茅台“基金地位”下滑 张坤继续加仓

Core Insights - Guizhou Moutai's stock price has been weak due to the poor performance of the liquor sector, leading to a significant reduction in its position among mutual fund holdings [1] - The company dropped from being the third-largest holding in actively managed equity funds at the end of Q2 to the tenth position by the end of Q3, marking a rare decline of seven places in just one quarter [1] - Despite this decline, Guizhou Moutai remains the second-largest holding across all public funds, with passive products playing a crucial role, although overall holdings have also decreased [1] Market Performance - The China Securities Liquor Index rose by 7.75% in Q3, while Guizhou Moutai's stock price only increased by 2.45%, prompting some funds to shift towards other more flexible liquor stocks for potential excess returns [1] - As of the end of Q3, public funds held Guizhou Moutai shares valued at 123.649 billion yuan, a slight increase from 125.23 billion yuan in Q2, despite a decrease of 3.2161 million shares in holdings [1] Fund Manager Actions - There is a clear divergence in attitudes among public funds towards Guizhou Moutai, with some funds like招商基金, 汇添富基金, and 鹏华基金 increasing their holdings, while others such as 华夏基金, 易方达基金, and 嘉实基金 have reduced their positions [1] - Notable fund managers like 朱少醒, 萧楠, and 劳杰男 have also taken steps to reduce their holdings, contrasting with 张坤, who has slightly increased his investment in Guizhou Moutai through the 易方达蓝筹精选 fund, making it the third-largest holding [2]