In the second half of 2024 years, Zhang Kun regained JD.com and built a number of "potential stocks".

3月31日零點剛過，“頂流”基金經理、易方達張坤披露了在管基金2024年度報告，其隱形重倉股也隨之曝光。

Specifically, several funds under Zhang Kun have established positions in SF Holdings, JD Health, Suzhou Tianmai, Trina Magnetics, and Shangda Shares for the first time. Among them, JD.com was sold by E Fund Premium Select in the first half of 2024, and then bought back in the second half of 0.

On the other hand, Mindray Medical, Hong Kong Stock Exchange, and CNOOC were significantly reduced by Zhang Kun.

"In the ultimate sense, the buyer of the enterprise is itself, and when the valuation is cheap, the listed company should have the ability to buy all of its outstanding shares." Zhang Kun said in the 2024 annual report that in the past few years, many high-quality listed companies in China have improved qualitatively in terms of shareholder returns, and the market is likely to underestimate the long-term effect on investor returns.

He believes that the gap in corporate governance will be increasingly reflected in valuation differences.

A number of "potential stocks" have emerged

目前，張坤在管4只公募基金，分別是易方達藍籌精選、易方達優質精選、易方達優質企業三年持有、易方達亞洲精選。其中規模最大的產品是易方達藍籌精選，同時也是張坤的代表作基金。截至2024年四季度末，該只基金資產凈值再“跌下一台階”，為374.98億元，較2024年三季度末時的438.35億元縮水63.37億元。

Specifically, in the second half of 16 years, E Fund Blue Chip Select Fund only held 0 stocks, which was 0 fewer stocks than in the first half of 0.

據此前披露的2024年四季報，在前十大重倉股中，該基金減持了中國海洋石油（0883.HK）、美團（3690.HK）騰訊控股（0700.HK）、五糧液（000858）；阿裡巴巴（9988.HK）獲張坤增持。

The hidden heavy stocks have emerged a number of "potential stocks" that Zhang Kun pays attention to, and the 301522th to 0th heavy stocks are Samsonite (0. HK), Focus Media (0), Giant Biotech (0. HK), Mindray Medical (0), Hong Kong Exchanges and Clearing and Clearing Limited (0. HK), S.F. Holdings(0), China International Trade (0), Suzhou Tianmai (0), Trina Magnetics (0), Shangda (0).

Among them, SF Holdings, Suzhou Tianmai, Trina Magnetics, and Shangda are all stocks purchased for the first time since the establishment of E Fund Blue Chip Select Fund; In addition, Focus Media, Samsonite, and Giant Biotech were added.

On the other hand, China International Trade, Hong Kong Stock Exchange, and Mindray Medical were significantly reduced by Zhang Kun.

易方達藍籌精選2024年下半年前二十大重倉股

In the second half of 44 years, Zhang Kun's other masterpiece, E Fund Quality Select Fund, held a total of 0 individual stocks, and the number of shares held fell to the lowest since its establishment.

與易方達藍籌精選較為一致，張坤同樣在易方達優質精選中新入了順豐控股；此外，京東（9618.HK）在2024年上半年被該基金賣出之後，又於2024年下半年重新買回，持股數量為350萬股。

Mindray Medical, Hong Kong Stock Exchange, and CNOOC were also reduced.

E Fund Premium Select 2024 Hidden Heavy Stocks in the Second Half of the Year

Not only E Fund Premium Select, but in the second half of 39 years, the number of shares held by E Fund Premium Enterprise managed by Zhang Kun for three years also dropped to the lowest since its establishment, holding only 0 stocks.

Specifically, for the first time, the fund opened a position in JD Health (3015631. HK), Suzhou Tianmai (0), Tianhe Magnetics, Shangda Co., Ltd., Longtu Mask (0), Yilian Technology (0); Shanxi Fenjiu received a slight increase in positions.

易方達優質企業三年持有2024下半年前二十大重倉股

E Fund Asia Select is the smallest fund managed by Zhang Kun, and it is also a QDII fund, which holds a total of 19 stocks in the second half of 0 years.

From the perspective of E Fund Asia's selected stealth heavy stocks, the fund continued to increase its holdings in Applied Materials (AMAT.O) in the second half of 9961 years, and reduced its holdings in Ctrip (0.HK), Giant Biotech, and Samsonite.

