In a significant reshuffle, former top fund managers Zhang Kun and Ge Lan have both fallen out of the top ten rankings.

After more than five years, the ranking of mixed-asset fund managers by assets under management (AUM) has undergone a major transformation. By the end of the second quarter, the "50 billion yuan club," which had been dormant for half a year, welcomed new members. The AUM of fund managers Zheng Xi, Jin Zhicai, Zhang Mingxin, and Ma Xiang all surpassed the 500 billion yuan mark. Jin Zhicai's AUM surged from 8.9 billion yuan to 56.548 billion yuan. Additionally, fund managers such as Wu Yang, Yan Kai, Qi He, and Zhang Haixiao have also entered the 400 billion yuan tier.

While some have risen, others have declined. Zhang Kun and Ge Lan, who had long dominated the top spots, both dropped out of the top ten by the end of Q2.

The Return of the 50 Billion Yuan Club

The landscape of top mixed-asset fund managers has completely changed in just three months.

Ranking first is Yifangda Fund's Zheng Xi, with an AUM of 57.888 billion yuan. Caitong Fund's Jin Zhicai takes second place, followed by Huashang Fund's Zhang Mingxin and Huatai-PineBridge Fund's Ma Xiang, with all three managing over 500 billion yuan.

At the end of the first quarter, there were no fund managers with 500 billion yuan in AUM. At that time, the largest was star manager Zhang Kun, with 41.672 billion yuan. Four other managers, including Xingzheng Global Fund's Xie Zhiyu and Zhongou Fund's Ge Lan, had AUM exceeding 300 billion yuan.

By the end of the second quarter, the top rankings shifted dramatically. Veteran fund managers who had dominated the charts since 2021, such as Zhang Kun, Ge Lan, Liu Yanchun, and Liu Gesong, all fell out of the top ten, ranking 16th, 18th, 38th, and 30th, respectively, in mixed-fund AUM.

Currently, there are 129 mixed-asset fund managers with AUM over 10 billion yuan. Among them, 21 have over 30 billion yuan, and 4 have over 50 billion yuan. In contrast, at the end of Q1, there were only 89 managers with over 10 billion yuan, with just 5 exceeding 30 billion yuan.

It is noteworthy that the AUM of the four fund managers now in the 50 billion yuan club has doubled or even multiplied several times. At the end of Q1, Zhang Mingxin's AUM was 23.351 billion yuan, Ma Xiang's had just surpassed 20 billion yuan (20.146 billion yuan), and Jin Zhicai's was only 8.9 billion yuan, having been just over 5 billion yuan at the beginning of 2025.

Significant Overlap in Top Holdings

Overall, the portfolios of the four 50 billion yuan fund managers show a high degree of overlap. Key upstream AI supply chain segments facing tight supply, such as optical modules (represented by stocks like Innolight), optical chips, and passive components, have become standard holdings for these managers.

The top ten holdings of Zheng Xi's Yifangda Information Industry Mixed Fund include Innolight, Sanhuan Group, Shengyi Technology, Yuanjie Technology, Cambricon, Dingtai Gaoke, Huahong Grace, AMEC, and Dongshan Precision.

The top ten holdings of Jin Zhicai's Caitong Value Momentum Fund include Innolight, Nanya New Materials, Yuanjie Technology, Sanhuan Group, Dingtai Gaoke, Han's CNC, Defu Technology, Fenghua Advanced Tech, Boqian New Materials, and others.

Stocks like Innolight also appear in the major holdings of Zhang Mingxin's Huashang Balanced Growth Mixed Fund and Ma Xiang's Huatai-PineBridge Technology Innovation Fund.

In terms of portfolio adjustments, these four managers have largely consolidated their positions towards the AI industry chain. In his quarterly report for Caitong Value Momentum, Jin Zhicai reviewed the timeline of this AI investment cycle. He noted that in Q4 2023, major North American CSP giants actively entered large-model pre-training, moving AI development from thematic investment to a fundamental realization phase. In Q3 2024, with the launch of OpenAI's o1 model, the AI industry trend entered a strong inference phase, further raising the ceiling for computing power. By Q2 2025, the explosion of AI Coding and the closed-loop business models of overseas AI models led to a genuine main upward wave in related stock prices.

