After the disclosure of the first quarter report, the list of active equity fund managers with assets of over 100 billion yuan has been updated again. According to the statistics of total management scale of products, including co-managed products, as of the latest disclosed data, a total of 104 active equity fund managers have assets under management exceeding 100 billion yuan, a decrease of 2 managers compared to the end of 2025. There have been noticeable changes within the list. Some veteran top managers are still at the top of the list, but their assets have continued to shrink since the end of last year; while some fund managers have quickly increased their assets under management, even entering the top tier from below 100 billion yuan. In terms of the top managers, Zhang Kun still ranks first with 416.72 billion yuan, but it has decreased by 67.11 billion yuan compared to 483.83 billion yuan at the end of 2025, making it one of the largest decreases on the current list. Zhang Lu has become one of the most watched fund managers in this round of list changes, with a new active equity management scale of 346.33 billion yuan, an increase of 54.06 billion yuan from the end of 2025, rising to second place. Xie Zhiyu ranks third with 345.19 billion yuan, a decrease of 40.99 billion yuan from the end of last year. Ge Lan and Yang Dong follow with 321.97 billion yuan and 309.63 billion yuan respectively, with Yang Dong increasing by 23.13 billion yuan from the end of last year and entering the over 300 billion yuan range. There are still 5 fund managers with assets over 300 billion yuan, but compared to the end of 2025, there have been changes in the members. Liu Yanchun and Lan Xiaokang's latest assets have dropped to 26.50 billion yuan and 27.32 billion yuan respectively, falling out of the over 300 billion yuan range; Zhang Lu and Yang Dong have moved up to replace them. For the top active equity fund managers, factors like fund flow channels, investor redemption pace, and theme hot switches are rewriting their rankings. (Note: This statistic only includes active equity products managed by each fund manager. If they manage other non-active equity funds simultaneously, those assets are not included. Some fund managers may have left or been hired after the first quarter, so the assets are based on the latest disclosed data.)42.23 billion yuan, an increase of 75.20 billion yuan; Wu Guoqing increased from 79.06 billion yuan to 150.92 billion yuan, an increase of 71.85 billion yuan.From an overall perspective, among the current billion-dollar list, there are 47 fund managers whose assets have increased compared to the end of 2025, and 57 fund managers whose assets have decreased. There are 16 fund managers who have increased their assets by over 50 billion yuan, including Zhang Haixiao, Yang Meng, Yan Kai, Hua Licheng, Wu Yang, Ma Fang, Zhang Lu, Dong Chen, Lei Zhiyong, Chen Yunzhong, etc. Correspondingly, there are 15 fund managers whose assets have decreased by over 30 billion yuan. Within the active equity billion-dollar camp, there is a trend of differentiation. Some products that were not large in scale before can quickly increase their assets if their short-term performance and market attention rise simultaneously; while fund managers who have been in the spotlight for a long time may face greater pressure from investor redemptions and performance recovery. 17 managers dropped out of the billion-dollar camp There are newcomers, as well as those who fall behind. Compared to the end of 2025, a total of 17 fund managers now have assets below 10 billion yuan, including Liang Hao, Xing Junliang, Jiang Shan, Luo Shuai, Luo Jiaming, Feng Mingyuan, Zhao Qiyuan, Zheng Chengran, Sun Quan, Wang Pei, Du Yang, Zhao Feng, Yin Weichun, Wang Yuanyuan, Zhang Jintao, Feng Ludan, Zhao Yi. Some of the fund managers who dropped out of the billion-dollar list are just slightly below the 10 billion yuan threshold. Liang Hao's assets are now at 9.71 billion yuan, Xing Junliang at 9.70 billion yuan, Jiang Shan at 9.50 billion yuan, and Luo Shuai at 9.14 billion yuan, all just a step away from the billion-dollar threshold. Whether these fund managers will return to the billion-dollar level in the future remains unknown. Some fund managers have experienced a more significant decrease in assets. Zhao Yi's assets have decreased from 12.89 billion yuan at the end of 2025 to 6.20 billion yuan, a reduction of 57.69 billion yuan, the most significant decrease among those who dropped out of the billion-dollar camp. Feng Ludan's assets have decreased from 11.41 billion yuan to 8.82 billion yuan, a decrease of 31.59 billion yuan. Zhao Feng, Zhao Qiyuan, Zhang Jintao, Zheng Chengran, etc. have also decreased by over 20 billion yuan. In terms of asset ranges, among the latest billion-dollar active equity fund managers, 5 have assets over 30 billion yuan, 20 have assets between 20 billion and 30 billion yuan, 26 have assets between 15 billion and 20 billion yuan, and 53 have assets between 10 billion and 15 billion yuan. The majority of the billion-dollar list still falls within the 10 billion to 15 billion yuan range, with only 25 fund managers having assets above 20 billion yuan. A channel source mentioned that investors currently place more emphasis on the speed of net asset value recovery and alignment with portfolio direction when selecting active equity products. Dependence solely on long-term reputation for stable assets has decreased. For fund companies, the number of billion-dollar fund managers is still a reflection of the brand capability of active equity, but this reflection is now more dynamic. Leaders from the previous list may quickly fall behind, and fund managers with lower asset bases may make significant leaps in just one quarter. This article is reprinted from "Cai Lianshe", GMTEight Editor: Xu Wenqiang.