易方达张坤最新调仓曝光：减持腾讯阿里，加仓茅台

Core Viewpoint - Zhang Kun's funds have adjusted their holdings in the pharmaceutical, consumer, and technology sectors, with notable reductions in Tencent Holdings and Alibaba, while increasing positions in Kweichow Moutai [1][2][3] Fund Performance and Adjustments - The total scale of Zhang Kun's managed funds is approximately 56.5 billion yuan, showing a slight increase from 55 billion yuan at the end of the second quarter, primarily due to net asset value growth [2] - The largest fund, E Fund Blue Chip Select, saw significant changes with SF Express exiting the top ten holdings and Focus Media entering, alongside reductions in Tencent, Alibaba, and Luzhou Laojiao, while increasing holdings in Kweichow Moutai and Yum China [3][4] - E Fund Quality Select Mixed also reduced its positions in Tencent and Alibaba, with new entries in JD Health and Focus Media [4][6] Investment Philosophy - Zhang Kun emphasizes the unpredictability of market styles but insists on maintaining a consistent investment approach, focusing on companies with strong business models, competitive advantages, and sustainable growth potential [10] - The investment strategy includes a significant proportion of domestic demand-related companies, with a belief that China's GDP growth will exceed global averages in the long term, supported by the potential for increased consumer spending [10] - The current low valuation levels in the market provide a substantial margin of safety for investments, with expectations that accumulated free cash flow will reflect in the intrinsic value growth of companies [10]