Two options for top flow.

The “A-share fund” of Guizhou has always been the “king of public offering”. At the end of the fourth quarter of 2021, Guizhou Maotai regained its position as the largest heavyweight stock of public funds. In 2022, the share price of Moutai in Guizhou continued to decline, from 2050 yuan / share at the end of 2021 to 1719 yuan / share at the end of the first quarter of 2022, a decrease of 16.15%, and the market value evaporated by more than 400 billion yuan. Maotai fell sharply, and star fund managers made different choices. In the first quarter of this year, Zhang Kun, Liu Yanchun, Jiao Wei, Hu Xinwei and other top flow fund managers reduced their holdings in Guizhou Maotai to varying degrees, but Maotai is still a heavy stock of these fund managers. Jiao Wei said in the first quarterly report that he would no longer stick to the creed of resolutely not selling good companies. There are also star fund managers who buy more and more when they fall. Hou Hao, Zhang Yuxiang and other fund managers increased their positions in Maotai in the first quarter. Hou Hao said that high-end and sub high-end Baijiu investment cost performance, and has configuration value. “Top stream” have reduced their holdings of Maotai public funds and have always favored Maotai. According to the data, by the end of the fourth quarter of 2021, a total of 1378 funds held heavy positions in Moutai, Guizhou, with a total holding market value of 121.955 billion yuan, exceeding the 119.962 billion yuan of Ningde era, and becoming the “favorite of public offering”. In the first quarter of 2022, under the sharp fluctuation of the equity market, Maotai’s share price continued to fall, of which it fell by more than 5% on March 28, and the risk remained at the level of 1600 yuan / share, and the market value evaporated by more than 500 billion yuan. Several top flow fund managers also “couldn’t carry it” and reduced their holdings of Maotai in the first quarter of this year. Among them, Zhang Kun, the “first brother of public offering” and the deputy general manager of e fund. Zhang Kun is the first 100 billion class initiative equity fund manager in China. The fund managed by him is heavily called Guizhou’s Moutai and Wuliangye baijiu. It has been dubbed “the world’s third largest wine shop”. He is also known as the “Dionysus” fund manager. However, Zhang Kun’s management scale has fallen below 100 billion at the end of the first quarter. The reporter of times weekly found that three of the four funds managed by Zhang Kun, including e fund blue chip selection, e fund high-quality selection, e fund high-quality enterprises held by e fund for three years and e Fund Asia selection, have reduced their holdings in Moutai, Guizhou. Compared with the fourth quarter of 2021, the holdings of Guizhou Maotai selected by e fund blue chip decreased from 3.2 million shares to 3.153 million shares. However, Maotai has become the largest heavyweight stock from its third heavyweight stock, with a market value of 5.42 billion yuan. △ top ten heavyweight stocks selected by e fund blue chip

E fund’s high-quality selection also reduced its holdings in Moutai, Guizhou. By the end of the first quarter, the number of shares held by the fund in Moutai, Guizhou had been reduced from 935000 shares to 921000 shares, making it its third largest heavy position. Zhang Kun said, “in the first quarter, the net value of the fund fell significantly, which made many holders feel anxious, and I have the same feeling. I think the anxiety may come not only from the realized decline, but also from the fear of continued decline in the future.” He mentioned that the stock price is like the weather, which is always changing, unpredictable and difficult to grasp, while the enterprise value is like the climate, which is always changing slowly and regularly. Although the short-term market faces many difficulties, it also provides quite attractive prices for long-term investors. Liu Yanchun, who is also keen on “drinking”, also reduced his holdings of Maotai in the first quarter. He is the star fund manager of Jingshun Great Wall. In 2021, the fund scale under his management once exceeded 100 billion and became the “first brother of consumption”. The first quarterly report shows that several funds managed by Liu Yanchun reduced their holdings of Maotai to varying degrees. Among them, Jingshun Great Wall Dingyi held about 964000 shares in Maotai, Guizhou, down 68300 shares from the end of last year; Jingshun Great Wall emerging growth Co., Ltd. holds 2253400 shares in Moutai, Guizhou, reducing 208100 shares compared with the end of last year; Jingshun Great Wall domestic demand No. 2 holds 277300 shares in Guizhou Maotai, reducing 11000 shares compared with the end of last year, but Guizhou Maotai is still the largest heavy position stock of the three funds. Hu Xinwei, another star fund manager of heavily loaded Baijiu liquor, also reduced Moutai. Huitianfu consumption upgrading under his management reduced its holdings of 100000 shares in Maotai in the first quarter, and its shareholding decreased from 330000 shares to 230000 shares, which is still the largest heavy position stock; Huitianfu consumer industry under his management reduced its shareholding of 60000 shares in Maotai in the first quarter, from 1.06 million to 1 million shares, which is also the largest heavy position stock; Huitianfu value creation under his management reduced its holdings of 94000 shares in Moutai, Guizhou, from 520100 to 426200 shares. According to the first quarterly report of Yinhua rich theme mixed fund managed by Jiao Wei, a well-known fund manager, in the first quarter of this year, it reduced its holdings of 13000 shares in Moutai, Guizhou, from 1.003 million shares to 990000 shares, making it the largest heavy position stock. Jiao Wei said that investment is no longer simply focused on consumption and medicine. Baijiu and medicine have been abundant in the stock market in the past long time. However, in the jungle of a shares, large consumption investment, growth investment, value investment and cycle investment seem to constitute the limbs of animals. The less support the torso relies on, the more powerful it is in the attack, but the less protection it is in the state of disaster. “Aware of the importance of valuation and marginal changes to most companies in the portfolio, we no longer stick to the creed of resolutely not selling good companies, but change to dynamic balance.” Jiao Wei said. The two “wine index” funds increased their positions, some reduced their holdings, and others increased their positions as they fell. Hou Hao, Zhang Yuxiang and other star fund managers chose to increase their positions in Maotai. They managed the only two “wine index” funds in the market. Baijiu Baijiu fund, which is managed by Hou Hao, is the largest liquor fund in the market. It is called “the immortal spirit in liquor”. The scale of the liquor was nearly 100 billion in the third quarter of last year. In the fourth quarter of 2021, Hou Hao reduced 1 million 670 thousand shares of Guizhou Moutai, and increased 883 thousand and 700 shares in the first quarter of this year. As of the end of the first quarter, Guizhou Moutai held 6 million 722 thousand and 100 shares and returned to the first batch of Baijiu liquor. Hou Hao said Baijiu Baijiu Baijiu index fell 22.98% during the reporting period. The whole liquor sector was affected by the overseas interest rate increase. The liquor sales before February were stable. The epidemic situation in March had a certain impact on Baijiu consumption scenario and dynamic sales.