Sou Hu Cai Jing·2025-10-28 10:01Core Insights - Zhang Kun's four funds reported a slight increase in total management scale, reaching 56.544 billion yuan, despite a decline in individual fund shares [2] - The total share reduction across the four funds amounted to 3.93 billion shares, with the largest decline seen in the E Fund Blue Chip Select, which lost 2.077 billion shares [2] - Three out of the four funds underperformed their benchmarks, with E Fund Blue Chip Select yielding only 14.75% year-to-date compared to the benchmark's 34.33% [2] Fund Performance - E Fund Blue Chip Select ranked 3800 out of 4503 similar funds, indicating significant underperformance [2] - E Fund Asia Select was the only fund to outperform its peers, achieving a year-to-date return of 39.29% [2] Holdings Adjustment - Significant reductions were made in holdings of Tencent Holdings and Alibaba-W, with reductions exceeding 30% for Alibaba-W [3][4] - Despite the reductions, Tencent Holdings and Alibaba-W remained the top two holdings, each accounting for nearly 10% of the total net value [5] Top Holdings Overview - The top ten holdings primarily saw a trend of reduction, with only minor increases in positions for E Fund Blue Chip Select and E Fund Quality Select in Kweichow Moutai [4] - Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye each held around 9% of the net value [5] Performance of Key Stocks - Tencent Holdings and Alibaba-W showed respective gains of 18.09% and 43.95% over the quarter, despite the reduction in holdings [6] - Other notable stocks included JD Health and Kweichow Moutai, with JD Health showing a 29.26% increase [6]