2025 Public Offering Annual Report Panorama: Institutions and Retail Investors "Coincidentally" Increase Holdings in Stock Funds

Public fund annual reports for 2025 have been fully released, and a complete picture of public fund holders has also emerged. Data shows that in the second half of 2025, institutional investors significantly increased their holdings of equity funds and hybrid funds; individual investors increased their holdings of equity funds but reduced their holdings of hybrid funds. Judging from the fund-holding data disclosed in public fund annual reports for 2025, the funds under E Fund, GF Fund, and Huaxia Fund are the most favored by institutional investors. For individual investors, the top three companies in terms of fund share holdings are E Fund, Huaxia Fund, and Tianhong Fund, respectively.

Data shows that as of the end of 2025, among 31.36 trillion shares of public funds, institutional investors held 13.91 trillion shares. Specifically: as of the end of 2025, institutional investors held 1,844.702 billion shares of equity funds, up 313.6k shares from 1,479.949 billion shares at the end of the first half of 2025; institutional investors held 139.1k shares of hybrid funds, up 364.75B shares from 480.52B shares at the end of the first half of 2025.

Institutional investors remain the primary holders of bond funds. By the end of 2025, institutional investors’ share of bond fund holdings was 83.94%, slightly down from 84.4% at the end of the first half of 2025. Institutional investors held 432.76B shares of overseas investment funds, up 47.2 billion shares from 47.75B shares at the end of the first half of 2025.

From the perspective of fund companies favored by institutional investors, the funds under E Fund have the highest amount of shares held by institutional investors, at 244.83B shares. GF Fund and Huaxia Fund follow closely behind, with 609.6 billion shares and 197.63B shares, respectively.

As of the end of 2025, individual investors held 1,863.325 billion shares of equity funds, up 718.24B shares from 1,773.372 billion shares at the end of the first half of 2025. Individual investors held 2,163.354 billion shares of hybrid funds, down 228 billion shares from 2,391.339 billion shares at the end of the first half of 2025. Individual investors held 1,460 billion shares of bond funds, which is basically in line with 1,459.842 billion shares at the end of the first half of 2025.

In addition, the number of money market funds and overseas investment funds held by individual investors both showed a clear increase in the second half of 2025. Data shows that as of the end of 2025, individual investors held 11.2 trillion shares of money market funds, up 551.25B shares from 10.3 trillion shares at the end of the first half of 2025. As of the end of 2025, individual investors held 89.95B shares of overseas investment funds, up 160 billion shares from 112k shares at the end of the first half of 2025.