Recently, the A-share market has been tepid. Judging from the index, the performance is still barely. After 218 fell sharply, most of the lost ground was recovered, and it felt like a slow bull.
However, behind the tepid index is the interweaving of mad bulls and big bears, and structural differentiation continues to take place in the A-share market.
After the Spring Festival this year, the market style has undergone a major shift. The most prominent food and beverage, pharmaceutical, new energy and other industries in 2020 will experience sharp declines. During this period, the concept of “carbon neutrality” has received market attention, and the performance of utilities, steel, coal and other industries prominent.
After April, the market began to oscillate and rebound. The popular track with a large decline in the previous period rebounded significantly. Medicine, liquor, new energy and other products performed the strongest. At the same time, the prices of non-ferrous metals, coal, steel and other products increased, and the individual stocks of the sector also had different degrees. rise.
Unpredictable markets have caused many obvious fund managers’ performance rankings to change. Among them, the performance of E Fund Asia Selected Stocks managed by Zhang Kun ranks second from the bottom among similar funds in the past three months. Investors can’t help but ask: Is this Is it the “myth” of star fund managers?
In fact, in addition to Zhang Kun, Dong Chengfei, Xie Zhiyu and other celebrity fund managers have many products under their brands, and their recent earnings have also been in the “bottom” state.
Zhang Kun encounters performance Waterloo: E Fund Asia Selected Stocks (QDII) ranked second to last in terms of earnings in the past three months
As the “first brother” in the public offering industry, Zhang Kun’s myth seems to no longer continue.
According to Wind statistics, the overall valuation of the liquor index is currently close to 60 times, at a historical high level. In the long run, with the growth of liquor stocks, the valuation of the liquor index may be able to digest, but in the short term, such an overestimation Value level, it is difficult to continue to rise.
Zhang Kun may also be aware of this. Since the fourth quarter of 2020, Zhang Kun has begun to adjust the allocation of his funds, reduce the position of liquor, and increase the allocation of banking, medicine, Internet and other industries. But from the current point of view, the appointment is not smooth.
However, due to the “betting” mistakes of some individual stocks, Zhang Kun’s fund products have retraced to varying degrees.
Among them, Zhang Kun’s trader E Fund Asia Selected Stocks (QDII) ranked second last in the past three months.
Judging from the allocation of the fund, the Internet, education, finance and other industries are the main directions of its allocation, but unfortunately, the fund has stepped on the big thunder of two education stocks-New Oriental and Good Future.
Among them, New Oriental has fallen by 56% this year, and the future has fallen by 67%. Zhang Kun’s trader E Fund Asia Selected Stocks (QDII) has undoubtedly been under tremendous pressure. In the past three months, E Fund Asia Selected Stocks (QDII) ranked second from the bottom among similar fund products; in the past six months, it ranked third from the bottom.
E Fund ranks bottom among small and medium-cap funds
In the third quarter of 2020, E Fund’s small and medium-sized caps became the top ten shareholders of Meinian Health in the third quarter of 2020. In the fourth quarter of 2020, they increased their positions by 69.8 million shares. In the first quarter of this year, their positions in Meinian Health remained unchanged.
However, Meinian Health has fallen successively since the end of February this year, and has retraced more than 50% since its high. The current stock price has reached a new low since March 2017, whether it is Zhang Kun’s newly bought position or the increase in position in the fourth quarter of last year. The part is currently covered in all quilts.
In addition, Zhang Kun’s new holdings in Hualan Biology in the first quarter of this year, Tiantan Biology and Zhongju Hi-tech, which added positions in the first quarter of this year, all withdrew to varying degrees.
Affected by this, the income rankings of E Fund’s small and medium caps managed by Zhang Kun in the past one week, the past one month, and the past six months are all at the “bottom” status, and the income ranking in the past one month is even worse.
In addition, the E Fund blue-chip selection mix managed by Zhang Kun is also not optimistic, and the revenue ranking in the past one week and the past one month is also at the “bottom” status.
