智通财经网·2025-04-22 00:04Core Viewpoint - The report highlights the strong performance of funds managed by Zhang Kun of E Fund in Q1 2025, with significant net value increases and strategic adjustments in holdings, particularly the inclusion of SF Holding as a major position. Fund Performance - E Fund's Blue Chip Select Fund maintained its top ten holdings from Q4 2024, including Tencent Holdings, Alibaba-W, and Kweichow Moutai, with no changes in the top positions [1] - The E Fund Quality Select Fund recorded a net value growth rate of 8.40% in Q1 2025, with SF Holding entering the top ten holdings, replacing Focus Media [3] Holdings Adjustments - In Q1 2025, E Fund Blue Chip Select increased its positions in Shanxi Fenjiu and Luzhou Laojiao while reducing its stakes in Tencent Holdings, Alibaba-W, and Yanghe [2] - The E Fund Quality Select Fund also increased its holdings in Shanxi Fenjiu, Luzhou Laojiao, Trip.com, and Prada, while reducing its positions in Alibaba, Tencent, and Yanghe [3] Market Outlook - Zhang Kun expressed uncertainty about the economic outlook but noted that the impact of the real estate downturn is nearing its end, with policies supporting consumption [7] - The focus is shifting towards identifying companies with strong business models, competitive advantages, and shareholder-friendly capital allocation, which are expected to generate significant free cash flow in the long term [7][8]