魔王大大 personal page - To The Moon

魔王大大

魔王大大

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2022-12-17

$AMC Entertainment Preferred(APE)$ to the...

2022-12-17

🤜🤜🤜🤜

2022-12-16

Amc fly to the moon

2022-07-06

$AMC院线(AMC)$to the moon

2022-07-05

$Cryptyde Inc(TYDE)$to the moon

2022-07-04

$哔哩哔哩(BILI)$6666

2022-07-03

$Grab Holdings(GRAB)$sigh...

2022-07-02

$Roundhill Ball Metaverse ETF(METV)$666

2022-06-30

$Grab Holdings(GRAB)$die

2022-06-29

$AMC院线(AMC)$666

2022-06-28

$AMC院线(AMC)$666

2022-06-27

$哔哩哔哩(BILI)$666

2022-06-26

$AMC院线(AMC)$666

2022-06-25

$amc 666

2022-06-22

$AMC院线(AMC)$to the moon

2022-06-21

$amc 666

2022-06-19

@amc 666

2022-06-18

666 Amc

2022-06-17

Amc 666

2022-06-16

@amc 666

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ETF(METV)$666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9044942352","isVote":1,"tweetType":1,"viewCount":6761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178769925,"gmtCreate":1626838059967,"gmtModify":1703766174367,"author":{"id":"3568712936130316","authorId":"3568712936130316","name":"魔王大大","avatar":"https://static.tigerbbs.com/5b117b6c59b23211bc994189df572d82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568712936130316","idStr":"3568712936130316"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/178769925","repostId":"1166715880","repostType":4,"repost":{"id":"1166715880","kind":"news","pubTimestamp":1626836270,"share":"https://ttm.financial/m/news/1166715880?lang=en_US&edition=fundamental","pubTime":"2021-07-21 10:57","market":"sh","language":"zh","title":"Zhang Kun admits his mistake after performing at the bottom.","url":"https://stock-news.laohu8.com/highlight/detail?id=1166715880","media":"投中网","summary":"面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理","content":"<p><b>Faced with declining performance, Zhang Kun made a rare admission of error in his second-quarter report.</b>In the early hours of July 20, E Fund Management Co., Ltd. released the second-quarter reports of several of its fund products. Among them, Zhang Kun, the \"King of Public Funds,\" and the four public funds he manages once again became the focus of attention.</p><p>In the past second quarter, the stock positions of the four funds managed by Zhang Kun: E Fund Blue Chip Selection Hybrid Fund, E Fund Small and Medium Cap Hybrid Fund, E Fund Asia Selection Stock Fund, and E Fund Premium Enterprise Three-Year Holding Period Hybrid Fund all declined to varying degrees. Among them, the stock position ratio of E Fund Small and Medium Cap Fund decreased by 23 percentage points compared with the first quarter, plummeting to the lowest stock position at the end of the quarter since Zhang Kun managed E Fund Small and Medium Cap Fund. In addition, Zhang Kun also adjusted his structure in the second quarter, reducing his allocation to industries such as food and beverage and increasing his allocation to industries such as computers, while continuing to hold heavy positions in two financial Hong Kong stocks, China Merchants Bank and the Hong Kong Stock Exchange.</p><p>Data shows that as of the end of the second quarter, the size of the four funds managed by Zhang Kun was 134.478 billion yuan, a slight increase from 133.109 billion yuan at the end of the previous quarter. Among them, blue-chip selection, small and mid-cap mixed, and high-quality enterprise three-year holding period mixed turned a profit in the second quarter, with profits of 5.384 billion yuan, 805 million yuan, and 1.122 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/01a751b2749b319a7c6c42ffdd39684c\" tg-width=\"1006\" tg-height=\"361\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Although the fund size increased and three funds turned a profit, the performance of the funds managed by Zhang Kun in the second quarter was not ideal compared with their peers. Among them, E Fund Blue Chip Selection and E Fund Small and Medium Cap ranked 2,833rd and 3,187th respectively among similar funds (a total of 3,403 funds) in the second quarter, while E Fund Asia Selection Stocks fell to the second to last place among similar funds.