Another fund has joined the "10 yuan club". After the A-share market rose sharply on April 8, a group of actively managed equity funds with adjusted unit net asset values above 10 yuan entered the market's radar. At that time, the "10 yuan club" had already expanded. Now, after more than half a month, with the structural activity in the equity market continuing, products that were hovering around 9 yuan have continued to break through to over 10 yuan, and the lineup of funds near the 10 yuan net asset value line has been updated. According to Wind data, as of April 28, there were a total of 95 actively managed equity funds with adjusted unit net asset values exceeding 10 yuan, an increase of 14 funds from the 81 funds on April 8. At the same time, there are still 22 funds with adjusted unit net asset values in the 9 to 10 yuan range, just one step away from crossing that threshold. For actively managed equity funds, the 10 yuan net asset value line is not a formal evaluation criterion, but it is one of the most intuitive scales for investors to perceive long-term returns. Funds that can cross this line have benefited from long establishment periods leading to compound accumulation, as well as net asset value recovery driven by periodic market trends. Among the actively managed equity funds with adjusted net asset values exceeding 10 yuan, 14 were newly added after April 8. In terms of absolute levels of adjusted unit net asset values, a clear tiered distribution of high net asset value funds has formed within actively managed equity funds. Specifically, the Huaxia Growth Fund has an adjusted unit net asset value of 47.16 yuan, ranking first in the sample, with Sun Shuo as the current fund manager. The Huaxia Benchmark A closely follows, with an adjusted unit net asset value of 46.97 yuan, managed by Tu Huanyu. The Fuguo Tianrui Strong Select A has an adjusted unit net asset value of 30.43 yuan, managed by Xu Zhixiang, and is one of the few actively managed equity products with adjusted unit net asset values exceeding 30 yuan. In the range above 20 yuan, products such as the Jia Shi Growth Fund managed by Gui Kai, the Xingquan Trend Investment managed by Yang Shijin and Xie Changyan, the Jingshun Changcheng Advanced Selection managed by Yang Ruiwen, the Huaxia Benchmark C managed by Liu Xiaochen and Wei Cheng, and the Guotai Gold Eagle Growth managed by Wang Zhaoxiang all rank high. In terms of quantity, there are currently 95 actively managed equity funds with adjusted unit net asset values exceeding 10 yuan. Compared to April 8, when 81 funds were already above 10 yuan, as of April 28, 14 new products have entered this range. Among the newly added funds, the latest adjusted unit net asset value of the Morgan Emerging Power Fund C has reached 11.81 yuan, up from 9.87 yuan on April 8, making it the highest in this batch of new products, managed by Du Meng. The Dacheng Active Growth Fund A has a latest adjusted unit net asset value of 10.64 yuan, up from 9.91 yuan on April 8, managed by Wang Lei; the Wan Jia Industry Selection Fund has a latest adjusted unit net asset value of 10.59 yuan, up from around 9 yuan on April 8, managed by Huang Xingliang; and the Rongtong Industry Prosperity Fund A has a latest adjusted unit net asset value of 10.56 yuan, managed by Li Jin. In addition, the CMB Antai, Southern Steady Growth, CCB Ruixiang I, EAF Raisheng Holdings B, Nuo De Cycle Strategy, Huatai Bairui Value Growth A, Huitianfu Private Sector Vitality A, Dongwu Jiahe Advantage A, Ping An Strategy Pioneer, and Galaxy Innovation Growth A have also crossed the 10 yuan threshold since April 8. Some of these newly added products were already very close to the 10 yuan line on April 8. For example, the Southern Steady Growth Fund had an adjusted unit net asset value of 9.99 yuan at that time, just a step away from 10 yuan; the Dacheng Active Growth A, Wan Jia Industry Selection, and Morgan Emerging Power C were also above 9.8 yuan on April 8. With continued net asset value recovery, these products have been among the first to enter the range above 10 yuan. For products outside the 10 yuan line, there are still a number of products striving to reach it. According to Wind data, there are currently 22 actively managed equity funds with adjusted unit net asset values in the 9 to 10 yuan range. In terms of unit net asset values, only 16 actively managed equity funds have unit net asset values exceeding 10 yuan, which is significantly fewer than the 95 funds with adjusted unit net asset values above 10 yuan, indicating the impact of factors such as dividends and splits on the observation of long-term net asset values. The majority of funds in the 10 yuan club are still long-established, but there are also newer funds that have made it into the list. Of the 95 actively managed equity funds with adjusted unit net asset values exceeding 10 yuan, 89 have been established for more than 10 years, with 59 of them being established for over 20 years. For example, the Fuguo Growth Fund was established in April 2003, the Huaxia Benchmark A was established in August 2004, the Fuguo Tianrui Strong Selection A was established in April 2005, the Jia Shi Growth Fund was established in July 2003, the Xingquan Trend Investment was established in November 2005, and the Jingshun Changcheng Advanced Selection was established in October 2003. The longer operating periods of these products have allowed them more time to accumulate net asset values in higher ranges. This also explains why the funds with higher adjusted net asset values are mostly well-known names in the market. These funds have experienced multiple market cycles, with their net asset value curves encompassing both accumulation during rising phases and retractions during volatile periods. In conclusion, reaching a net asset value of 10 yuan is more a result of long-term accumulation rather than short-term market trends. While short-term market activity can accelerate changes in the list, differences in establishment time, share settings, historical dividends, and investment styles among different products need to be considered when evaluating these products in terms of long-term performance stability, drawdown control, and investor experience.For example, Fund A was established in November 2005, with the latest adjusted net asset value of 19.64 yuan, and the current fund manager is Zhu Shaoxing; HuiTianfu Advantage Selection was established in August 2005, with the latest adjusted net asset value of 19.23 yuan, managed by Wang Xu.However, in the list of funds with a 10 yuan base, there are also products with a relatively short establishment time. For example, the ICBC Credit Suisse Industry Rotation C fund was established in May 2022 with a latest adjusted net asset value of 11.15 yuan, managed by Xing Junliang; the Huatai Technology Dynamic C fund was established in April 2022 with an adjusted net asset value of 10.16 yuan, managed by Luan Chao; and the Morgan Emerging Power C fund was established in December 2021 with a latest adjusted net asset value of 11.81 yuan, managed by Du Meng. It is worth noting that these types of products often involve sub-funds or different classes of shares, such as some C class shares added after the operation of the original A class shares for many years. Their adjusted net asset value performance is affected by the market since the addition of new shares, but also related to the net asset value accumulated by the original product line of the fund, and cannot simply be equated with the net asset value accumulation of a new fund starting from scratch. From another perspective, this batch of products striving for the 10 yuan mark also shows a feature of coexistence of new and old. For example, the Manulife Industry Selection C fund was established in June 2022 with a latest adjusted net asset value of 9.6815 yuan; the Galaxy Innovation Growth C fund was established in November 2021 with a latest adjusted net asset value of 9.7666 yuan. At the same time, products such as Orient Selection, Great Wall Strategy Return, Huatai Bao Rui Value Growth, Guolian An Small Cap Selection, BaoYing Hongli Income, and Noah Balance, with a establishment time of more than 15 years, rely more on the accumulation of net asset value over a longer period to approach the 10 yuan mark. From the perspective of the phenomenon, the expansion of the 10 yuan base list is not only due to the net asset value increase brought about by the market's periodic rebound, but also a natural result of the long-term operation and accumulation of funds. This article is reproduced from Caishang Social, GMTEight Editor: Chen Wenfang.