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(Original title: Zhang Kun increased his holdings in consumer goods in the second quarter: newly entered Samsonite and increased his holdings in Prada)

July 18,E FundUnderZhang KunAll the second quarter reports of the managed funds in 2024 have been disclosed. From the perspective of holdings, the allocation of the consumer industry has changed.Adding to your positionSome consumer goods brand companies, including new heavy holdingsSamsonite, add positionsPrada; Tencent Holdings and China National Offshore Oil Corporation reduced their holdings significantly.

A reporter from the Daily Economic News noticed that in terms of performance, only E Fund Asia Select (QDII) recorded positive returns in the second quarter of this year, and all funds had net redemptions.

In the quarterly report, Zhang Kun pointed out that he does not agree with the pessimistic expectations reflected by current investors chasing government bonds and dividend assets, and remains optimistic about the investment value of companies with strong competitiveness.

Maintain a high equity holding ratio

"The stock positions were basically stable during the quarter, and the structure was adjusted, including the structures of industries such as consumption and medicine." On July 18, Zhang Kun mentioned the reasons for changes and unchanged positions in the second quarter reports of the four funds he managed.

Judging from his introduction, while maintaining the overall investment style, the allocation changes of some industries are worth paying attention to. Although he also mentioned the adjustment of the pharmaceutical industry, from the details of the top ten heavily held stocks currently announced, only the changes of some consumer stocks have entered the public's field of vision.

The most striking thing is the focus on consumer brands. The reporter of Daily Economic News noticed that Samsonite has newly entered the top ten holdings of E Fund Blue Chip Select, E Fund Asia Select and E Fund Quality Enterprises for three years. It belongs to the same clothing, apparel and consumer goods industry as Prada, which was previously heavily held.

Zhang Kun's increased holdings in Samsonite this time has the largest allocation in E Fund Blue Chip Select, with a holding of approximately 84.3 million shares, ranking ninth among the fund's largest holdings. The market value of its holdings is higher than that of Shanxi Fenjiu, which also increased its holdings by approximately 2% in the second quarter compared to the end of the first quarter.

The holdings of previously long-term liquor stocks such as Kweichow Moutai, Luzhou Laojiao and Wuliangye not only remained unchanged in this fund compared with the end of the first quarter, but also did not change much in the holdings of other funds.

Another consumer goods brand, Prada, also received additional holdings from Zhang Kun this quarter. E Fund Asia Select increased its holdings of Prada to 4.23 million shares, with a market value of 238 million yuan at the end of the quarter. Wind statistics show that the number of holdings increased by nearly 32.19% compared to the end of the first quarter.

Overall, the funds managed by Zhang Kun currently maintain a relatively high equity holding ratio, with no significant changes from the previous month. However, the bond investment positions in some products have increased, and the proportion of cash in assets has also decreased accordingly.

Performance of managed funds needs to be boosted

Although there was no significant change in Zhang Kun's heavily invested stocks during the quarter, his fund performance as a whole is still poor due to the lack of improvement in the consumer sector. Only E Fund Asia Select recorded positive returns during the quarter and outperformed the benchmark yield.

The net value growth rates of E Fund Blue Chip Select, E Fund High Quality Enterprise Three Years, and E Fund High Quality Select all recorded negative returns during the quarter, and all underperformed the benchmark yield. In addition, all four funds also experienced net redemptions in the second quarter.

However, as mentioned earlier, Zhang Kun still maintains his long-term focus on the consumer industry and holds individual stocks in key industries for a long time. At least judging from the holdings at the end of the quarter, there has been no style drift, nor has he followed the trend to "group together" dividend assets.

In this regard, Zhang Kun believes that investors in the market are still actively embracing long-term government bonds and bond-like stocks despite the central bank's continuous risk warnings, while they are constantly avoiding industries related to domestic demand. From both perspectives, the market's consensus expectations are already very pessimistic. Judging from the valuation of government bonds and domestic demand-related stocks, the market's pessimistic expectations may be based on concerns about stagnation, and Zhang Kun strongly disagrees with such pessimistic expectations. He is still optimistic about the investment value of companies with strong competitiveness.

Of course, as the fundamentals boost the recovery rate of individual stock valuations, the performance and scale of future funds are also expected to improve. As a former manager of hundreds of billions of funds, Zhang Kun's scale of management has been declining again and again. As of the end of the second quarter of 2024, the total scale of the four funds managed by Zhang Kun was approximately 61.681 billion yuan, which was another decrease from the end of the first quarter.