</p><p>Faced with declining performance, Zhang Kun made a rare admission of error in his second-quarter report, saying that looking back on his past judgments, he found many errors. In addition, Zhang Kun emphasized that, based on current assessments, a decline in the expected rate of return in the next few years may be unavoidable.</p><p><b>Stock positions were all reduced, with holdings in Wuliangye and Moutai being reduced.</b></p><p>Let's first look at the changes in the holdings of the four funds in Q2 2021.</p><p>According to the report, the stock positions of Zhang Kun's four products all declined to varying degrees in the second quarter. Among them, E Fund Small and Mid-Cap Fund saw the largest reduction in holdings, with its stock position plummeting from 93.93% at the end of the first quarter to 70.36%. This is the lowest level for the fund since Zhang Kun became the fund manager on September 28, 2012, and it is also the second time that the stock position has dropped below 80%, following the third quarter of 2017.</p><p>Meanwhile, the other three funds all slightly reduced their stock positions: the stock position ratio of E Fund Blue Chip Selection decreased from 93.61% to 90.17%; E Fund's stock position in high-quality companies decreased from 94.57% to 89.24%; E Fund Asia Select's stock position decreased from 93.17% to 86.45%.</p><p>Specifically, in terms of portfolio adjustments, the four funds have different structural adjustments.</p><p><img src=\"https://static.tigerbbs.com/1683ff0f2a10d195121cffc0e4f458b6\" tg-width=\"512\" tg-height=\"294\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Top 10 E Fund Blue Chip Selected Holdings in Q2 2021</p><p>Compared to the first quarter, E Fund Blue Chip Selection reduced its allocation to sectors such as computers and increased its allocation to sectors such as electronics in the second quarter. Among the top ten holdings, as in Q1 2021, Blue Chip Selection still holds 4 liquor stocks, but its holdings have increased or decreased. Among them, the holdings of Wuliangye and Kweichow Moutai decreased from 10.05% and 9.86% in Q1 2021 to 9.88% and 9.75% respectively, while the holdings of Luzhou Old Cellar and Yanghe Brewery increased from 7.62% and 4.68% to 9.71% and 9.68% respectively.</p><p>Meanwhile, Zhang Kun also increased his holdings in the Hong Kong Stock Exchange, China Merchants Bank, and Tencent Holdings in the second quarter, while reducing his holdings in Meituan. By the end of the second quarter, the Hong Kong Stock Exchange had replaced Wuliangye as the largest holding of E Fund Blue Chip Selection. In addition, Ping An Bank, which accounted for 3.25% of its holdings in Q1, fell out of the top ten and was replaced by Aier Eye Hospital. It is worth mentioning that in Q4 2020, Aier Eye Hospital also appeared in the top ten holdings list of E Fund Blue Chip Selection.</p><p><img src=\"https://static.tigerbbs.com/cf129f55b2095a3ab6cabbe0638cf11a\" tg-width=\"512\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Top Ten E Fund Small and Mid-Cap Holdings in Q2 2021</p><p>In the second quarter of 2021, E Fund Small and Mid-Cap Fund reduced its allocation to sectors such as food and beverage while increasing its allocation to sectors such as computers. Specifically, looking at individual stocks, compared with the first quarter, E Fund's top ten holdings in small and mid-cap stocks remained unchanged, but it focused on increasing its holdings in Hundsun Technologies and Hualan Biologics, while reducing its holdings in Tongce Medical and Kweichow Moutai.