Public funds achieved a total profit of 2.6 trillion yuan last year, with more than 70% contributed by equity funds.

In recent days, Tianxiang Investment Consulting Co., Ltd. (hereinafter referred to as “Tianxiang Investment Consulting”) released data showing that in 2025, 163 mutual fund managers’ fund products collectively recorded profits of 2.6 trillion yuan, of which equity-category products achieved profits of nearly 2 trillion yuan, accounting for 76.9%.

From the perspective of fund categories, in 2025, stock funds and hybrid funds generated total profits of 11,254.98 billion yuan and 8,733.38 billion yuan, respectively. Together, these two equity funds recorded total profits of nearly 2 trillion yuan, representing a significant year-on-year increase compared with the same period last year. In addition, bond funds as a whole posted profits of over 180 billion yuan, which was more than 50% lower than the same period last year; money market funds as a whole recorded profits of over 180 billion yuan, which was more than 18% lower than the same period last year.

The data show that among the 163 mutual fund managers mentioned above, 159 managers had products that generated profits. Specifically, the top ten publicly offered mutual funds with profits in 2025 are E Fund, Huaxia Fund, Southern Fund, GF Fund, Harvest Fund, Huatai-PineBridge Fund, Fullgoal Fund, Huaan Fund, Bosera Fund, and Yinhua Fund. Their profits were 3,270.08 billion yuan, 2,587.47 billion yuan, 1,343.75 billion yuan, 1,205.35 billion yuan, 1,164.9 billion yuan, 1,111.42 billion yuan, 1,056.56 billion yuan, 882.96 billion yuan, 853.13 billion yuan, and 814.07 billion yuan, respectively. These top ten funds together generated profits of 1.4 trillion yuan, accounting for 55% of the total profits of public mutual funds. Overall, the list of the top ten publicly offered mutual funds by annual profits in 2025 changed little compared with the same period in 2024, but their total profits were far higher than in 2024.

The market value of holdings by public mutual funds can reflect the consensus and direction of mainstream market capital. The data show that last year, the top three stocks by total market value held by public mutual funds were Contemporary Amperex Technology, MOCROTECH? (intersect?), and Xin Yisheng. The top 3 stocks with the largest gains were Xin Yisheng, MOCROTECH? (intersect?), and Sungrow Power Supply, with full-year gains of 424.03%, 396.38%, and 137.13%, respectively. Specifically, public mutual funds held 190.346 billion yuan worth of Contemporary Amperex Technology, ranking first; they held 168.163 billion yuan worth in total of MOCROTECH? (intersect?), ranking second; and they held 131.699 billion yuan worth in total of Xin Yisheng, ranking third. In addition, funds also held market values of over 100 billion yuan for companies such as Kweichow Moutai, Zijin Mining, Cambricon, and Ping An Insurance.

Last year also saw some adjustments in the structure of fund holders. The data show that in 2025, individual investors held 17.45 trillion fund units, accounting for 55.63%, an increase of 997.147 billion units compared with 2024; institutional investors held 13.91 trillion fund units, accounting for 44.37%, an increase of 280.003 billion units compared with 2024.

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