减持腾讯阿里，加仓茅台……张坤最新“思路”曝光

Core Viewpoint - Zhang Kun's management of multiple funds has shown a strategic adjustment in holdings, particularly in the pharmaceutical, consumer, and technology sectors, with a notable shift towards Guizhou Moutai and a reduction in positions in Tencent and Alibaba [1][2][5]. Fund Performance and Adjustments - The total scale of funds managed by Zhang Kun reached approximately 56.5 billion yuan, a slight increase from 55 billion yuan at the end of the second quarter, primarily due to net asset value growth [1]. - The largest fund, E Fund Blue Chip Select, saw significant changes with SF Express exiting the top ten holdings and Focus Media entering [2]. - E Fund Quality Select Mixed Fund also reduced its holdings in Tencent and Alibaba while increasing its stake in Guizhou Moutai [2][5]. - E Fund Quality Enterprise Three-Year Holding Fund experienced a notable decrease in the number of shares held for most stocks, including Tencent and Alibaba, with only Yum China showing a significant increase in holdings [5]. New Entrants and Exits in Holdings - In E Fund Asia Select, notable changes included the exit of ASML and SK Hynix from the top ten holdings, with Google and Prada entering the list [7]. - The top ten holdings of E Fund Blue Chip Select and E Fund Quality Select Mixed Fund both reflected a trend of reducing positions in major tech stocks while increasing exposure to consumer goods [2][5]. Investment Philosophy - Zhang Kun emphasized the unpredictability of market styles but reiterated a commitment to a consistent investment approach, focusing on companies with strong business models and competitive advantages [1][8]. - The long-term outlook suggests that China's consumption growth will outpace GDP growth, driven by a large unified market and improving consumer spending ratios [8]. - The current low valuation levels provide a significant margin of safety for investments, with expectations that accumulated free cash flow will reflect in the intrinsic value growth of companies [8].