Star fund manager Zhang Kun , announced his third quarter report of fund .
Overall, Zhang Kun has a special liking for stock assets. Although he only increased his holdings in stock assets slightly in the third quarter, the positions of the four funds he currently manages, equity assets, , have exceeded 92%, continuing the "high position" model.
However, compared with the second quarter report, the top 10 heavily held stocks in Zhang Kun have almost no change, but the number of holdings in has been adjusted: has increased the allocation to the pharmaceutical industry and reduced the allocation to the consumer and financial industries.
Among them, E Fund blue chip selected fund increased its holdings in WuXi Biologics with a 100.74% increase in holdings of Tencent Holdings, which has recently fallen sharply, and slightly increased its holdings in Wuliangye . At the same time, it reduced its holdings in Luzhou Laojiao , Kweichow Moutai and Yanghe Shares by 8.94%, 6.62%, and 2.35%. In terms of management scale of
, Zhang Kun failed to break through the "100 billion" mark. The scale of funds under management in the third quarter fell, with the latest value of 83.046 billion yuan, a decrease of 14.091 billion yuan from the second quarter, with a shrinkage of 14.51%.
The market has fluctuated frequently in the past two years. For Zhang Kun, who has a heavy holding of stock assets, it is undoubtedly a deep injury - the three funds have all fallen by more than 35% in the past year.
But the investors who stayed still panic. So, Zhang Kun gave everyone a "psychological massage".
He quoted a passage from Graham , believing that the reason why most investors fail is that they care too much about the short-term operation of the stock market. "In a rational world, stock trading volume is not very high, but in the real world, stock investors often respond to short-term and irrelevant daily information. The market is here to serve investors, not to guide investors."
also did not forget to call on everyone to invest in stocks with a house-buying mentality. includes detailed fundamental analysis (large amount of research on real estate projects), heavy positions to buy (invest a lot of money), long-term holding (not trading due to short-term house price fluctuations), saying: This will be much better.
undoubtedly, what Zhang Kun wants to convey is that "the current market provides attractive bids to long-term investors." I hope everyone can be patient and wait for the flowers to bloom.
But is this true? Will it definitely make money if you put the fund for five or ten years?
The answer is no.
We screened and counted from tens of thousands of stock funds , and found that not all long-term funds will make profits. Some funds have negative returns in three years, while others have five years of losses or even ten years of losses.
Among the 17,000 stock funds, a total of 903 funds have negative returns in the past five years, accounting for 5%. As of October 2022, the ICBC Credit Suisse High-speed Railway Industry B Fund managed by ICBC Credit Suisse Fund Company was at the bottom with a return rate of -81.91%. In addition, there are 59 funds with negative returns in the past 10 years.
(the last five stock funds with negative returns in the past five years)
According to the logic of long-term investment. If has experienced ten years of precipitation in the previous real estate cycle, it will usually have relatively generous returns. But the stock market is different. Since 2012, it has been going through ten years of big openings, but the Shanghai Composite Index of is still floating around around 3,000 points.
(the last five stock funds with negative returns in the past 10 years)
From this point of view, although short-term trading of investors is one of the important reasons for investment losses, choosing long-term trading does not mean rest assured. When choosing fund products, you still need to keep your eyes open.
(Author丨Shijie Zhouzhou Editor丨Langming)