</p><p>Among them, Wuliangye was significantly reduced by Zhang Kun, falling from the second largest holding in Q1 2021 to the seventh largest holding. Meinian Health's holdings also decreased. In addition, the stock price fell during the reporting period, and it has fallen from the original largest holding to the sixth largest holding.</p><p>Next, let's look at E Fund High-Quality Enterprise Three-Year Holding Period Hybrid Fund.</p><p><img src=\"https://static.tigerbbs.com/75b188fe04c08b16db4160afe2f8ebb0\" tg-width=\"512\" tg-height=\"278\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Top Ten E Fund High-Quality Enterprises Three-Year Holding Period Hybrid Holdings in Q1 2021</p><p>Similar to E Fund Blue Chip Selection, the fund reduced its allocation to sectors such as computers in the second quarter, and also increased its holdings in Luzhou Old Cellar and Yanghe Brewery, while reducing its holdings in Wuliangye. However, the difference is that the E Fund Premium Enterprise Three-Year Holding Period Hybrid Fund has increased its allocation to industries such as pharmaceuticals and banking in this period.</p><p>In addition, the fund increased its holdings in two Hong Kong stocks, the Hong Kong Stock Exchange and Tencent Holdings, in the second quarter, and reduced its holdings in Hikvision and Meituan. Currently, Luzhou Old Cellar has become the largest holding in E Fund's High-Quality Enterprises Three-Year Holding Period Hybrid Fund with a holding ratio of 9.76%. Meanwhile, Hualan Biological and Jinxin Fertility fell out of the top ten holdings, while Aier Eye Hospital and Ping An Bank became newly added to the top ten holdings.</p><p>Finally, let's talk about the relatively smaller E Fund Asia Select Fund.</p><p><img src=\"https://static.tigerbbs.com/c3ad95bd85c15dec4396047e297b788c\" tg-width=\"997\" tg-height=\"497\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Compared to Q1 of this year, Zhang Kun reduced his allocation to consumer and education sectors and increased his allocation to banking, real estate and other sectors in E Fund Asia Select Fund. TAL Education Group, New Oriental Education & Technology Group, and STAAR Surgical Co., which were heavily held in the first quarter, have dropped out of the top ten holdings, while Postal Savings Bank of China, China Overseas Land & Investment Limited, and Vipshop have newly entered the top ten holdings.</p><p>It is worth mentioning that in the second quarter that just passed, E Fund Asia Selected Stocks had a profit of -316 million yuan, which is still in a loss-making state, ranking second to last among similar funds.</p><p>In response, Zhang Kun specifically mentioned in his quarterly report that in the second quarter, the stock prices of education and training companies fell significantly due to policy expectations, which had a certain negative impact on the fund's net asset value. This also made him reflect on some assumptions in the long-term investment framework and hope to further improve them.</p><p><b>With performance at the bottom, Zhang Kun unusually admits his mistake.</b></p><p>In fact, apart from E Fund Asia Select, the performance of Zhang Kun's other three funds in the second quarter was also unsatisfactory, lagging far behind other similar fund products.