Fund Performance Rankings for 2025 Revealed: A Year of Big Wins, Nearly 100 Funds Doubled, Champion Surpassed 200% Excess Return! (Ranking Attached at the End)
Master Xuan still feared the young, so a man should never underestimate the youths!
When the closing bell rings on the last day of 2025 and we open the public equity fund performance rankings, we can't help but marvel—who would have thought this was the "year of great victory" for public fund managers!
Isn't it so?
Throughout the year, the top ten actively managed equity funds all boasted returns above 137%, with the top five surpassing 143%, and the champion fund manager achieving a return of over 230%! The A-share market made a bullish comeback, resurgence from the abyss.
Looking at the more watched top ten funds in terms of excess returns, the top ten exceeded benchmarks by over 126%, the top five over 137%, and the champion close to 200%! Actively managed equity funds were in high spirits, shining gloriously.
Additionally, the Wind Partial Equity Hybrid Fund Index had an annual increase of 33.8%, and there were around 90 funds that doubled in value this year. Looking at this list (top 100 ranking attached at the end), who can still say funds can't make money!
Standing at the end of 2025, reviewing this annual report, there is much to summarize and learn from.
Active Equity Funds: The Era Belongs to Tech Innovators
Wind data shows that as of December 31, 23:30, among funds established for over a year (the same below), the top performer this year was Yongying Technology Select Fund managed by Ren Jie, which achieved a return of over 233% (calculated by A shares, the same below). This fund secured the champion seat very early on. Yongying Technology Select Fund has long focused on global cloud computing industry investments and benefitted deeply from the AI industry’s development.
The runner-up in returns was AVIC Opportunity Navigator Fund managed by Han Hao, which posted a return close to 169% for the year. AVIC Opportunity focused its investments on the AI industry chain and related fields.
Third place went to Hongtu Innovation Emerging Industry Fund managed by Liao Xinghao, with a return of over 148%, also focusing on AI and the chip industry.
Similarly, among the top ten: Hengyue Advantage Select Fund managed by Wu Haining, Xinao Performance Driven Fund managed by Liu Xiaoming, China-Europe Digital Economy Fund managed by Feng Ludan, BOCOM Outstanding Return Fund managed by Zhou Shanshan, Hui'an Growth Select Fund managed by Shan Bolin, Industrial Securities Golden Kirin Xingxiang Excellent Select Fund managed by Zheng Fangbiao, and Huashang Balanced Growth Fund managed by Zhang Mingxin all placed their main holdings in the tech innovation sector.
The above top ten in the public fund industry all had returns above 136%.
"The era belongs to tech innovators" is a fitting summary for the leading funds in 2025.
What's more surprising is that the threshold for the top twenty in the industry reached 123.73%, and nearly 90 funds had returns above 100%.
Put it this way: in terms of the number of funds doubling this year, it has surpassed any year in the past decade and even the previous bull market peak.
Chart: Top actively managed equity funds in 2025
Beating Benchmark Returns "Is Not Difficult"
In 2025, public funds' evaluation leaned further towards their benchmarks, and beating the benchmark return will become much more important for fund managers going forward.
Wind data shows that during the year, the fund that most exceeded its benchmark return was still Yongying Technology Select Fund managed by Ren Jie, outperforming the comparable performance benchmark by 198 percentage points. Next was AVIC Opportunity Navigator Fund managed by Han Hao, ahead of the comparable performance benchmark by 162 percentage points.
In addition, Hongtu Innovation Emerging Industry Fund managed by Liao Xinghao, Hengyue Advantage Select Fund managed by Wu Haining, BOCOM Outstanding Return Fund managed by Zhou Shanshan, Debon Star Value Fund managed by Lei Tao, Lu Yang, Hui'an Growth Select Fund managed by Shan Bolin, Invesco Great Wall Steady Return Fund managed by Jiang Shan, all outperformed the comparable benchmarks by 130 percentage points.
Among these, Debon Star Value and Invesco Steady Return did not make the top ten for absolute returns, but did make the top ten for excess returns, demonstrating the investment brilliance of their fund managers in a benchmark-based environment.
Chart: Funds with the largest excess returns over benchmarks in 2025
Ordinary Stock Funds—Top Return Was 114%
In ordinary stock funds, Industry Trend Fund managed by Li Jin took the top spot with a rise of more than 114.6% since the beginning of the year.
Next were Strategic Emerging Industry Fund managed by Ouyang Liangqi and Hongtu Innovation New Technology Fund managed by Gai Junlong, who ranked second and third in this category, with annual returns of 107.6% and 104.9% respectively.
