张坤新金句！市场大跌都是在“打折促销” 隐形重仓股出炉

智通财经2023-03-30

智通财经APP获悉，3月30日，易方达基金披露旗下基金2022年年报，明星基金经理张坤2022年的成绩单也正式出炉。截至2022年末，张坤4只在管基金的总规模达到894.34亿元，其中，易方达蓝筹精选是规模最大的一只，基金资产净值为570.75亿元。根据年报显示，易方达蓝筹精选的股票仓位基本稳定，张坤对结构进行了调整。行业方面，增加了医药等行业的配置，降低了科技等行业的配置；个股方面，增加了业务...

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The market crash is all in the release of \"discount promotion\" invisible Awkwardness stocks","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600887":1,"002304":1,"00388":1,"000568":1},"content_text":"智通财经APP获悉，3月30日，易方达基金披露旗下基金2022年年报，明星基金经理张坤2022年的成绩单也正式出炉。截至2022年末，张坤4只在管基金的总规模达到894.34亿元，其中，易方达蓝筹精选是规模最大的一只，基金资产净值为570.75亿元。根据年报显示，易方达蓝筹精选的股票仓位基本稳定，张坤对结构进行了调整。行业方面，增加了医药等行业的配置，降低了科技等行业的配置；个股方面，增加了业务模式有特色、长期逻辑清晰、估值水平合理的个股的投资比例。此外，张坤在年报中讲到，每一次市场的大幅下跌，股票都是在“打折促销”。业绩表现方面， 截至2022年期末，易方达蓝筹精选份额净值为 2.1686 元，报告期份额净值增长率为-16.03%，同期业绩比较基准收益率为-13.11%。持仓方面，易方达蓝筹精选期末前十大重仓股依然没有任何改变，仍然是腾讯控股(00700)、五粮液(000858.SZ)、洋河股份(002304.SZ)、贵州茅台(600519.SH)、泸州老窖(000568.SZ)、香港交易所(00388)、招商银行(600036.SH)、伊利股份(600887.SH)、美团(03690)和药明生物(02269)。从持仓变动来看，美团、药明生物、贵州茅台等均被增持。而在前二十重仓股中，宁波银行、百胜中国和汇成股份是新面孔，前两者占净值比约0.51%和0.25%，相对有一定比重。张坤在年报中讲到，2022 年，股票市场经历了几次波动和下跌，每一次市场的大幅下跌，股票都是在“打折促销”。张坤表示，有些投资者缺少对所持有企业的了解和信心，投资期限也较短；另外一些投资者对企业有更深的了解并且有足够长的持有期，当前者把股票卖给后者时，也把财富积累的机会卖给了后者。仅仅因为担忧短期经济形势的变化或者规避股市的短期波动，从而放弃买入甚至卖出一家具有长期盈利能力的公司，并不可取，这实质上是用一项不确定的原因去否定了一件更确定的事情。张坤认为，单纯用所持有股票在某一年的市值变化来衡量投资结果并不合理，更加合理的评价投资的指标应该是：1、公司每股盈利及每股自由现金流的增长；2、公司的护城河是否维持或者加深了。而股票相对于债券的最主要吸引力在于两点：1、净资产回报率高于债券的票息收益率；2、留存收益可以以类似高的回报率投资并获取回报。张坤认为，评价投资的指标是用来确信股票依旧有吸引力的标准。只有在一个较长的周期里，留存收益才能体现出高回报率的投资成果，因此，不考虑间歇性的难以预测的泡沫化，投资者也需要一个较长的持有期才能获得扎实的市值增长。公开资料显示，易方达张坤是国内第一批管理规模超千亿的基金经理，基金从业12年，管理公募近8年，现任基金公司副总经理。其投资风格属于长期持有高ROE的股票，偏好消费，医疗保健等行业，最喜欢重仓白酒股，被誉为基金经理届的“巴菲特”。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2323768776"}