The top position has changed hands: the former top public fund manager has stepped down, and the new leading figure has ascended to the top.

The top spot among 10-billion-yuan active equity fund managers has a new occupant.

By the end of the second quarter, the size of active equity funds managed by Zheng Xi of E Fund Management reached 57.888 billion yuan, climbing to the top of the industry. Jin Zicai of Caitong Fund and Zhang Mingxin of Huashang Fund followed closely, with their managed sizes reaching 56.548 billion yuan and 55.743 billion yuan respectively, all three managing over 55 billion yuan. (Note: Only the managed size of active equity funds under each fund manager is counted; the size of non-active equity products such as bond funds, money market funds, index funds, and FOFs that the fund manager manages concurrently are not included in the statistics)

Zhang Kun, who still ranked first at the end of the first quarter, saw his managed size drop from 41.672 billion yuan to 32.285 billion yuan, falling to 16th place. During the same period, Jin Zicai expanded rapidly from 8.909 billion yuan to 56.548 billion yuan, adding 47.638 billion yuan in a single quarter and becoming the fund manager with the largest size growth.

Apart from the reshuffling of top rankings, the 10-billion-yuan fund manager camp also expanded significantly. By the end of the second quarter, 152 fund managers each managed active equity funds exceeding 10 billion yuan, compared to 110 at the end of the first quarter. A total of 51 new managers joined the 10-billion-yuan tier, while 9 dropped out, resulting in a net increase of 42 managers in the 10-billion-yuan group.

The changes in the list also clearly reflect the shift in capital flows of active equity funds this year. Segments such as technology, artificial intelligence, semiconductors, and overseas tech have delivered outstanding performance, with related products attracting massive capital inflows that rapidly drive up the fund managers' total managed size.

Zheng Xi takes the top spot, top 10 rankings reshaped by tech growth tracks

At the end of the first quarter, Zheng Xi managed 23.988 billion yuan in active equity funds, ranking 17th at that time. Entering the second quarter, his managed size increased by 33.9 billion yuan, directly surging to first place.

The 4 active equity funds Zheng Xi currently manages all have annual returns above 48%. Among them, E Fund Information Industry grew from 7.478 billion yuan at the end of the first quarter to 21.144 billion yuan, with an annual return of 52.34%; E Fund Global Growth Select rose from 9.866 billion yuan to 19.456 billion yuan, posting an annual return of 56.36%; the size of E Fund Information Industry Select also climbed from 4.813 billion yuan to 13.824 billion yuan.

Jin Zicai, who saw the largest size increase, is a more typical example: his total managed size jumped from 8.909 billion yuan to 56.548 billion yuan, adding 47.638 billion yuan. He had not even entered the 10-billion-yuan camp at the end of the first quarter, but rose to second in the entire industry by the end of the second quarter.

The 7 active equity funds managed by Jin Zicai all delivered annual returns exceeding 60%. Caitong Growth Select recorded an annual return of 66.88%, with its size growing from 3.306 billion yuan to 20.849 billion yuan; Caitong Value Momentum expanded from 3.142 billion yuan to 10.884 billion yuan; Caitong Integrated Circuit Industry rose from 1.305 billion yuan to 8.23 billion yuan. Products like Caitong Quality Selection and Caitong Ingenuity One-Year Holding, which only had a few hundred million yuan in size at the end of the first quarter, grew to 6.362 billion yuan and 5.86 billion yuan respectively by the end of the second quarter.

After Jin Zicai's products ranked high on the performance leaderboard, massive capital flooded in collectively during the second quarter, leading the size of multiple funds to multiply within a single quarter.

Zhang Mingxin, who ranked third, saw his managed size increase by 32.392 billion yuan. Huashang Balanced Growth, Huashang Advantage Industry, and Huashang Zhiyuan Return posted annual returns of 65.20%, 45.54% and 61.84% respectively, with the three funds totaling 55.743 billion yuan in size.

The managed sizes of Wu Yang and Yan Kai also increased by 30.874 billion yuan and 28.688 billion yuan respectively. The 3 funds managed by Wu Yang all have annual returns above 57%; the Orient Artificial Intelligence Theme fund managed by Yan Kai achieved an annual return of 90.42%, with its size growing from 10.789 billion yuan to 35.125 billion yuan, this single product contributing the vast majority of his total managed size.

Chen Wenkai, Guo Weiling, and Luo Qing saw their managed sizes rise by 25.425 billion yuan, 25.016 billion yuan, and 24.379 billion yuan respectively. The two products managed by Chen Wenkai both delivered annual returns exceeding 54%; the size of Dacheng Technology Innovation managed by Guo Weiling grew from 4.075 billion yuan to 24.976 billion yuan; the size of Fullgoal Innovation Technology managed by Luo Qing climbed from 7.861 billion yuan to 27.844 billion yuan.

Among the top 10 managers by the end of the second quarter, except for Xie Zhiyu, the representative products of the other 9 all feature distinct tech growth characteristics. Xie Zhiyu still ranked 8th with 39.275 billion yuan, making him the fund manager with relatively stable size changes among the top 10, as his managed size increased by 4.756 billion yuan compared to the end of the first quarter.

51 new fund managers join the 10-billion-yuan active equity camp

The 10-billion-yuan camp added 42 managers in a single quarter, a rare pace of expansion. Many of the 51 new 10-billion-yuan active equity fund managers did not just barely cross the 10-billion-yuan threshold, but directly entered the 20-billion-yuan or even 50-billion-yuan tier.

