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vanhan
2021-01-28

The first 100 billion fund manager has a heavy position in Hong Kong stocks, see which tickets he bought

张坤管理的部分基金产品中，前十大重仓股有多达五只港股。

The first 100 billion fund manager has a heavy position in Hong Kong stocks, see which tickets he bought

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":311230279,"tweetId":"311230279","gmtCreate":1611797316491,"gmtModify":1704863637916,"author":{"id":3567765491811758,"idStr":"3567765491811758","authorId":3567765491811758,"authorIdStr":"3567765491811758","name":"vanhan","avatar":"https://static.tigerbbs.com/84ecd75caad1237e6b3e86c83ef1720f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":13,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>OK</body></html>","htmlText":"<html><head></head><body>OK</body></html>","text":"OK","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/311230279","repostId":1179944377,"repostType":4,"repost":{"id":"1179944377","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1611286464,"share":"https://ttm.financial/m/news/1179944377?lang=en_US&edition=fundamental","pubTime":"2021-01-22 11:34","market":"hk","language":"zh","title":"The first 100 billion fund manager has a heavy position in Hong Kong stocks, see which tickets he bought","url":"https://stock-news.laohu8.com/highlight/detail?id=1179944377","media":"券商中国","summary":"张坤管理的部分基金产品中，前十大重仓股有多达五只港股。","content":"According to the newly disclosed quarterly report of the fund in 2020, Zhang Kun, the star fund manager who serves as the deputy general manager of E Fund Company, has managed 125.5 billion yuan of funds, becoming the first active equity fund manager with a management scale of over 100 billion yuan.Brokerage China reporters noticed that, except for two funds that do not contain Hong Kong stock positions, the fund products managed by Zhang Kun may be transferring funds from A-shares to the Hong Kong stock market. As of the end of last year, the market value of Hong Kong stocks held by Zhang Kun was about 32 billion yuan, among some of the fund products it manages, there are as many as five Hong Kong stocks in the top ten heavyweight stocks. In addition, the quarterly position data also shows that Zhang Kun continues to adhere to his style-the strategy of concentrated investment in a large proportion of a few stocks, which enabled Zhang Kun to achieve an astonishing return of 7 times during his eight years in office.Zhang Kun emphasized that factors such as macro-economy, market trend, market style and industry rotation are obviously important, but they are not within his circle of competence. He also hopes to find a few excellent companies that can be understood through in-depth research, and judge with a high probability that the free cash flow generated by the company will significantly exceed the current level in 5-10 years.Is the first brother of Public Offering of Fund going south to Hong Kong?The latest fund's 2020 quarterly report shows that the funds managed by star fund manager Zhang Kun have reached 125.5 billion yuan, becoming the first active equity fund manager with a management scale of over 100 billion yuan. Considering the Public Offering of Fund industry, more and more people regard the scale of active equity funds as the real core. Therefore, the management scale of 125.5 billion and the income of 7 times in 8 years also make Zhang Kun a well-deserved brother of Public Offering of Fund.<img src=\"https://static.tigerbbs.com/545a7054e1df840b79b61174c2b62f37\" tg-width=\"984\" tg-height=\"450\">Up to now, Zhang Kun manages a total of five funds in E Fund Company, including E Fund Small and Medium Cap Fund, E Fund Blue Chip Select Fund, E Fund Asia Select Fund, E Fund<a href=\"https://laohu8.com/S/BMT.SI\">New Silk Road</a>Fund, E Fund high-quality enterprises hold funds for three years. He served as the fund manager of E Fund Blue Chip Selection for 2 years, and the rate of return during his tenure was 2 times in 2 years; He served as the small and medium-sized fund manager of E Fund for 8 years, and the rate of return during his tenure was 