</p><p>Data shows that in the past three months, the best-performing fund among similar funds was Qianhai Open Source New Economy Flexible Allocation Hybrid Fund, with a return of over 50%. Meanwhile, Zhang Kun's E Fund Premium Enterprise Three-Year Holding Period Hybrid Fund, E Fund Blue Chip Selection Fund, and E Fund Small and Medium Cap Fund had returns of 10.62%, 5.94%, and 2.51% respectively in the second quarter, ranking 2,103rd, 2,833rd, and 3,187th among similar funds (a total of 3,403).</p><p>In response, Zhang Kun made a rare \"admission of error\" in the second-quarter report, stating that looking back on his previous judgments, he \"found quite a few errors.\" Meanwhile, Zhang Kun also expressed his views on the future market in the quarterly report.</p><p>Zhang Kun stated that after the pandemic, with the easing of global liquidity, global stock markets have experienced significant gains. For some high-quality companies in industries recognized by the market as having long-term growth potential (technology, pharmaceuticals, consumer goods, and new energy), in addition to performance growth, their valuations have also increased significantly. Faced with increasingly high P/E levels, company valuation methods are increasingly using forward-looking (such as 2025 or even 2030) market capitalization discounted back to the current year. It seems that only in this way can investors obtain an acceptable level of return.</p><p>He mentioned that for some companies, assuming all assumptions are met, they may be able to earn a discount rate or a slightly higher yield than the discount rate over the next five years. However, if they make a mistake, they may face a stock price drop of 30% or even 50%. In an environment of ample liquidity and capital anxiety seeking high-return sectors,<b>In the coming years, many industries will likely face more intense competition than in the past five years.</b></p><p>Zhang Kun believes that<b>The difficulty of judging the competitive landscape of the industry over the next five years will likely only increase.</b>\"In summary, if correct, one might only achieve a mediocre rate of return, but if incorrect, one faces significant losses. With such a distribution of odds, this is clearly a difficult move for investors. In this situation, one should either conduct in-depth research in popular industries to try to obtain a higher degree of probability certainty, or in less crowded industries, sacrifice some probability, bear more uncertainty, and obtain better odds and returns.\"<b>Based on current assessments, a decline in expected returns over the next few years may be inevitable.</b>”</p>","source":"tzw","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhang Kun admits his mistake after performing at the bottom.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhang Kun admits his mistake after performing at the bottom.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">投中网</strong><span class=\"h-time small\">2021-07-21 10:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Faced with declining performance, Zhang Kun made a rare admission of error in his second-quarter report.</b>In the early hours of July 20, E Fund Management Co., Ltd. released the second-quarter reports of several of its fund products. Among them, Zhang Kun, the \"King of Public Funds,\" and the four public funds he manages once again became the focus of attention.