Apart from Jin Zicai, Luo Qing and Guo Weiling had managed sizes of 32.729 billion yuan and 29.992 billion yuan respectively by the end of the second quarter; Li Xiangjie, Sun Shuo, Jiang Shan, Zheng Xiaoxi, and Tong Changxi all managed over 20 billion yuan. The sizes of Sun Quan, Zhao Nianshen, Liang Shaowen, and Yu Yao also approached or exceeded 19 billion yuan.

The size growth of these fund managers is mostly concentrated in one or two high-performing products. The Xin'ao Performance Driven fund managed by Tong Changxi posted an annual return of 41.78%, with its size growing from 3.726 billion yuan to 20.155 billion yuan; the Orient Alpha Technology Select fund managed by Liang Shaowen delivered an annual return of 50.85%, expanding from 1.568 billion yuan to 17.783 billion yuan; the Ping An Technology Select fund managed by Yao Wenqiang recorded an annual return of 51.72%, surging from 531 million yuan to 16.141 billion yuan.

Products managed by Sun Shuo, such as Manulife Revival Great Cause and Manulife Growth, have annual returns concentrated between 59% and 66%, with their total size growing from 6.136 billion yuan to 21.151 billion yuan. The Southern Information Innovation fund managed by Zheng Xiaoxi achieved an annual return of 81.68%, with its size climbing from 5.905 billion yuan to 15.68 billion yuan.

Outstanding performance attracts rapid capital inflows, leading a batch of funds that originally only had hundreds of millions or tens of billions yuan in size to expand rapidly in the second quarter, which in turn pushes the fund managers' total managed size to jump sharply.

There is also a group of fund managers who were already near the 10-billion-yuan threshold. Gao Yuan, Liang Hao, Luo Shuai, and Meng Xia managed 11.753 billion yuan, 10.768 billion yuan, 10.65 billion yuan and 10.495 billion yuan respectively by the end of the second quarter, officially entering the 10-billion-yuan camp.

In addition, fund managers including Yang Kang, Xu Cheng, Shen Ruoyu, Sang Xiangyu, Feng Mingyuan, Deng Xinyi, Liu Changchang, Yang Zongchang, Li Jianfeng, Xu Yan, Li Jin, Li Tao, Cai Rongcheng, Rong Zhineng, Qiao Liang, and Bao Zhengyu also joined the 10-billion-yuan list in the second quarter.

Zhang Kun falls to 16th place, 9 managers exit the 10-billion-yuan camp

The flip side of capital concentrating in high-performing products is the obvious decline in the managed size of some former top fund managers.

Lan Xiaokang's managed size dropped from 27.232 billion yuan to 16.072 billion yuan, a decrease of 11.16 billion yuan, the largest size contraction among all fund managers. The size of his Eurasian Dividend Enjoyment fund fell from 17.825 billion yuan to 10.246 billion yuan, with an annual return of -9.43%; the rest of his multiple products also posted annual returns between -6% and -10%.

Han Chuang's managed size decreased by 9.86 billion yuan, dropping from 20.776 billion yuan to 10.916 billion yuan. Main products such as Dacheng Industry Trend and Dacheng New Sharp Industry posted annual returns between -7% and -17%, with their sizes declining to varying degrees.

The size of active equity funds managed by Zhang Kun decreased by 9.388 billion yuan, falling from first place at the end of the first quarter to 16th at the end of the second quarter. The size of E Fund Blue Chip Select dropped from 26.793 billion yuan to 20.416 billion yuan, with an annual return of -18.68%; E Fund Quality Select and E Fund Quality Enterprise 3-Year Holding posted annual returns of -21.71% and -20.24% respectively. Only E Fund Asia Select delivered positive returns this year, with its size growing from 3.169 billion yuan to 3.602 billion yuan.

Zhang Lu's managed size fell from 34.633 billion yuan to 25.379 billion yuan, a decrease of 9.254 billion yuan, with his ranking dropping from second to 33rd. His products Yongying High-End Equipment Select and Yongying Advanced Manufacturing Select posted annual returns of -28.52% and -27.64% respectively, with their sizes decreasing by 6.008 billion yuan and 3.246 billion yuan respectively.

The active equity fund sizes managed by Yang Siliang, Yang Dong, Xu Yan, and You Hongye decreased by 6.511 billion yuan, 5.276 billion yuan, 5.097 billion yuan, and 4.537 billion yuan respectively. E Fund Blue Chip Select, co-managed by Yang Siliang, is the main source of his size decline. Most products managed by Xu Yan posted nearly flat returns this year, but their sizes still generally declined, with capital redemptions having a more prominent impact on his size changes.

A total of 9 fund managers including Hu Zhongyuan, Zou Lihu, Jiang Cheng, Hu Yibin, Lu Bin, Yang Yu, Yang Jinjin, Cui Chenlong, and Tan Li dropped out of the 10-billion-yuan camp in the second quarter.

Among them, Lu Bin's managed size fell from 10.934 billion yuan to 7.355 billion yuan, with multiple products posting declines of over 24% this year; Hu Zhongyuan's size dropped from 13.624 billion yuan to 9.692 billion yuan, with his two main products both falling by more than 14% this year. Some products managed by Jiang Cheng and Zou Lihu still recorded positive returns this year, but their total managed sizes fell to 9.998 billion yuan and 9.624 billion yuan respectively. For fund managers who were already near the 10-billion-yuan threshold, net redemptions of several billion to tens of billions yuan are enough to change their status in the 10-billion-yuan list.

This article is from the WeChat official account "ChiNext Observer", written by Wu Yuqi, published with authorization from 36Kr.