E Fund Zhang Kun's quarterly report is released! Substantially reduces holdings in CNOOC (00883) and increases holdings in Alibaba (09988).

On January 21, Zhang Kun, a fund manager at E Fund, released the quarterly report for 2024 for his funds. Overall, Alibaba (09988) was the only stock that saw an increase in holdings in E Fund Blue Chip Selection and E Fund High-Quality Enterprise in the fourth quarter of the three-year holding period. However, CNOOC (00883) saw significant reductions in holdings across four funds managed by Zhang Kun. Additionally, stocks in the media sector received more attention, with Focus Media Information Technology (002027.SZ) being a new addition to the top ten holdings compared to the previous quarter. On the other hand, stocks in the liquor industry saw reductions in holdings, with Wuliangye Yibin (000858.SZ) and Shanxi Xinghuacun Fen Wine Factory (600809.SH) being among those reduced. Currently, Zhang Kun manages four public funds, namely E Fund Blue Chip Selection, E Fund High-Quality Selection, E Fund High-Quality Enterprise of the three-year holding period, and E Fund Asia Selection. In terms of portfolio adjustments, the largest fund, E Fund Blue Chip Selection, did not make any changes to its top holdings in the fourth quarter of 2024. The top ten holdings at the end of the period were TENCENT (00700), Alibaba, Wuliangye Yibin, Kweichow Moutai, Jiangsu Yanghe Distillery, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine Factory, CNOOC, Meituan (03690), and YUM CHINA (09987). Zhang Kun significantly reduced holdings in CNOOC and made minor reductions in holdings of TENCENT and Wuliangye Yibin. For E Fund High-Quality Selection, the top ten holdings at the end of the period were TENCENT, Wuliangye Yibin, Kweichow Moutai, Alibaba, Jiangsu Yanghe Distillery, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine Factory, PRADA (01913), Ctrip (09961), and Focus Media Information Technology. Ctrip entered the top ten holdings for the first time and was ranked ninth. Zhang Kun significantly increased holdings in Focus Media Information Technology. PRADA saw minor increases in holdings. CNOOC and others exited the top ten holdings for the period, while TENCENT and Alibaba saw reductions in holdings. In the fourth quarter of 2024, E Fund High-Quality Enterprise of the three-year holding period also significantly reduced holdings in CNOOC. YUM CHINA entered the top ten holdings of the fund for the first time. Additionally, the fund made minor reductions in holdings of TENCENT and Wuliangye Yibin. Shanxi Xinghuacun Fen Wine Factory exited the top ten holdings. Regarding E Fund Asia Selection, Asme returned to the top ten holdings of the fund. Zhang Kun reduced holdings in Futu Holdings, TSMC, TENCENT, CNOOC, and Alibaba. Consumer stock SAMSONITE (01910) exited the top ten holdings. In the quarterly report, Zhang Kun stated that he could find more assets that satisfy both high quality and high dividend yield attributes. He believes that these companies have shown the ability to increase shareholder returns, providing a solid foundation for long-term investors. He also pointed out that many quality companies have cyclical and technological growth opportunities that are not fully reflected in the current valuation. Zhang Kun noted that while investors may perceive risks in many quality companies, the actual risks may be different. He believes that the offers made by the market for many quality companies are attractive. (Note: This translation is a rough summary of the article provided. Some information may be simplified or condensed for clarity.)