Sou Hu Cai Jing·2025-07-21 03:57Core Viewpoint - Zhang Kun, managing funds at E Fund, has made significant adjustments in the second quarter, notably increasing positions in liquor stocks while reducing holdings in Tencent Holdings. He emphasizes that the timing of market changes is less important than understanding what will happen in the future [1][11]. Fund Adjustments - The top ten holdings of E Fund have seen notable changes, with new additions including JD Health and SF Holding, while Meituan-W and Yanghe Brewery have exited the top ten [2][3]. - The fund has primarily reduced its stake in Tencent Holdings, while increasing positions in several liquor stocks, including Wuliangye and Moutai [3][5]. Holdings Data - As of the end of Q2, the fund's total holdings in Tencent Holdings decreased by 9.33%, while holdings in Wuliangye increased by 9.81%, and in Luzhou Laojiao by 27.93% [4]. - The fund's total assets under management decreased to below 20 billion shares, with a scale of approximately 349 billion yuan [1]. Market Outlook - Zhang Kun believes that the current valuations of the companies in the portfolio reflect expectations of future profit declines. He asserts that low valuations combined with substantial shareholder returns are attractive for long-term investors [11][12]. - He expresses confidence in the potential for economic growth, suggesting that the pessimistic outlook on domestic demand and the economy is unwarranted. He anticipates that market forces and technological advancements will contribute to sustained economic growth [11][12].