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With the disclosure of the second quarter reports of funds, the ideas of star fund managers in adjusting their portfolios have also surfaced. Among them, many of them reduced their holdings of Kweichow Moutai (600519.SH) in the second quarter when the stock price was relatively low, which attracted market attention.

Among them, Jiao Wei and Li Xiaoxing of Yinhua Fund have managed a core fund portfolio with a more obvious change in holdings, with Kweichow Moutai withdrawing from the top ten holdings. Jiao Wei said in the fund's second quarter report that he reduced his holdings in liquor and switched to dividend and overseas industries, but he did not agree with the statement that "high-end liquor will enter the historical garbage time of investment."

As some star products adjusted their holdings of individual stocks, Kweichow Moutai also gave up the throne of "the number one holding stock of equity-oriented funds" and was replaced by CATL (300750.SZ).

Jiao Wei, Li Xiaoxing and Zhu Shaoxing reduce their holdings in Kweichow Moutai

The market's stereotype of Jiao Wei's investment in "consumer liquor" seems to be changing.

Jiao Wei said that the main operations of his fund Yinhua Wealth Theme Mixed in the second quarter and the first half of the year focused on reducing holdings of high-end consumption and shifting to dividend and overseas industries.

As of the end of the second quarter, the fund's stock position was 83.78%, and the top ten holdings were China National Offshore Oil Corporation, Midea Group, China Mobile, Haier Smart Home, China Shenhua, China National Nuclear Corporation, State Investment Power, Shanxi Fenjiu, China Yangtze Power and Hisense Home Appliances.

Among them, Haier Smart Home and China Yangtze Power were new holdings in the second quarter, while Tsingtao Brewery and Kweichow Moutai withdrew from the top ten holdings.

"The great rivers and lakes nurtured by China's unique three-level landforms can produce fine wines with Chinese cultural characteristics, and can also be converted into electricity driven by turbines." Jiao Wei said in the second quarter report that dividend model companies are mainly concentrated in energy and public utilities, with the characteristics of low ROE but low PB and PE. He believes that dividend investment is not simply about the high or low dividend rate, but about the stability of the business model and the mature stage of capital consumption.

On the other hand, Jiao Wei also believes that China is at the threshold of a new round of economic transformation. The consumer upgrading industry represented by high-end liquor faces external and internal challenges in its business model. In the past, the higher the gross profit margin and pricing power, the more vulnerable it is to the impact and questioning under the new round of economic model. In this context, the adjustment of valuation may precede the profit itself. However, he disagrees with the statement that "high-end liquor will enter the historical garbage time of investment", and believes that consumer moat companies represented by high-end liquor still have huge advantages in cash flow and user stickiness to refute this argument.

Another star fund manager who reduced his holdings in Kweichow Moutai is Li Xiaoxing.

As of the end of the second quarter, Li Xiaoxing's management scale was close to 25 billion yuan, of which Yinhua Xinjia's two-year holding scale was about 5.349 billion yuan. As of the end of the second quarter, the fund's performance was still not ideal, with losses of 5.88%, 11.44%, 23.54% and 48.44% in the past three months, six months, one year and three years respectively.

In the second quarter of this year, the fund's major holdings underwent major changes. The four new stocks were Aerospace Electric, Shanxi Fenjiu, Jinsha Office, and Aero Engine, while Kweichow Moutai, Tianqi Lithium, ZTO Express, and Tianqi Lithium withdrew from the top ten major holdings. The remaining six major holdings were AVIC Xi'an Aircraft, North China Huachuang, Wuliangye, Huichuan Technology, AVIC Shenyang Aircraft, and Eastmoney.

Compared with the other two star fund managers, Zhu Shaoxing of China Asset Management has reduced his holdings in Moutai for two consecutive quarters, with a total reduction of 480,000 shares in the first half of the year. His latest holdings are 1.0301 million shares, but Kweichow Moutai is still his largest holding.

Zhu Shaoxing said in the second quarter report: "If we look at the longer term, we still believe that positive factors will eventually play a role. The overall valuation of the A-share market is currently in an extremely attractive position in the long term, and equity assets are currently in a very good risk-return range."

Kweichow Moutai shares rebound after sharp fall

Affected by the reduction of holdings by several star fund managers, Kweichow Moutai, which had been the number one holding stock of equity-oriented public funds for several quarters, gave way to CATL.

Data from Tianxiang Investment Consulting shows that as of the end of the second quarter of this year, the top ten heavily-weighted stocks among the 5,165 equity-oriented funds included in the statistics were: CATL, Kweichow Moutai, Tencent Holdings, Luxshare Precision Industry, Zijin Mining, Midea Group, InnoLight, Wuliangye, China National Offshore Oil Corporation, and Mindray Medical.

Although CATL's share price fell by 3.01% in the second quarter, and public funds as a whole also slightly reduced their holdings in CATL in the second quarter, it did not affect CATL's position as the number one holding stock of equity funds. Data shows that as of the end of the second quarter, equity public funds held 275 million shares of CATL, with a market value of 49.535 billion yuan, ranking first among funds.

Previously, due to the overall weak demand in the off-season, coupled with factors such as e-commerce subsidies and concentrated shipments by scalpers, the bulk price of Feitian Moutai once fell below 2,100 yuan, and the share price of Kweichow Moutai once hit a new low of 1,410.10 yuan this year.

Publicly offered funds also reduced their holdings of Kweichow Moutai as the stock price fell. As of the end of the second quarter, the number of shares held by equity-oriented publicly offered funds in Kweichow Moutai fell to 30.1524 million shares, a decrease of 22.03% month-on-month, and the market value of holdings fell to 44.245 billion yuan. Kweichow Moutai has become the second largest holding of equity-oriented funds.

The "alcohol content" of the top ten holdings of equity-oriented mutual funds is also declining. Luzhou Laojiao and Shanxi Fenjiu, which were ranked fourth and ninth respectively at the end of the first quarter of this year, both fell out of the top ten holdings at the end of the second quarter.

The reporter of China Business News found that the share price of Kweichow Moutai once retreated by nearly 15% this year, but has rebounded since July 9. Dongwu Securities believes that the wholesale price of Feitian Moutai has continued to fall rapidly since May, which has aroused concentrated attention and great concerns. The market lacks confidence in whether the company can take effective measures to stabilize prices, and lacks confidence in the stability of medium- and long-term demand.

Soochow Securities believes that the company's management has recently strengthened market research and communication and guidance with dealers, which resulted in the wholesale price stabilizing and rebounding (the current wholesale price of loose bottles has rebounded by about 250 yuan from the low in June). On the other hand, it has strengthened interaction with investors, listened to investors' voices and suggestions, and responded positively to market concerns, reflecting the responsibility of a leading company.

Editor on duty: Xiaoyang