7 times for 8 years.E Fund's top ten holdings of small and medium-cap funds:<img src=\"https://static.tigerbbs.com/758581891bbec9fa86096a059259a441\" tg-width=\"912\" tg-height=\"438\">Top ten holdings of E Fund Blue Chip Select Fund:<img src=\"https://static.tigerbbs.com/f38e3d12f85f27c29c841e12ac3fff8c\" tg-width=\"876\" tg-height=\"418\">Top ten holdings of E Fund Asia Select Fund:<img src=\"https://static.tigerbbs.com/95019cf6000188beb90b354418fa1df1\" tg-width=\"581\" tg-height=\"370\">Top ten holdings of E Fund New Silk Road Fund:<img src=\"https://static.tigerbbs.com/65ef3a61d60b362e5b7590972f911556\" tg-width=\"581\" tg-height=\"276\">E Fund's top ten holdings of the fund held by high-quality enterprises for three years:<img src=\"https://static.tigerbbs.com/f89e645c39ff7cd97be6875ac27cc5a0\" tg-width=\"915\" tg-height=\"436\">In terms of heavy holdings, as of the end of 2020,<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>It is still Zhang Kun's core stock. Except for E Fund Asia Select QDII Fund, the other four funds managed by Zhang Kun all list Kweichow Moutai as the largest holding stock, holding a total of about 6 million shares of Kweichow Moutai. As of 2021 At the close of trading on January 21, 2021, the total market value was as high as 12 billion.Although Zhang Kun holds a large number of leading companies in A-shares, with the rapid rise of A-share stock prices and the substantial increase in valuation, some of Zhang Kun's fund products have room for switching back and forth between A-shares and Hong Kong stocks. Chinese reporters from brokerages noticed that the fund products managed by Zhang Kun are gradually moving southward to the Hong Kong stock market within the operating scope stipulated in the fund contract. Among some fund products managed by him, as many as five of the top ten heavyweight stocks are Hong Kong stocks.Excluding E Fund's small and medium-cap funds and E Fund's New Silk Road funds that do not include Hong Kong stocks in their investment scope, the remaining three funds managed by Zhang Kun have a total scale of nearly 80 billion, and 40% of the assets held are Hong Kong stocks.According to the information disclosed by E Fund High-quality Enterprise Fund, the market value of Hong Kong stocks invested by Zhang Kun through the Hong Kong Stock Connect trading mechanism is 4.73 billion yuan, accounting for 43.92% of the net value of the fund. Information disclosed by E Fund Blue Chip Select Fund shows that as of the end of last year, the market value of Hong Kong stocks invested by Zhang Kun through the Hong Kong Stock Connect trading mechanism was approximately 26.8 billion yuan, accounting for 39.54% of the net value. In addition, Zhang Kun also holds 470 million stock market value of Hong Kong stock companies through QDII funds.Specifically, Zhang Kun invested a considerable proportion of his position in the Hong Kong stock market, but mainly for high-quality leading companies in the Hong Kong stock market, including the Hong Kong Stock Exchange,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>, Meituan,<a href=\"https://laohu8.com/S/01951\">Jinxin Fertility</a>、<a href=\"https://laohu8.com/S/01579\">Yihai International</a>Etc. At the same time, Zhang Kun still chose the concentrated investment strategy that he is best at, which is particularly obvious in E Fund's three-year fund for high-quality enterprises. Zhang Kun allocated up to 86% of his positions only through the top ten awkward stocks, showing Zhang Kun's understanding of the differentiation of the stock market and the migration of investment opportunities to a small number of companies.Macroeconomics, market trends? Don't quite understandZhang Kun pointed out in the quarterly report that in the fourth quarter of last year, although there were occasional cases of novel coronavirus pneumonia in various parts of the country, production and life basically returned to normal. Globally, there are still some countries where the epidemic situation has intensified, which has had an impact on the global economy and a negative impact on business operations. Governments