On the evening of April 24th, Kweichow Moutai Co.,Ltd. disclosed its first-quarter results, showing a 6.54% year-on-year increase in revenue and a 1.47% rise in net profit attributable to shareholders, maintaining positive growth in both top and bottom lines. However, a notable trend emerged as investors began reducing their stakes.
The Invesco Great Wall Emerging Growth Mixed Fund, managed by Liu Yanchun, cut its holdings in Kweichow Moutai by over 200,000 shares during the first quarter. Similarly, the Fuguo Tianhui Growth Mixed Fund, managed by Zhu Shaoxing, significantly reduced its stake by 520,000 shares, representing a current market value of approximately 760 million yuan. More strikingly, Zhang Kun's E Fund Blue Chip Selected Mixed and E Fund Quality Selected Mixed funds decreased their holdings in Kweichow Moutai by around 20% in the same period.
This retreat by prominent fund managers does not necessarily reflect a loss of confidence in the baijiu sector. Instead, it is largely driven by continuous redemptions from fund investors, forcing managers to sell assets passively. Many fund managers have noted that the current challenge for consumer stocks like baijiu is not their financial performance, but rather excessively pessimistic investor sentiment regarding the sector's future prospects.
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