Semiconductor manufacturing service provider ASE Investment Holding Co., Ltd. and consumer Internet company SEA were liquidated and sold by Zhang Kun.

E Fund Asia Select 2024 Hidden Heavy Stocks in the Second Half of the Year

There are many possibilities in the "very good" or "very bad" narrative mode

In the 2024 annual report, Zhang Kun first mentioned the market cycle and summarized the real estate sales in the past few years.

張坤分析道，過去幾年，新建商品房銷售額從2021年的18.19萬億元下降到2024年的9.68萬億元，降幅為46.8%，部分影響了經濟增長並帶來了一定程度的去槓桿效應。市場線性外推困難持續，體現在：30年國債收益率從2024年初的2.8%附近下行至年底的1.9%附近，股票市場青睞類似債券的資產，陸股通資金出現了開通以來第一次年度凈流出。這與2021年時市場對經濟的極其樂觀預期形成了鮮明對比。

"In our view, Mr. Market was quite irrational both times. The human brain's natural penchant for dichotomy makes it easier for market participants to accept polarized narrative patterns that oscillate between 'very good' or 'very bad'. In fact, Zhang Kun said, these two extremes rarely happen, and there are many possibilities between "very good" and "very bad".

Even the best businesses and entrepreneurs will encounter difficulties and problems. Zhang Kun said, for example, even TSMC founder Zhang Zhongmou, in his recently published autobiography also wrote about his tortuous experience, after 37 to 0 years old in Texas Instruments smooth career development, in the 0 to 0 years old in Texas Instruments and general equipment has encountered a lot of difficulties, but 0 years old he became the president of Taiwan Industrial Technology Research Institute and founded TSMC in 0 years, TSMC's development has also experienced many ups and downs, 0 years of background Semiconductor Manufacturing has become the world's top ten enterprises in terms of market capitalization.

In the ultimate sense, the buyer of the business is itself

Corporate governance is the second key word in Zhang Kun's 2024 annual report.

In the field of science and technology, Zhang Kun pointed out that especially in terms of artificial intelligence, he is very pleased to see that the large models recently launched by domestic artificial intelligence startups and leading Internet companies have been well received, and they have caught up with the world's leading enterprises. Interestingly, these companies were not the most promising companies in the market at the beginning of the AI wave, and we can't predict that they will have the last laugh.

"That's the charm of a market economy." Zhang Kun said that as Mr. Wu Jinglian wrote in "China's Economic Reform Process", "the most important factor to promote China's economic rise is that the expansion of the market has given space for individuals and enterprises to give full play to their free choice, and this expansion of free choice based on the market has created convenient conditions for the effective combination of labor, capital and technology, thus greatly unleashing China's economic growth potential." ”

Zhang Kun believes that the diligence and wisdom of China's outstanding talents are undoubted, and under the role of the market economy, Chinese technology companies will eventually occupy a very important position in the development of global artificial intelligence.

"All economies and firms will eventually face a slowdown in growth, but efficiency growth is of higher quality and more sustainable than capital-intensive growth." Zhang Kun said that for companies, the competitive landscape is usually more stable, and the free cash flow/net profit ratio is also expected to improve.

"In the ultimate sense, the buyer of the company is itself, and when the valuation is cheap, the listed company should have the ability to buy all of its outstanding shares. Of course, this is too high a return for long-term investors, and due to competition among investors, the stock price will eventually rise, resulting in lower returns. Zhang Kun said.

Zhang Kun concluded that in the past few years, many of China's high-quality listed companies have seen qualitative improvements in shareholder returns, and the market is likely to underestimate the long-term effect on investor returns. And, he argues, the gap in corporate governance will be increasingly reflected in valuation differences.

Free cash flow is the only reliable source of returns for investors

Finally, Zhang Kun also focused on confidence in the annual report.

"Mr. Market never feels left out because the offer is not accepted, on the contrary, he is enthusiastic about making new offers every day." Zhang Kun believes that rational investors should not be affected by quotations, regardless of whether the company is a listed company or a non-listed company, the criteria for choosing companies and looking at prices should be uniform, and free cash flow is the only reliable source of returns for investors.

Zhang Kun believes that whether it is the confidence of enterprises, the confidence of ordinary people, or the confidence of other countries around the world in Chinese listed companies, the recovery of these confidence is likely to be resonant. Sooner or later, the solid fundamentals and attractive valuations of China's outstanding listed companies will be noticed.