of various countries responded positively and maintained a relatively loose monetary policy and a proactive fiscal policy. The stock market differentiated significantly in the fourth quarter. Among CITIC's primary industries, non-ferrous metals, power equipment and new energy, food and beverage, automobiles and other industries performed well, while comprehensive finance, media, commerce and retail, communications and other industries performed relatively backward.In terms of operation, the stock position of E Fund Blue Chip Select Fund managed by Zhang Kun basically remained stable in the fourth quarter, and the structure was adjusted. He reduced the allocation of pharmaceutical and other industries and increased the allocation of Internet and other industries.\"In terms of individual stocks, we still hold high-quality companies with excellent business models, clear industry structures and strong competitiveness for a long time.\" Zhang Kun emphasized in the quarterly report that looking back on the stock market in 2020, it has experienced ups and downs of optimism (expected strong economy in January), pessimism (expected loose liquidity in early February), optimism (expected loose liquidity and economic recovery after April).Looking back on the past, the market was very logical at every point in time, but looking at the future at that time, it felt extremely vague. Looking back on the past is not to be able to better judge future market trends or styles, but to remind yourself once again that you do not have this ability.\"Factors such as macroeconomics, market trends, market style, and industry rotation are obviously important, but frankly speaking, this is not within my circle of competence.\" Zhang Kun believes that investment is to find a few important factors among numerous factors. Factors that you can grasp, and use the law of large numbers to continuously accumulate returns.Zhang Kun emphasized that he hopes to find a few outstanding enterprises that can be understood through in-depth research. If these enterprises have good business models, significant competitiveness and bargaining power, broad industry space and shareholder-friendly capital redistribution ability, they can judge with a high probability that the free cash flow generated by the company will significantly exceed the current level in 5-10 years, and as shareholders, they can naturally share the benefits of the company's growth.However, the distribution of income is not even, and the short-term mood of \"Mr. Market\" is also unstable. He will be neglected at one stage and enthusiastic about a certain company at another stage. However, in the long run, \"Mr. Market\" can basically and accurately reflect the value of an enterprise.He believes that no matter how the macro environment changes, high-quality enterprises usually have good coping capabilities.Taking this epidemic as an example, many high-quality companies have responded properly and hedged the negative impact of the epidemic on the industry by increasing their market share. Finally, I am optimistic about the long-term prospects of China's capital market. I believe that a number of high-quality companies will continue to grow, stabilize and live a long life.","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>The first 100 billion fund manager has a heavy position in Hong Kong stocks, see which tickets he bought</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\">\nThe first 100 billion fund manager has a heavy position in Hong Kong stocks, see which tickets he bought\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n券商中国 \n2021-01-22 11:34\n</div>\n</a>\n</h4>\n</header>\n<article>\nAccording to the newly disclosed quarterly report of the fund in 2020, Zhang Kun, the star fund manager who serves as the deputy general manager of E Fund Company, has managed 125.5 billion yuan of funds, becoming the first active equity fund manager with a management scale of over 100 billion yuan.Brokerage China reporters noticed that, except for two funds that do not contain Hong Kong stock positions, the fund products managed by Zhang Kun