positions in the first quarter, the number of Yilian network positions remained unchanged, and the positions of the remaining seven stocks increased in the first quarter.

Overall, e fund industry leading fund position in the first quarter is relatively stable. In terms of industry allocation, consumption, new energy, household appliances, electronics and banking are the main industries. In terms of individual stocks, it reduced some companies with high valuation level, and increased the proportion of individual stocks with strong competitiveness and certainty, stable growth and reasonable valuation when the market was undergoing a substantial correction.

Feng Bo believes that after the sharp rise in the first two years, the restructuring process of A-share core enterprises driven by the marketization and internationalization process is basically completed. Under the reasonable valuation level, the growth of corporate profits will become the most important factor to promote the future stock price rise. This will further test the depth of fundamental research and the ability of reasonable pricing. Market volatility is a risk for short-term investors, but it is the best opportunity for long-term investors to obtain excess returns.

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