As a "100 billion top stream," Zhang Kun, a well-known fund manager under E Fund, disclosed his 2023 quarterly report for the fund under management in the early morning of April 21.。First of all, from the performance point of view, Zhang Kun is currently in charge of the four funds have achieved positive returns in the first quarter, of which E Fund Asia Select's return is reached 7.37%。

In terms of the scale of management, the scale of Zhang Kun's management did not change much in the first quarter.。Public data show that as of the end of the first quarter, the total size of Zhang Kun's current fund assets was 889.4.2 billion yuan。

Sub-funds see:

Efonda Blue Chip Select

The first is the largest asset-based E Fund Blue Chip Select Fund.。According to disclosed data, as of March 31, the size of E Fund's blue-chip select assets was 562.$0.9 billion; net share of 2.$1910; net share growth rate of 1 during the reporting period.03 per cent; the performance benchmark yield for the same period was 2.08%。

At present, the fund's top ten heavy stocks are: Guizhou Maotai, Luzhou Laojiao, Tencent Holdings, Wuliangye, Yanghe, China Merchants Bank, Hong Kong Stock Exchange, Yili, Meituan-W, China National Offshore Oil.。

Compared to the previous quarter, the fund eliminated the top ten heavyweight stocks of WuXi Bio and replaced them with CNOOC, which increased its holdings by a total of 45 million shares, an increase of 17.31%。In addition, the fund increased its position on Kweichow Moutai 4 during the quarter..80,000 shares, currently ranked first in heavy stocks。

Overall, the fund's equity position was basically stable in the first quarter, adjusting its structure, increasing its allocation to sectors such as consumption and reducing its allocation to sectors such as finance.。In terms of individual stocks, Zhang Kun said that he still holds high-quality companies with excellent business models, clear industry patterns and strong competitiveness.。

Efonda Quality Select Blend (QDII)

This is followed by the second largest Efonda Quality Select Hybrid Fund.。As of March 31, Efonda Quality Select Hybrid (QDII) had an asset size of 189.7.1 billion yuan; net share of 6..$1,737; net share growth rate of 0 during the reporting period.76 per cent; the return on the performance benchmark for the same period was 2.91%。

At present, the fund's top ten heavyweight stocks are: Tencent Holdings, Luzhou Laojiao, Guizhou Maotai, Yanghe, Wuliangye, Jingdong Group-SW, China Merchants Bank, Alibaba-SW, Yili, Meituan-W.。

Compared with the previous quarter, the top ten heavy stocks added Meituan-W, while the Hong Kong Stock Exchange withdrew from the top ten heavy stocks, of which Tencent Holdings was reduced, but the position ratio is still 9.88%, ranked first。

Overall, the fund's equity position was basically stable in the first quarter, adjusting its structure, increasing its allocation to sectors such as pharmaceuticals and reducing its allocation to sectors such as finance.。

E fund high-quality enterprises three-year holding period mixed

 

According to the disclosed data, as of March 31, the three-year holding period of E Fund's high-quality enterprises mixed asset size of 84.$3.9 billion; net share of 1.0667 yuan; the net share growth rate for the reporting period was 1..13 per cent; the return on the performance benchmark for the same period was 2.08%。

At present, the fund's top ten heavy stocks are: Guizhou Maotai, Tencent Holdings, Luzhou Laojiao, Wuliangye, Yanghe, China Merchants Bank, Yili, Meituan-W, China National Offshore Oil, Hong Kong Stock Exchange。

Compared to the previous quarter, the fund is similar to E Fund Blue Chip Select, which also added China Offshore Oil, excluding Pharmaceutical Biology。Maotai held 9 positions in the quarter..93%, surpassing Tencent Holdings to rank first in heavy stocks。

Overall, the fund's equity position was basically stable in the first quarter, adjusting its structure, increasing its allocation to sectors such as consumption and reducing its allocation to sectors such as finance.。

 

Efonda Asia Select Stocks

 

Finally, Efonda Asia Select Equity Fund。Disclosure data shows that as of March 31, E Fund Asia Select Equity assets were 53.$2.3 billion; net share of 1.$063; net share growth rate for the reporting period was 7.37 per cent; the performance benchmark yield for the same period was 3.71%。

Currently, the fund's top 10 heavyweight stocks are: Tencent Holdings, Alibaba-SW, Sea Ltd ADR, TSMC, JD Group-SW, STAAR Surgical Co, CNOOC, Huazhu Group-S, Meituan-W, Grab Holdings Ltd-A。

It is worth noting that the fund's fourth quarter invisible heavy position in the first U.S. semiconductor stocks - TSMC, Zhang Kun in the first quarter continued to increase the holding of the stock chips。According to statistics, the fund increased its holdings of TSMC 25 in the first quarter..87% of the shares, is the fund's top ten heavy positions in the largest proportion of stocks, TSMC also from the end of 2022 ranked 12th to the fourth largest in the quarterly report。

In addition, Efonda Asia Select added positions in Alibaba-SW, Jingdong Group-SW and Meituan-W in the first quarter, while Tencent Holdings and Huazhu Group-S were reduced in the first quarter.。

In this regard, Zhang Kun said that the fund in the first quarter of the stock position is basically stable, the structure has been adjusted, increased the allocation of science and technology and other industries, reduced the allocation of financial and other industries, in addition, in the regional distribution of the allocation of more balanced。

 

Fund Strategy

 

In terms of specific position direction, each of Zhang Kun's funds reduced their allocations to the financial sector in the first quarter, but increased their allocations in different directions。Efonda Blue Chip Select, Efonda Quality Enterprises increased the allocation of consumer and other industries in three years, Efonda Asia Select increased the allocation of technology and other industries, Efonda Quality Select increased the allocation of pharmaceutical and other industries.。

One of the fascinating things about fundamental value investing is that investors can take a long time to fully observe the company's development and wait until they have proven their success and huge growth potential, before buying it, Zhang Kun said in the quarterly report.。

According to Zhang Kun, identifying good companies is so important because the only way a good company is not a good stock is if it is overvalued, and in all other cases, a good company will provide investors with substantial long-term returns.。Almost any successful company has experienced short-term business performance and stock price volatility, experienced the cold and warm attitude of Mr. Market, but their successful model often remains unchanged, through in-depth research and grasp of these key factors, is an important factor to be able to stick all the way down, but also usually means a long-term substantial returns。