从"造神"到理性回归，百亿基金经理阵营告别"光环"叙事。 一场以"业绩"为标尺的洗牌，正在公募基金主动权益"百亿俱乐部"悄然上演。 若以主动权益产品规模占在管规模60%以上为筛选标准，截至2025年底，主动权益类基金经理的数量超 过1690人，较上一季度有所减少。其中管理规模超过百亿元的达到102人，较去年三季度末减少10人。 目前，易方达基金张坤以483.83亿元的管理规模继续稳坐头把交椅，这意味着主动权益基金经理的行 业"天花板"已经降至500亿元之下。去年四季度，他管理的四只产品的平均回报为-4.91%，同期出现近 20亿份的净赎回，这也直接导致他的在管规模单季度减少了近82亿元。 紧随其后的头部基金经理规模同样承压。兴证全球基金谢治宇、中欧基金葛兰仅在"400亿+"梯队维持一 个季度，便重回300亿阵营，最新在管规模分别为386.18亿元、353.89亿元，单季度分别减少67.39亿 元、81.55亿元。 景顺长城基金刘彦春、中欧基金周蔚文则守住300亿阵营，最新管理规模分别为314.75亿元、310.04亿 元。与上一季度相比，虽有不同程度缩水，但头部阵营前五名的人员及名次保持稳定，展现出一定稳健 ...

Core Insights - The active equity fund manager landscape has undergone significant changes, with performance being the primary driver of fund size fluctuations [1][3] - Notable fund managers have seen their rankings shift due to changes in assets under management (AUM), with some exiting the "billion-dollar manager" category [1][2] - A new cohort of high-performing fund managers has emerged, leading the market with substantial AUM increases [1][6] Fund Manager Performance - As of the end of last year, there were 114 active fund managers managing over 100 billion yuan, with significant reshuffling in the top ranks [2] - Gao Nan from Yongying Fund leads with an AUM of 701.05 billion yuan, a 35.56% increase from the previous quarter [2][5] - Dong Han from Invesco Great Wall Fund follows with an AUM of 623.82 billion yuan, up 22.22% [2][5] - Zhang Kun from E Fund saw a decline in AUM to 483.83 billion yuan, down 14.43% [3][5] Notable AUM Changes - Several fund managers experienced significant AUM growth, such as Meng Xia from Harvest Fund, whose AUM increased by 76.63% to 120.64 billion yuan [6][8] - Zhang Haiqiao from Yongying Fund also saw a 52.99% increase in AUM, reaching 156.70 billion yuan [6][8] - Conversely, well-known managers like Zhao Yi from Quan Guo Fund faced substantial AUM declines, dropping from 190.69 billion yuan to 126.89 billion yuan, a 33.46% decrease [7][8] Market Trends - The reshuffling of the "billion-dollar fund manager" list reflects a more rational market where investors prioritize long-term performance and investment style compatibility over celebrity status [7][8] - The trend indicates a shift towards a performance-driven investment environment, encouraging fund managers to focus on enhancing their investment management capabilities [7][8]