张坤旗下基金披露三季报继续聚焦内需消费与科技

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智通财经APP获悉，10月28日，易方达基金张坤管理的基金披露了三季报。从持仓来看，除了产品规模的变化，三季度张坤调整了医药、消费和科技等行业的持仓结构，更加聚焦于内需消费与科技板块，增持了分众传媒(002027.SZ)、百胜中国(09987)以及谷歌公司(GOOGL.US)，部分基金进一步加仓了贵州茅台(600519.SH)、五粮液(000858.SZ)。先来看张坤管理时长最长的易方达优质精选...

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technology","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":0.82,"86618":0.6,"89988":0.6,"600519":1,"03189":0.82,"ALBmain":0.82,"HBBD.SI":0.6,"01913":1,"000568":1,"06618":1,"000858":1,"09961":1,"09987":1,"002027":1},"content_text":"智通财经APP获悉，10月28日，易方达基金张坤管理的基金披露了三季报。从持仓来看，除了产品规模的变化，三季度张坤调整了医药、消费和科技等行业的持仓结构，更加聚焦于内需消费与科技板块，增持了分众传媒(002027.SZ)、百胜中国(09987)以及谷歌公司(GOOGL.US)，部分基金进一步加仓了贵州茅台(600519.SH)、五粮液(000858.SZ)。先来看张坤管理时长最长的易方达优质精选混合(QDII)，截至报告期末，该基金份额净值为5.7973元，本报告期份额净值增长率为17.58%，同期业绩比较基准收益率为13.57%。持仓方面，普拉达(01913)等退出前十大重仓股，新进前十大的是京东健康(06618)和分众传媒(002027.SZ)。另外，基金三季度加仓了贵州茅台和五粮液，减持了阿里巴巴-W(09988)、泸州老窖(000568.SZ)等股。再看规模最大的易方达蓝筹精选，截至报告期，该基金份额净值为2.0449元，本报告期份额净值增长率为16.37%，同期业绩比较基准收益率为13.25%。持仓方面，易方达蓝筹精选三季度减持了腾讯控股、阿里巴巴-W、泸州老窖等个股，加仓了贵州茅台、百胜中国等，其中分众传媒为新进前十大重仓股。接着看易方达优质企业三年持有，截至报告期末，该基金份额净值为1.0393元，本报告期份额净值增长率为 15.81%，同期业绩比较基准收益率为13.25%。持仓方面，易方达优质企业三年持有的包括阿里巴巴在内的大部分个股，均出现了比较明显的持仓数量下降，其中仅百胜中国持仓量有明显增加。前三大重仓股分别为腾讯控股、阿里巴巴以及贵州茅台。最后看看张坤管理的QDII产品易方达亚洲精选，截至报告期末，该基金份额净值为1.368元，本报告期份额净值增长率为17.63%，同期业绩比较基准收益率为9.58%。从三季度调仓情况来看，易方达亚洲精选的前十大重仓股中阿斯麦(ASML.US)、SK海力士退出了前十大，谷歌公司、普拉达新进前十大。该基金在三季度减持了携程集团-S(09961)、台积电(TSM.US)等股。张坤在三季报中表示会坚持自己的投资风格，通过自下而上的深度研究，寻找商业模式优秀、有显著的竞争力和议价能力、行业有持续成长空间以及明智地再分配资本的少数公司。通过长期持有，作为股东分享这些公司自由现金流和内在价值的成长。长期来看，“市场先生”会较为准确地“称重”一个企业的价值。但短期来看，“市场先生”的情绪时常不稳定，时而过于兴奋，时而过于沮丧，有时放大短期的因素，而忽略了长期重要的结构性因素。张坤指出，组合中有相当比例是内需相关的公司，他们认为现阶段“市场先生”挑战的核心点在于“行业有持续成长空间”。考虑最近两年多GDP平减指数持续为负，今年过半月份的CPI为负，房地产销售额相比四年前几乎减半，“市场先生”反应并线性外推了短期的困难。然而，投资者没有理由忽视长期的结构性因素。根据世界银行的统计，虽然我国GDP总量位于全球第二，但2024年我国仍是人均GDP约1.3万美元的发展中国家，人均GDP仍略低于全球平均水平，考虑十九届五中全会提出了“2035年人均GDP达到中等发达水平”的目标，相信中国的GDP增速会超过全球平均。同时，中国居民消费占GDP的比例已经在全球主要国家中接近最低水平，他们认为这个比例提升的概率要远远高于继续下降。长期来看，张坤认为最可能的情形是“中国消费增速＞中国GDP增速＞全球GDP增速”。而且，相比于有差异的若干小市场经营，14亿人的统一巨大市场带来的产品、研发和销售的规模效应无法忽视，企业可以将优势更充分地放大。他们认为“市场先生”的悲观只是放大了短期的困难，并没有长期存在的基础。张坤指出，在基础概率上，中国的内需消费市场长期仍是投资的沃土，而当前较低的估值水平提供了充足的安全边际。如果企业依然满足投资标准，他们会充分理解“市场先生”的情绪波动和收益分布的不均匀性。相信企业经营不断累积的自由现金流将反映到内在价值的积累中，而不断增长的内在价值终将投射到市值的增长中。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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张坤旗下基金披露三季报 继续聚焦内需消费与科技

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张坤旗下基金披露三季报继续聚焦内需消费与科技