Zhang Kun, established positions in Moore Threads and Mu Xi Shares

As the public fund annual reports for 2025 are fully disclosed, the top fund manager Zhang Kun’s four funds’ complete holdings are fully revealed.

Choice data statistics show that as of December 31, 2025, the four funds managed by Zhang Kun are E Fund Blue Chip Selection Hybrid, E Fund Quality Selection Hybrid (QDII), E Fund Quality Enterprise Three-Year Holding Hybrid, and E Fund Asia Select Stocks (QDII), with a total fund size of 48.38B yuan. Among them, multiple stocks such as Moore Threads and Mu Xi Shares appeared in the fund holdings list for the first time.

Maintaining high-position operation

In the fourth quarter of 2025, Zhang Kun continued to maintain a high-position operation and further increased the stock allocation of his fund products.

Choice data statistics show that as of December 31, 2025, the equity investment proportions of E Fund Blue Chip Selection Hybrid, E Fund Quality Selection Hybrid (QDII), E Fund Quality Enterprise Three-Year Holding Hybrid, and E Fund Asia Select Stocks (QDII) accounted for 93.64%, 93.63%, 93.81%, and 93.24% of the total assets of the funds, respectively, increasing by 1.46 percentage points, 0.93 percentage points, 3.26 percentage points, and 1.19 percentage points from the end of the third quarter last year.

In the fund holdings details, many new faces appeared, including hard-tech companies such as Moore Threads, Mu Xi Shares, and Xi’an Yicai. As of December 31, 2025, both E Fund Blue Chip Selection Hybrid and E Fund Quality Selection Hybrid (QDII) held 10.8k shares of Moore Threads, 4k shares of Mu Xi Shares, and 44.4k shares of Xi’an Yicai; there are also stocks like Beibet and Angrui Micro, which entered the fund holdings for the first time.

Meanwhile, high-quality internet and liquor stocks remain favorites of Zhang Kun. As of December 31, 2025, the top ten holdings in E Fund Blue Chip Selection Hybrid, E Fund Quality Selection Hybrid (QDII), and E Fund Quality Enterprise Three-Year Holding Hybrid still included Tencent Holdings, Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Alibaba-W, Luzhou Laojiao, and others.

Note: Part of the holdings in E Fund Blue Chip Selection Hybrid’s 2025 annual report

In addition, Zhang Kun has increased holdings in stocks such as Hong Kong Exchanges, Huitai Medical, and New Industry to varying degrees. As of December 31, 2025, E Fund Blue Chip Selection Hybrid held 3 million shares of Hong Kong Exchanges, 14.5 million shares of New Industry, and 2.9501 million shares of Huitai Medical, accounting for 3.56%, 2.63%, and 2.31% of the fund’s net value; E Fund Quality Selection Hybrid (QDII) held 220k shares of Hong Kong Exchanges, 4.5 million shares of New Industry, and 900k shares of Huitai Medical, accounting for 0.71%, 2.22%, and 1.92%; E Fund Quality Enterprise Three-Year Holding Hybrid held 200k shares of Hong Kong Exchanges, 300k shares of New Industry, and 70k shares of Huitai Medical, accounting for 2.85%, 0.65%, and 0.66% of the fund’s net value.

“Prices are very cheap now”

In the 2025 annual report, Zhang Kun stated that the ultimate goal of economic development is to meet the growing needs of the people for a better life. The microscopic desire of every ordinary family for a better life is an unstoppable force. When real estate prices stabilize and the social security system is further improved, this suppressed huge consumption potential will eventually be unleashed.

“Moreover, prices are very cheap now,” Zhang Kun said.

Regarding the fund portfolio, Zhang Kun said it can currently be summarized as “high certainty of basic returns + free bullish options.” On one hand, basic returns come from dividends and buybacks of undervalued assets, which can provide returns better than bonds. On the other hand, the “bullish options” are based on the stabilization and recovery of the domestic economy, with profit expectations and valuations of high-quality companies expected to see significant upward revisions. “Currently, the market generously gives us this option for free.”

Zhang Kun also mentioned that in investing, he prefers to pursue “vague correctness” rather than “precise errors.” Currently, “vague correctness” means that the long-term upward momentum of China’s economy still exists; buying into the best listed companies in China; and that high-quality listed companies are undervalued and actively returning value to shareholders through buybacks and dividends.

(Source: Shanghai Securities News)