As of the end of March, the top ten heavy stocks of the fund were Wuliangye, Hong Kong Stock Exchange (Hong Kong stocks), Kweichow Moutai, Meituan-w (Hong Kong stocks), Tencent Holdings (Hong Kong stocks), China Merchants Bank (A shares), China Merchants Bank (Hong Kong stocks) ), Luzhou Laojiao, Hikvision, Yanghe shares, Ping An Bank. Among them, heavy stocks in Hong Kong stocks such as Meituan, Hong Kong Stock Exchange, Tencent Holdings and other Hong Kong stocks all took action to increase positions, of which 7.51 million shares of Meituan were increased. Add up to 5.0633 million shares on the Hong Kong Stock Exchange and add 2.58 million shares to Tencent Holdings.
However, Meituan, Hong Kong Stock Exchange, and Tencent Holdings have all retraced to varying degrees since mid-to-late February this year.
Obvious fund managers such as Dong Chengfei and Xie Zhiyu ranked bottom
Zhang Kun, who “drinks”, failed to adjust the position, and obvious fund managers such as “not drinking” Dong Chengfei and Xie Zhiyu did not seem to be so lucky.
In the meeting minutes that flowed out in January this year, Dong Chengfei expressed his concerns about the overestimation of core assets, and was pessimistic about the market in 2021, and would rather make less profit than loss.
In the Fund’s quarterly report, Dong Chengfei also expressed his views on the market outlook, “Looking forward to this year, the domestic and foreign economies will gradually enter the recovery phase. It is difficult for us to judge when the epidemic will subside, but it is foreseeable that it will be more abundant as last year. The situation in which liquidity is used to support the economy will weaken at the margin. Therefore, it is necessary to be more cautious in the judgment of fundamentals and valuation.”
Out of his pessimistic view on the market outlook, Dong Chengfei’s fund positions under management declined in the first quarter of this year, but this did not keep his ranking stable. In the past three months and six months, the two funds managed by Dong Chengfei are basically in the bottom of the list.
Why is it suddenly bottomed out? This is related to the unsatisfactory performance of its heavy stocks.
From the perspective of the holdings of two fund products managed by Dong Chengfei, real estate stocks are the main direction of its allocation. Both funds hold real estate stocks such as Vanke A and Poly Real Estate, as well as building materials stocks such as BNBM.
However, under policy control, real estate sales have weakened, and real estate stocks have generally underperformed this year. Vanke A has fallen by more than 15% this year, and Poly Real Estate has fallen by more than 20%, which has a greater impact on the two fund products managed by Dong Chengfei.
In addition, Meinian Health and Ping An of China are also heavy stocks in Dong Chengfei’s two fund products, dragged down by them, Dong Chengfei’s fund performance has dropped significantly in the short term.
There are not many fund managers who do not drink in the public offering industry, and Xie Zhiyu is one of them.
Take Xingquan Herun Hybrid and Xingquan Heyi Hybrid, which are the largest under its management, as examples. The two fund products have also seen a sharp decline recently, and their performance rankings have also been at the “bottom” in the past month, with performance in the past three months. The ranking decline is also more obvious.
As a star fund manager of Xingquan Fund, Xie Zhiyu holds positions differently from Dong Chengfei. Xie Zhiyu prefers bank stocks, but some of his holdings have performed poorly this year, which directly drags down its performance.
Xie Zhiyu’s SANY Heavy Industry, Ping An of China, Haier Zhijia, etc. have fallen significantly recently. Among them, SANY Heavy Industry has fallen by more than 40% since its high at the beginning of the year, which has a self-evident impact on the ranking of Xie Zhiyu’s funds.
In the 2020 annual report of the fund, Xie Zhiyu also expressed his views on the future market: In 2021, with the implementation of overseas epidemic prevention measures and global vaccination, the new crown epidemic has a trend of alleviation, and economic activities will gradually return to normal. my country’s economy has entered an era of high-quality development. We have observed that the competitiveness of some outstanding companies has indeed improved significantly compared with previous years, and some technology and manufacturing companies with global competitiveness have emerged. In terms of monetary policy, my country has gradually normalized since the second half of 2020. Although Fed officials have still expressed their willingness to relax overseas, the increase in inflation expectations may lead to an increase in interest rates. From the perspective of the stock market, after the rise in 2019-2020, the valuations of some companies have reached historical highs. In this context, in 2021, we will continue to adhere to the operating philosophy of selecting individual stocks from the bottom up, continue to focus on outstanding companies with core competitiveness, strive to balance the company’s long-term development space and short-term valuation, and continue to look for good ones. Excellent company with cost-effective investment