What happened
The 2026 semi-annual reports from Chinese public fund companies are beginning to disclose a newly introduced metric: the share of investors who recorded a profit over the past twelve months, from July 1, 2025 to June 30, 2026. This measure is designed to reflect holders' actual investment experience rather than relying solely on net asset value growth.
According to Wind data as of August 30, 2,030 funds have released their figures. Among them, 1,081 funds reported that more than 90% of their holders were profitable, while 224 funds saw fewer than 30% of holders in profit. A group of 39 products achieved a full 100% profitable-investor ratio, with closed-end and mandatory holding-period structures dominating the top rankings. One such product, managed by Liu Xu of Dacheng Fund, reached 99.98%.
The reports also reveal sharp contrasts. One selected fund posted a net value gain of 57.87% over the year, yet only 9.92% of its investors actually made money. Meanwhile, core products managed by well-known fund managers, including Fu Pengbo and Zhao Feng of Ruijuan, Li Wei of GF, Tu Huanyu of China AMC, Chen Xuanmiao of Penghua, and Zhang Tianwen of Dacheng, all exceeded 99% profitable-investor ratios. Yin Hua's Fang Jian achieved 100% with one holding-period product and kept ratios between 85% and 92% on his semiconductor and technology funds.
Why it matters
This new metric shifts the evaluation focus from how much a fund earned to how many investors actually shared in those gains. Industry observers expect that regular disclosure could push fund companies to emphasize long-term stability, holder education, and genuine investor experience, rather than simply chasing scale or short-term rankings.
The data also expose a potential disconnect between fund performance and investor outcomes, driven by purchase timing and holding behavior. Products that enforce holding periods appear to offer a structural advantage, which may encourage the industry to rethink product design and investor guidance.
Key facts
As of August 30, 2,030 funds disclosed their profitable-investor ratio; 1,081 funds exceeded 90%, while 224 fell below 30%.
A total of 39 funds achieved a 100% profitable-investor ratio, and closed-end or holding-period products occupied most leading positions.
One fund gained 57.87% in net value but only 9.92% of its investors were profitable; several star managers' funds surpassed 99%.
What to watch next
The profitable-investor ratio is likely to become a standard reference for fund selection, potentially complementing traditional performance metrics and changing how investors evaluate product quality.
Fund companies may face greater pressure to manage investor expectations, especially for popular funds where the ratio lags returns. How the industry adapts to this new disclosure will be worth monitoring as more semi-annual reports roll out.