</p><p>In the past second quarter, the stock positions of the four funds managed by Zhang Kun: E Fund Blue Chip Selection Hybrid Fund, E Fund Small and Medium Cap Hybrid Fund, E Fund Asia Selection Stock Fund, and E Fund Premium Enterprise Three-Year Holding Period Hybrid Fund all declined to varying degrees. Among them, the stock position ratio of E Fund Small and Medium Cap Fund decreased by 23 percentage points compared with the first quarter, plummeting to the lowest stock position at the end of the quarter since Zhang Kun managed E Fund Small and Medium Cap Fund. In addition, Zhang Kun also adjusted his structure in the second quarter, reducing his allocation to industries such as food and beverage and increasing his allocation to industries such as computers, while continuing to hold heavy positions in two financial Hong Kong stocks, China Merchants Bank and the Hong Kong Stock Exchange.</p><p>Data shows that as of the end of the second quarter, the size of the four funds managed by Zhang Kun was 134.478 billion yuan, a slight increase from 133.109 billion yuan at the end of the previous quarter. Among them, blue-chip selection, small and mid-cap mixed, and high-quality enterprise three-year holding period mixed turned a profit in the second quarter, with profits of 5.384 billion yuan, 805 million yuan, and 1.122 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/01a751b2749b319a7c6c42ffdd39684c\" tg-width=\"1006\" tg-height=\"361\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Although the fund size increased and three funds turned a profit, the performance of the funds managed by Zhang Kun in the second quarter was not ideal compared with their peers. Among them, E Fund Blue Chip Selection and E Fund Small and Medium Cap ranked 2,833rd and 3,187th respectively among similar funds (a total of 3,403 funds) in the second quarter, while E Fund Asia Selection Stocks fell to the second to last place among similar funds.</p><p>Faced with declining performance, Zhang Kun made a rare admission of error in his second-quarter report, saying that looking back on his past judgments, he found many errors. In addition, Zhang Kun emphasized that, based on current assessments, a decline in the expected rate of return in the next few years may be unavoidable.</p><p><b>Stock positions were all reduced, with holdings in Wuliangye and Moutai being reduced.</b></p><p>Let's first look at the changes in the holdings of the four funds in Q2 2021.</p><p>According to the report, the stock positions of Zhang Kun's four products all declined to varying degrees in the second quarter. Among them, E Fund Small and Mid-Cap Fund saw the largest reduction in holdings, with its stock position plummeting from 93.93% at the end of the first quarter to 70.36%. This is the lowest level for the fund since Zhang Kun became the fund manager on September 28, 2012, and it is also the second time that the stock position has dropped below 80%, following the third quarter of 2017.</p><p>Meanwhile, the other three funds all slightly reduced their stock positions: the stock position ratio of E Fund Blue Chip Selection decreased from 93.61% to 90.17%; E Fund's stock position in high-quality companies decreased from 94.57% to 89.24%; E Fund Asia Select's stock position decreased from 93.17% to 86.45%.</p><p>Specifically, in terms of portfolio adjustments, the four funds have different structural adjustments.</p><p><img src=\"https://static.tigerbbs.com/1683ff0f2a10d195121cffc0e4f458b6\" tg-width=\"512\" tg-height=\"294\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Top 10 E Fund Blue Chip Selected Holdings in Q2 2021</p><p>Compared to the first quarter, E Fund Blue Chip Selection reduced its allocation to sectors such as computers and increased its allocation to sectors such as electronics in the second quarter. Among the top ten holdings, as in Q1 2021, Blue Chip Selection still holds 4 liquor stocks, but its holdings have increased or decreased. Among them, the holdings of Wuliangye and Kweichow Moutai decreased from 10.05% and 9.86% in Q1 2021 to 9.88% and 9.75% respectively, while the holdings of Luzhou Old Cellar and Yanghe Brewery increased from 7.62% and 4.68% to 9.71% and 9.68% respectively.