may be transferring funds from A-shares to the Hong Kong stock market. As of the end of last year, the market value of Hong Kong stocks held by Zhang Kun was about 32 billion yuan, among some of the fund products it manages, there are as many as five Hong Kong stocks in the top ten heavyweight stocks. In addition, the quarterly position data also shows that Zhang Kun continues to adhere to his style-the strategy of concentrated investment in a large proportion of a few stocks, which enabled Zhang Kun to achieve an astonishing return of 7 times during his eight years in office.Zhang Kun emphasized that factors such as macro-economy, market trend, market style and industry rotation are obviously important, but they are not within his circle of competence. He also hopes to find a few excellent companies that can be understood through in-depth research, and judge with a high probability that the free cash flow generated by the company will significantly exceed the current level in 5-10 years.Is the first brother of Public Offering of Fund going south to Hong Kong?The latest fund's 2020 quarterly report shows that the funds managed by star fund manager Zhang Kun have reached 125.5 billion yuan, becoming the first active equity fund manager with a management scale of over 100 billion yuan. Considering the Public Offering of Fund industry, more and more people regard the scale of active equity funds as the real core. Therefore, the management scale of 125.5 billion and the income of 7 times in 8 years also make Zhang Kun a well-deserved brother of Public Offering of Fund.<img src=\"https://static.tigerbbs.com/545a7054e1df840b79b61174c2b62f37\" tg-width=\"984\" tg-height=\"450\">Up to now, Zhang Kun manages a total of five funds in E Fund Company, including E Fund Small and Medium Cap Fund, E Fund Blue Chip Select Fund, E Fund Asia Select Fund, E Fund<a href=\"https://laohu8.com/S/BMT.SI\">New Silk Road</a>Fund, E Fund high-quality enterprises hold funds for three years. He served as the fund manager of E Fund Blue Chip Selection for 2 years, and the rate of return during his tenure was 2 times in 2 years; He served as the small and medium-sized fund manager of E Fund for 8 years, and the rate of return during his tenure was 7 times for 8 years.E Fund's top ten holdings of small and medium-cap funds:<img src=\"https://static.tigerbbs.com/758581891bbec9fa86096a059259a441\" tg-width=\"912\" tg-height=\"438\">Top ten holdings of E Fund Blue Chip Select Fund:<img src=\"https://static.tigerbbs.com/f38e3d12f85f27c29c841e12ac3fff8c\" tg-width=\"876\" tg-height=\"418\">Top ten holdings of E Fund Asia Select Fund:<img src=\"https://static.tigerbbs.com/95019cf6000188beb90b354418fa1df1\" tg-width=\"581\" tg-height=\"370\">Top ten holdings of E Fund New Silk Road Fund:<img src=\"https://static.tigerbbs.com/65ef3a61d60b362e5b7590972f911556\" tg-width=\"581\" tg-height=\"276\">E Fund's top ten holdings of the fund held by high-quality enterprises for three years:<img src=\"https://static.tigerbbs.com/f89e645c39ff7cd97be6875ac27cc5a0\" tg-width=\"915\" tg-height=\"436\">In terms of heavy holdings, as of the end of 2020,<a href=\"https://laohu8.com/S/600519\">Kweichow Moutai</a>It is still Zhang Kun's core stock. Except for E Fund Asia Select QDII Fund, the other four funds managed by Zhang Kun all list Kweichow Moutai as the largest holding stock, holding a total of about 6 million shares of Kweichow Moutai. As of 2021 At the close of trading on January 21, 2021, the total market value was as high as 12 billion.Although Zhang Kun holds a large number of leading companies in A-shares, with the rapid rise of A-share stock prices and the substantial increase in valuation, some of Zhang Kun's fund products have room for switching back and forth between A-shares and Hong Kong stocks. Chinese reporters from brokerages noticed that the fund products managed by Zhang Kun are gradually moving southward to the Hong Kong stock market within the operating scope stipulated in the fund contract. Among some fund products managed by him, as many as five of the top ten heavyweight stocks are Hong Kong