21世纪经济报道·2025-07-23 03:45Core Viewpoint - After four consecutive years of decline in the liquor sector, top fund manager Zhang Kun has significantly increased his holdings in high-end liquor stocks, believing that pessimistic expectations will eventually be broken [2][11]. Fund Performance - In Q2, all four funds managed by Zhang Kun underperformed their respective benchmarks, with total assets under management dropping to 55.047 billion yuan, a decrease of 9.50% from the previous quarter [4][6]. - The specific returns for the funds in Q2 were -7.15%, -7.07%, -5.64%, and 8.79%, while their benchmarks grew by 1.92%, 1.55%, 1.92%, and 10.13% respectively [4]. Fund Holdings and Adjustments - Zhang Kun's funds increased their positions in several high-end liquor stocks, including Wuliangye, Luzhou Laojiao, Kweichow Moutai, and Shanxi Fenjiu, while Yanghe exited the top ten holdings [2][7]. - The largest fund, E Fund Blue Chip Select, had a total size of 34.943 billion yuan at the end of Q2, with a significant increase in concentration among its top ten holdings from 74.51% to 83.84% [7][9]. Market Outlook - Zhang Kun does not agree with the pessimistic outlook on domestic demand and the economy, asserting that China will continue to progress towards its goal of reaching a GDP per capita level of a moderately developed country by 2035 [11][12]. - He emphasizes that the valuation of the companies in his portfolio already reflects expectations of future profit declines, making them attractive for long-term investors due to low valuations and substantial shareholder returns [12].