</p><p>Meanwhile, Zhang Kun also increased his holdings in the Hong Kong Stock Exchange, China Merchants Bank, and Tencent Holdings in the second quarter, while reducing his holdings in Meituan. By the end of the second quarter, the Hong Kong Stock Exchange had replaced Wuliangye as the largest holding of E Fund Blue Chip Selection. In addition, Ping An Bank, which accounted for 3.25% of its holdings in Q1, fell out of the top ten and was replaced by Aier Eye Hospital. It is worth mentioning that in Q4 2020, Aier Eye Hospital also appeared in the top ten holdings list of E Fund Blue Chip Selection.</p><p><img src=\"https://static.tigerbbs.com/cf129f55b2095a3ab6cabbe0638cf11a\" tg-width=\"512\" tg-height=\"277\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Top Ten E Fund Small and Mid-Cap Holdings in Q2 2021</p><p>In the second quarter of 2021, E Fund Small and Mid-Cap Fund reduced its allocation to sectors such as food and beverage while increasing its allocation to sectors such as computers. Specifically, looking at individual stocks, compared with the first quarter, E Fund's top ten holdings in small and mid-cap stocks remained unchanged, but it focused on increasing its holdings in Hundsun Technologies and Hualan Biologics, while reducing its holdings in Tongce Medical and Kweichow Moutai.</p><p>Among them, Wuliangye was significantly reduced by Zhang Kun, falling from the second largest holding in Q1 2021 to the seventh largest holding. Meinian Health's holdings also decreased. In addition, the stock price fell during the reporting period, and it has fallen from the original largest holding to the sixth largest holding.</p><p>Next, let's look at E Fund High-Quality Enterprise Three-Year Holding Period Hybrid Fund.</p><p><img src=\"https://static.tigerbbs.com/75b188fe04c08b16db4160afe2f8ebb0\" tg-width=\"512\" tg-height=\"278\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Top Ten E Fund High-Quality Enterprises Three-Year Holding Period Hybrid Holdings in Q1 2021</p><p>Similar to E Fund Blue Chip Selection, the fund reduced its allocation to sectors such as computers in the second quarter, and also increased its holdings in Luzhou Old Cellar and Yanghe Brewery, while reducing its holdings in Wuliangye. However, the difference is that the E Fund Premium Enterprise Three-Year Holding Period Hybrid Fund has increased its allocation to industries such as pharmaceuticals and banking in this period.</p><p>In addition, the fund increased its holdings in two Hong Kong stocks, the Hong Kong Stock Exchange and Tencent Holdings, in the second quarter, and reduced its holdings in Hikvision and Meituan. Currently, Luzhou Old Cellar has become the largest holding in E Fund's High-Quality Enterprises Three-Year Holding Period Hybrid Fund with a holding ratio of 9.76%. Meanwhile, Hualan Biological and Jinxin Fertility fell out of the top ten holdings, while Aier Eye Hospital and Ping An Bank became newly added to the top ten holdings.</p><p>Finally, let's talk about the relatively smaller E Fund Asia Select Fund.</p><p><img src=\"https://static.tigerbbs.com/c3ad95bd85c15dec4396047e297b788c\" tg-width=\"997\" tg-height=\"497\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Compared to Q1 of this year, Zhang Kun reduced his allocation to consumer and education sectors and increased his allocation to banking, real estate and other sectors in E Fund Asia Select Fund. TAL Education Group, New Oriental Education & Technology Group, and STAAR Surgical Co., which were heavily held in the first quarter, have dropped out of the top ten holdings, while Postal Savings Bank of China, China Overseas Land & Investment Limited, and Vipshop have newly entered the top ten holdings.