stocks.Excluding E Fund's small and medium-cap funds and E Fund's New Silk Road funds that do not include Hong Kong stocks in their investment scope, the remaining three funds managed by Zhang Kun have a total scale of nearly 80 billion, and 40% of the assets held are Hong Kong stocks.According to the information disclosed by E Fund High-quality Enterprise Fund, the market value of Hong Kong stocks invested by Zhang Kun through the Hong Kong Stock Connect trading mechanism is 4.73 billion yuan, accounting for 43.92% of the net value of the fund. Information disclosed by E Fund Blue Chip Select Fund shows that as of the end of last year, the market value of Hong Kong stocks invested by Zhang Kun through the Hong Kong Stock Connect trading mechanism was approximately 26.8 billion yuan, accounting for 39.54% of the net value. In addition, Zhang Kun also holds 470 million stock market value of Hong Kong stock companies through QDII funds.Specifically, Zhang Kun invested a considerable proportion of his position in the Hong Kong stock market, but mainly for high-quality leading companies in the Hong Kong stock market, including the Hong Kong Stock Exchange,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>, Meituan,<a href=\"https://laohu8.com/S/01951\">Jinxin Fertility</a>、<a href=\"https://laohu8.com/S/01579\">Yihai International</a>Etc. At the same time, Zhang Kun still chose the concentrated investment strategy that he is best at, which is particularly obvious in E Fund's three-year fund for high-quality enterprises. Zhang Kun allocated up to 86% of his positions only through the top ten awkward stocks, showing Zhang Kun's understanding of the differentiation of the stock market and the migration of investment opportunities to a small number of companies.Macroeconomics, market trends? Don't quite understandZhang Kun pointed out in the quarterly report that in the fourth quarter of last year, although there were occasional cases of novel coronavirus pneumonia in various parts of the country, production and life basically returned to normal. Globally, there are still some countries where the epidemic situation has intensified, which has had an impact on the global economy and a negative impact on business operations. Governments of various countries responded positively and maintained a relatively loose monetary policy and a proactive fiscal policy. The stock market differentiated significantly in the fourth quarter. Among CITIC's primary industries, non-ferrous metals, power equipment and new energy, food and beverage, automobiles and other industries performed well, while comprehensive finance, media, commerce and retail, communications and other industries performed relatively backward.In terms of operation, the stock position of E Fund Blue Chip Select Fund managed by Zhang Kun basically remained stable in the fourth quarter, and the structure was adjusted. He reduced the allocation of pharmaceutical and other industries and increased the allocation of Internet and other industries.\"In terms of individual stocks, we still hold high-quality companies with excellent business models, clear industry structures and strong competitiveness for a long time.\" Zhang Kun emphasized in the quarterly report that looking back on the stock market in 2020, it has experienced ups and downs of optimism (expected strong economy in January), pessimism (expected loose liquidity in early February), optimism (expected loose liquidity and economic recovery after April).Looking back on the past, the market was very logical at every point in time, but looking at the future at that time, it felt extremely vague. Looking back on the past is not to be able to better judge future market trends or styles, but to remind yourself once again that you do not have this ability.\"Factors such as macroeconomics, market trends, market style, and industry rotation are obviously important, but frankly speaking, this is not within my circle of competence.