As the AI industry's fundamental base expands, Jin Zhicai believes supply chain bottlenecks are increasing. This tightness may persist for a considerable time and might be difficult to resolve fundamentally in the short term. In Q2, he further allocated the fund's portfolio to industries experiencing supply constraints, including MLCCs in passive components and upstream PCB materials.

In his report for Huashang Balanced Growth Mixed Fund, Zhang Mingxin pointed out that while the overall market index showed a volatile pattern in Q2, internal sector performance diverged sharply. Traditional pro-cyclical sectors performed relatively flat. In a macro environment lacking systematic beta, market funds concentrated on the most certain industrial trends, with technology growth represented by AI becoming the market's core theme, significantly outperforming.

Zhang Mingxin stated that, overall, amid volatile external conditions and the certain AI industry trend, the fund continued to operate with high exposure focused on the prosperous AI industry chain. The primary allocation direction was overseas computing power, with adjustments made based on changes in specific industry segment景气. The fund increased allocations to bottleneck areas within the chain with tight supply-demand and confirmed price increases, continuously seeking structural alpha.

In the Q2 report for Yifangda Information Industry Mixed Fund, Zheng Xi noted that geopolitical risks gradually eased in Q2, while AI iteration accelerated, upstream AI resource supply tightened, and capital expenditure entered a clear upward channel. The fund maintained a relatively high仓位 in Q2, with growth-oriented investment targets in the information industry as the core holdings. It increased the allocation比例 to AI computing power, semiconductor wafers, and the semiconductor equipment industry chain, while reducing exposure to software, consumer electronics, and related sectors.

AI's Promise Comes with Risks

The shift in the top fund manager rankings is closely tied to the AI-driven technology market rally.

The consumer sector has undergone five consecutive years of adjustment, while the technology sector has surged ahead following the 9·24 market行情. Compared to the newcomers heavily invested in technology, veteran managers坚守 in consumer sectors have faced持续 net asset value pressure and sustained losses.

Among them, the funds co-managed by Zhang Kun continued to underperform the CSI 300. Wind data shows that year-to-date, Yifangda Blue Chip Select has lost 18.68%, while Yifangda Quality Select and Yifangda Quality Enterprise Three-Year Hold have both lost around 20%. Yifangda Asia Select provided investors with a return of 12.94%.

In the Q2 report, in an effort to turn the situation around, Zhang Kun made substantial portfolio adjustments. The仓位 for Yifangda Blue Chip Select was reduced from 93% last quarter to 75% at the end of Q2. The structure was also significantly adjusted, increasing allocations to sectors like electronics,通信, utilities, transportation, and non-ferrous metals, while reducing exposure to food & beverage, internet, and healthcare. Regarding AI, the focus was on配置光通信, semiconductor equipment, upstream AI raw materials, and domestic computing power.

Regarding the consumer and domestic demand sectors he previously emphasized, Zhang Kun直言 that after a painful clearing process, leading companies in these sectors will eventually迎来 a moment of value re-rating.

Looking ahead to Q3, Zheng Xi pointed out that due to the significant gains in Q2, the market will likely enter a consolidation phase in Q3. The focus will be on investment targets with more solid fundamentals and reasonable valuations, increasing their allocation比例. He plans to maintain a relatively high仓位 in Q3,构建 the portfolio based on the principles of medium-to-long-term profit growth and stability. The core holdings will remain competitive, reasonably valued information industry targets, maintaining portfolio liquidity and stability, while also寻找能超越周期的个股 among small and mid-cap stocks.

"The future of technology is always filled with uncertainty and unexpected opportunities," Ma Xiang stated in the Q2 report for Huatai-PineBridge Technology Innovation Fund. He is also actively seeking investment opportunities in the落地 of large model applications, with布局 in areas like general-purpose large models, process industry AI, and smart terminals.

Looking to the next stage, Jin Zhicai表示 he will further紧跟 the industry trend and maintain配置比例 in other紧缺 directions benefiting from AI demand拉动.

Jin Zhicai also reminded investors that while the AI industry trend is positive in the long term, the price elasticity of upstream紧缺 segments is cyclical, and sector volatility is难免加大. He建议 investors理性看待 a product's historical performance, fully recognize potential market volatility, rationally assess product suitability based on their own risk承受能力, diversify risks through均衡配置, reduce trading损耗 from frequent timing attempts, and share in the复利 value of industrial growth with a longer-term perspective.