</p><p>It is worth mentioning that in the second quarter that just passed, E Fund Asia Selected Stocks had a profit of -316 million yuan, which is still in a loss-making state, ranking second to last among similar funds.</p><p>In response, Zhang Kun specifically mentioned in his quarterly report that in the second quarter, the stock prices of education and training companies fell significantly due to policy expectations, which had a certain negative impact on the fund's net asset value. This also made him reflect on some assumptions in the long-term investment framework and hope to further improve them.</p><p><b>With performance at the bottom, Zhang Kun unusually admits his mistake.</b></p><p>In fact, apart from E Fund Asia Select, the performance of Zhang Kun's other three funds in the second quarter was also unsatisfactory, lagging far behind other similar fund products.</p><p>Data shows that in the past three months, the best-performing fund among similar funds was Qianhai Open Source New Economy Flexible Allocation Hybrid Fund, with a return of over 50%. Meanwhile, Zhang Kun's E Fund Premium Enterprise Three-Year Holding Period Hybrid Fund, E Fund Blue Chip Selection Fund, and E Fund Small and Medium Cap Fund had returns of 10.62%, 5.94%, and 2.51% respectively in the second quarter, ranking 2,103rd, 2,833rd, and 3,187th among similar funds (a total of 3,403).</p><p>In response, Zhang Kun made a rare \"admission of error\" in the second-quarter report, stating that looking back on his previous judgments, he \"found quite a few errors.\" Meanwhile, Zhang Kun also expressed his views on the future market in the quarterly report.</p><p>Zhang Kun stated that after the pandemic, with the easing of global liquidity, global stock markets have experienced significant gains. For some high-quality companies in industries recognized by the market as having long-term growth potential (technology, pharmaceuticals, consumer goods, and new energy), in addition to performance growth, their valuations have also increased significantly. Faced with increasingly high P/E levels, company valuation methods are increasingly using forward-looking (such as 2025 or even 2030) market capitalization discounted back to the current year. It seems that only in this way can investors obtain an acceptable level of return.</p><p>He mentioned that for some companies, assuming all assumptions are met, they may be able to earn a discount rate or a slightly higher yield than the discount rate over the next five years. However, if they make a mistake, they may face a stock price drop of 30% or even 50%. In an environment of ample liquidity and capital anxiety seeking high-return sectors,<b>In the coming years, many industries will likely face more intense competition than in the past five years.</b></p><p>Zhang Kun believes that<b>The difficulty of judging the competitive landscape of the industry over the next five years will likely only increase.</b>\"In summary, if correct, one might only achieve a mediocre rate of return, but if incorrect, one faces significant losses. With such a distribution of odds, this is clearly a difficult move for investors. In this situation, one should either conduct in-depth research in popular industries to try to obtain a higher degree of probability certainty, or in less crowded industries, sacrifice some probability, bear more uncertainty, and obtain better odds and returns.\"<b>Based on current assessments, a decline in expected returns over the next few years may be inevitable.