Zhang Kun “Treading Thunder” Education Unit

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.

Zhang Kun "Treading Thunder" Education Unit

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-S (09901) and a good future education.

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 (600161.SH) 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.