\" Zhang Kun believes that investment is to find a few important factors among numerous factors. Factors that you can grasp, and use the law of large numbers to continuously accumulate returns.Zhang Kun emphasized that he hopes to find a few outstanding enterprises that can be understood through in-depth research. If these enterprises have good business models, significant competitiveness and bargaining power, broad industry space and shareholder-friendly capital redistribution ability, they can judge with a high probability that the free cash flow generated by the company will significantly exceed the current level in 5-10 years, and as shareholders, they can naturally share the benefits of the company's growth.However, the distribution of income is not even, and the short-term mood of \"Mr. Market\" is also unstable. He will be neglected at one stage and enthusiastic about a certain company at another stage. However, in the long run, \"Mr. Market\" can basically and accurately reflect the value of an enterprise.He believes that no matter how the macro environment changes, high-quality enterprises usually have good coping capabilities.Taking this epidemic as an example, many high-quality companies have responded properly and hedged the negative impact of the epidemic on the industry by increasing their market share. Finally, I am optimistic about the long-term prospects of China's capital market. I believe that a number of high-quality companies will continue to grow, stabilize and live a long life.\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03615361d5170a8b80f9b5087dde22f8","relate_stocks":{"00700":"腾讯控股","01579":"颐海国际","03690":"美团-W","01951":"锦欣生殖"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179944377","content_text":"最新披露的基金2020年四季报显示，担任易方达基金公司副总经理的明星基金经理张坤，其管理的资金已高达1255亿元，成为首位管理规模破千亿的主动权益类基金经理。\n券商中国记者注意到，除了两只未含港股仓位的基金，张坤管理的基金产品，或正将资金从A股转向港股市场，截至去年末，张坤持有的港股股票市值约为320亿元，在其管理的部分基金产品中，前十大重仓股有多达五只港股。此外，季报持仓数据也显示，张坤继续坚持他的风格——对少数个股进行大比例集中投资的策略，该策略使张坤取得任职期间8年7倍的惊人收益。\n张坤强调，诸如宏观经济、市场走势、市场风格、行业轮动，这些因素显然是重要的，但并不在他的能力圈内。他更希望通过深入的研究，寻找少数能理解的优秀企业，大概率判断5-10年后公司产生的自由现金流将显著超越目前的水平。\n公募基金一哥正在南下香港？\n最新披露的基金2020年四季报显示，明星基金经理张坤管理的资金已高达1255亿元，成为首位管理规模破千亿的主动权益类基金经理。考虑到公募基金行业，越来越多的将主动权益类基金的规模视为真正的核心，因此，1255亿的管理规模及8年7倍的收益也令张坤成为当之无愧的公募基金一哥。\n\n截至目前，张坤在易方达基金公司总共管理五只基金，包括易方达中小盘基金、易方达蓝筹精选基金、易方达亚洲精选基金、易方达新丝路基金、易方达优质企业三年持有基金。其担任易方达蓝筹精选的基金经理为2年，任职期间的收益率为2年2倍；担任易方达中小盘的基金经理长达8年，任职期间的收益率为8年7倍。\n易方达中小盘基金十大重仓股：\n\n易方达蓝筹精选基金十大重仓股：\n\n易方达亚洲精选基金十大重仓股：\n\n易方达新丝路基金十大重仓股：\n\n易方达优质企业三年持有基金十大重仓股：\n\n在重仓股方面，截至2020年末，贵州茅台依旧是张坤的核心股票，除了易方达亚洲精选QDII基金外，张坤管理的其他四只基金，均将贵州茅台列为第一大重仓股，合计持有贵州茅台约600万股，截至2021年1月21日收盘，总市值高达120亿。\n虽然张坤在A股持有大量的龙头公司，但随着A股股价快速上涨，估值大幅提升，张坤的一些基金产品有着在A股和港股来回切换调整的空间。券商中国记者注意到，张坤管理的基金产品，正在基金合同规定的操作范围内，逐步南移香港股票市场，在其管理的部分基金产品中，前十大重仓股有多达五只是港股。\n扣除易方达中小盘、易方达新丝路两只未将港股纳入投资范围的基金，张坤所管理的余下三只基金，合计规模接近800亿，持有资产的40%为港股股票。根据易方达优质企业基金披露的信息显示，张坤通过港股通交易机制投资的港股市值为47.3亿元，占该基金净值比例43.92%。易方达蓝筹精选基金披露的信息显示，截至去年末，张坤通过港股通交易机制投资的港股市值约为268亿元,占净值比例39.54%。此外，张坤还通过QDII基金持有4.7亿的港股公司股票市值。\n具体而言，张坤将相当比例的仓位投向港股市场，但主要针对港股的优质龙头公司，包括港交所、腾讯控股、美团、锦欣生殖、颐海国际等。同时，张坤依然选择了他最擅长的集中投资策略，这在易方达优质企业三年基金中格外明显，张坤仅通过前十大重仓股就配置了高达86%的仓位，显示出张坤对股票市场分化、投资机会向少部分公司迁移的认知。\n宏观经济、市场走势？不太懂\n张坤在季报中指出，去年四季度，国内各地虽有偶发新型冠状病毒肺炎案例，但生产和生活基本恢复正常。全球来看，仍有一些国家疫情流行加剧，对全球经济造成了冲击，也对企业的经营造成了负面影响。各国政府积极应对，保持了较宽松的货币政策和积极的财政政策。股票市场在四季度分化较为明显，中信一级行业中有色金属、电力设备及新能源、食品饮料、汽车等行业表现较好，而综合金融、传媒、商贸零售、通信等行业表现相对落后。\n操作方面，张坤管理的易方达蓝筹精选基金在四季度股票仓位基本保持稳定，并对结构进行了调整，他降低了医药等行业的配置，增加了互联网等行业的配置。\n“个股方面，我们依然长期持有商业模式出色、行业格局清晰、竞争力强的优质公司。”张坤在季报中强调，回首2020年的股票市场，经历了乐观（1月预期经济强劲）、悲观（2月初国内突发疫情）、乐观（3月初预期流动性宽松）、悲观（3月底海外疫情爆发）、乐观（4月后预期流动性宽松和经济恢复）跌宕起伏的变化。回顾过去，在每个时间点市场演绎得都很有逻辑，然而站在当时看未来，却感觉无比模糊。回顾过去，并不是为了能够更好地判断未来的市场走势或者风格，而是再次提醒自己并不具备这个能力。\n“诸如宏观经济、市场走势、市场风格、行业轮动，这些因素显然是重要的，但坦率地说，这并不在我的能力圈内。”张坤认为，投资是在纷繁的因素中找到少数重要且自己能把握的因素，利用大数定律，不断积累收益。\n张坤强调，他更希望通过深入的研究，寻找少数能理解的优秀企业，如果这些企业具有好的商业模式、显著的竞争力和议价能力、广阔的行业空间以及对股东友好的资本再分配能力，使其能够大概率判断5-10年后公司产生的自由现金流将显著超越目前的水平，作为股东自然能分享到公司成长的收益。\n然而，收益的分布不是均匀的，“市场先生”的短期情绪也不稳定，对某个公司会在一个阶段冷落，一个阶段又富有热情，然而长期来看，“市场先生”能基本准确的反映一个企业的价值。\n他认为，不论宏观环境如何变化，优质企业通常具备良好的应对能力。以本次疫情为例，不少优质企业都应对得当，通过提升市占率对冲疫情对行业的负面冲击。最后，对于中国资本市场的长期前景是乐观的，相信会有一批优质的企业不断长大、稳住并且长寿。","news_type":1,"symbols_score_info":{"01579":0.9,"00700":0.9,"01951":0.9,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":2202,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}