</b>”</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ\">投中网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2092a73a2e90156199add4191d62cc13","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/RWe2BmpaFEW6ZVcIMvHsmQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166715880","content_text":"面对不断下滑的业绩，张坤也在二季报中罕见“认错”\n\n7月20日凌晨，易方达基金公司公布旗下多只基金产品二季报，其中，“公募一哥”张坤及其管理的4只公募基金再度成为关注的焦点。\n在过去的二季度，张坤管理的易方达蓝筹精选混合、易方达中小盘混合、易方达亚洲精选股票和易方达优质企业三年持有期混合4只基金的股票仓位均有不同程度的下降，其中易方达中小盘的股票仓位比例相比一季度下降23个百分点，骤降至张坤管理易方达中小盘以来季末股票仓位最低。此外，张坤在二季度也对结构进行了调整，降低了食品饮料等行业的配置，增加了计算机等行业的配置，并继续重仓招商银行、港交所两只金融类港股。\n数据显示，截至二季度末，张坤管理的4只基金的规模为1344.78亿元，较上一季度末的1331.09亿元略有增加。其中，蓝筹精选、中小盘混合以及优质企业三年持有期混合二季度扭亏为盈，本期利润分别为53.84亿元、8.05亿元、11.22亿元。\n\n虽然基金规模增加，3只基金扭亏为盈，但与同行对比，张坤管理的基金二季度表现并不理想。其中，易方达蓝筹精选、易方达中小盘二季度在同类型基金（共计3403只）中排名分别为2833名、3187名，而易方达亚洲精选股票更是跌落到同类型基金中的倒数第二位。\n面对不断下滑的业绩，张坤也在二季报中罕见“认错”，称回首自己以往的判断，发现有不少错误。此外，张坤还强调，从目前的判断来看，未来几年预期回报率下降可能是难以避免的。\n股票仓位齐下调，减持五粮液茅台\n首先来看一下4只基金在2021年Q2的持仓变化情况。\n根据报告显示，张坤旗下4只产品的股票仓位在二季度均有不同程度的下降。其中，易方达中小盘的减仓幅度最大，股票仓位从一季度末的93.93%骤降至70.36%。这是该基金自张坤2012年9月28日担任基金经理以来的最低水平，也是继2017年三季度后，股票仓位第二次降至八成以下。\n与此同时，另外3只基金的股票仓位均略有下调：易方达蓝筹精选的股票仓位比例从93.61%下降至90.17%；易方达优质企业的股票仓位从94.57%下降至89.24%；易方达亚洲精选的股票仓位从93.17%下降至86.45%。\n具体到调仓方向上，4只基金在结构调整上各有不同。\n\n2021年Q2易方达蓝筹精选持仓前十\n与一季度相比，易方达蓝筹精选在二季度降低了计算机等行业的配置，增加了电子等行业的配置。在前十大重仓股中，与2021年Q1一样，蓝筹精选依然持有4只白酒股，但持仓有增有减。其中，五粮液和贵州茅台从2021年Q1的10.05%和9.86%，降至9.88%和9.75%，而泸州老窖和洋河股份的持仓比例曾分别从7.62%、4.68%%增至9.71%和9.68%。\n同时，张坤还在二季度对香港交易所、招商银行以及腾讯控股进行了增持，并减持了美团。截至二季度末，香港交易所已取代五粮液成为易方达蓝筹精选的第一大重仓股。此外，Q1持仓占比为3.25%的平安银行跌出前十，被爱尔眼科取代。值得一提的是，在2020年Q4时，爱尔眼科也出现在了易方达蓝筹精选的前十大重仓股列表中。\n\n2021年Q2易方达中小盘持仓前十\n2021年第二季度，易方达中小盘则是在降低食品饮料等行业配置的同时，增加了计算机等行业的配置。具体来看个股，与一季度相比，易方达中小盘的十大重仓股保持不变，但重点增持了恒生电子、华兰生物，并减持了通策医疗和贵州茅台。\n其中，五粮液遭到张坤大幅减持，从2021年Q1的第二大重仓股掉落到第七大重仓股，美年健康的持仓也有所减少，加之报告期内股价下跌，已从原本的第一大重仓股掉落成第六大重仓股。\n再来看易方达优质企业三年持有期混合。\n\n2021年Q1易方达优质企业三年持有期混合持仓前十\n同易方达蓝筹精选类似的操作类似，该基金在二季度降低了计算机等行业的配置，并同样加仓了泸州老窖和洋河股份，减仓了五粮液。但不同的是，易方达优质企业三年持有期混合在本期增加了医药、银行等行业的配置。\n此外，该基金还在二季度增持了香港交易所、腾讯控股这两只港股标的，并减仓了海康威视和美团。目前，泸州老窖以9.76%的持仓占比成为易方达优质企业三年持有期混合的第一大重仓股。与此同时，华兰生物和锦欣生殖跌出前十大重仓股，爱尔眼科、平安银行成为新晋前十大重仓股。\n最后说一下规模相对较小的和易方达亚洲精选。\n\n与今年Q1相比，张坤在易方达亚洲精选基金上降低了消费、教育行业的配置，增加了银行、地产等行业的配置。此前一季度重仓的好未来、新东方、STAAR Surgical Co退出前十大重仓股，中国邮政储蓄银行、中国海外发展有限公司、唯品会成为新晋前十大重仓股。\n值得一提的是，在刚刚过去的二季度，易方达亚洲精选股票本期利润为-3.16亿元，仍处于亏损状态，收益率在同类型基金中排名倒数第二。\n对此，张坤在季报中特别提到，二季度，教培企业受政策预期影响股价跌幅较大，对基金净值产生了一定的负面影响，这也使他反思长期投资框架中的一些假设，希望能够将其进一步完善。\n业绩“垫底”，张坤罕见“认错”\n事实上，除易方达亚洲精选外，张坤持有的另外三只基金在二季度的业绩表现同样不尽人意，远落后于其他同类基金产品。\n数据显示，在过去的3个月中，同类基金中业绩表现最好的为前海开源新经济灵活配置混合，收益率超过50%，而张坤旗下的易方达优质企业三年持有期混合、易方达蓝筹精选、易方达中小盘二季度的收益率分别为10.62%、5.94%和2.51%，在同类型基金（共计3403只）中排名分别为2103名、2833名和3187名。\n对此，张坤在二季报中罕见“认错”，表示回首自己以往的判断，“发现有不少错误”。同时，张坤也在季报中表达了自己对未来市场的看法。\n张坤表示，疫情后，随着全球流动性的放松，全球股市都有了显著上涨。对于一些市场公认长期有成长空间行业（科技、医药、消费、新能源）中的优质公司，除了业绩增长的驱动，估值也得到了显著的提升。面对越来越高的市盈率水平，对企业的估值方法也越来越多采用远期（如2025年甚至2030年）市值贴现回当年，似乎只有这样，投资者才能获得一个可以接受的回报率水平。\n他提到，对于一些公司，在各种假设都兑现的情况下，可能未来5年能赚取贴现率或者比贴现率略高的收益率水平，但是一旦错误，可能就要面临30%甚至50%的股价下跌。在一个流动性宽裕、资本焦虑地寻找高回报率领域的环境下，未来几年，不少行业面临的竞争程度恐怕比过去5年更为激烈。\n张坤认为，对于未来5年行业竞争格局的判断难度恐怕只增不减。“综合来看，如果正确，可能只获得一个平庸的回报率，但一旦错误，却面临不小的损失。在这样的赔率分布下，对于投资来说显然是高难度动作。在这种情况下，要么在热门行业进行深入研究，试图获得更高的概率确信度，要么在不那么拥挤的行业，稍微牺牲一些概率，承担多一点不确定性，获得更佳的赔率回报。从目前的判断来看，未来几年预期回报率下降可能是难以避免的。”","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9070651954,"gmtCreate":1657064093078,"gmtModify":1676535940675,"author":{"id":"3568712936130316","authorId":"3568712936130316","name":"魔王大大","avatar":"https://static.tigerbbs.com/5b117b6c59b23211bc994189df572d82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3568712936130316","idStr":"3568712936130316"},"themes":[],"title":"","htmlText":"<a 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