Information Industry Select Fund managed by Zheng Xi, Caitong Integrated Circuit Industry Fund managed by Jin Zicai, Industry Trend Preferred Fund managed by Li Jin, Resources Select Fund managed by Huang Daoli, High-End Equipment Manufacturing Fund managed by Chen Xiaqiong, Peng Wu, Innovation Driven Fund managed by Shen Jia, and Technology Pioneer Fund managed by Chen Ping posted gains of 94%-104.3% in 2025, and ranked fourth to tenth respectively.
Among ordinary stock funds, those with a general technology focus absolutely dominated the leaders.
Take the Industry Trend Fund managed by Li Jin as an example: it focuses on investing in technology-related sectors and growth tech stocks. Specifically, the fund manager is bullish on opportunities in artificial intelligence, energy storage, and Internet sectors, focusing on choosing stocks within technology, new energy, and advanced equipment fields.
Chart: Top-performing ordinary stock funds in 2025
Hybrid Funds: Don't Miss the "Midsection Funds"
In hybrid funds, rankings basically mirror the overall market. Yongying Technology Select Fund, AVIC Opportunity Navigator Fund, Hengyue Advantage Select Fund, and Hongtu Innovation Emerging Industry Fund occupied the top four positions. The top ten list matches the absolute returns top ten exactly.
But worth mentioning as well are the funds ranked 11th to 20th, which include Huatai-PB Quality Select and Quality Growth managed by Chen Wenkai, Growth Navigator managed by Wu Yuanyi, Innovation Technology managed by Luo Qing, Steady Return managed by Jiang Shan, Debon Star managed by Lei Tao and Lu Yang, Ruixiang managed by Wu Yang, Transformation Power managed by Rong Zhineng, Growth & Innovation managed by Guo Weiling, Technology Innovation managed by Dachen, and Digital Industry managed by Tu Huanyu & Shi Zhixu.
The products of this batch of fund managers also performed outstandingly, and some, limited by contract requirements, still managed to generate very robust results.
Chart: Leading hybrid funds in 2025
Index Funds: "A Hundred Flowers Bloom—It’s Spring"
For equity index funds, China Universal CSI All Communication Equipment ETF managed by Ai Xiaojun topped the list with a 2025 gain of over 126%.
Along with Theme ETF for Communication Equipment managed by Su Huaqing and Tianhong CSI All Communication Equipment Index Fund managed by Zhang Ge, these three made the top three, with the latter two posting annual returns over 118.6%. As you can see from their names, all are themed around communication equipment.
Next were: CSI All Communication Equipment Index Fund managed by Li Qingyang, China Universal CSI All Communication Equipment ETF Linkage managed by Ai Xiaojun, Dongcai CSI Communication Technology Fund managed by Yao Nanyan, Galaxy CSI Communication Equipment Theme Index Fund managed by Huang Dong, Theme ETF for Communication Equipment Link managed by Su Huaqing, China Universal CSI Nonferrous Metal Mining Theme ETF managed by Ma Yiwen, and Huabao GEM Artificial Intelligence ETF managed by Chen Jianhua and Cao Xuchen appearing in the top ten, all up more than 106%.
Except for the one nonferrous metal mining-themed ETF, the rest are basically all communication equipment or AI. Of course, among the 11th to 20th, there are more nonferrous metal-themed selections.
Chart: Top equity index funds in 2025
In fact, the strong performance of nonferrous metals in 2025 is closely related to technology—the tech industry’s boom is a core driving force of the nonferrous cycle this time. Cutting-edge tech such as AI, new energy, and commercial space all require a large amount of specific metals. This demand is no longer linear, but is explosively growing with each round of technological iteration. Nonferrous metals are no longer just the "king of cycles" in the conventional sense—they are being redefined as the "underlying hardware of tech growth".
QDIIs Focus on Innovative Drugs and Technology
As of the net asset value disclosure date, China AMC Hong Kong Advantage Select managed by Zhang Wei—though hit by the adjustment in innovative medicine after September—still took the top spot in QDII category with a 114% annual return (as of December 30).
Second place went to Chuangjinhe Trust Global Pharma and Biotech Fund managed by Pi Jinsong and Mao Dingding, which posted a more than 91% gain since the start of the year (QDII ranking based on latest NAV, date as shown).
This fund maintained upward NAV performance through switching between Hong Kong and U.S. pharma stocks in the second half, but slightly trailed in annual performance, ending up as QDII runner-up.
Third was Global Growth Select Fund managed by Zheng Xi, which gained 86% from the start of the year. It held large positions in both A/H tech stocks and overseas tech stocks.
Fourth was Huatai-PB CSI KRX Korea Semiconductor ETF managed by Li Muyang and Liu Jun. Fifth was Global Pharma (RMB) Fund managed by Yang Zhenxiao.
Overall, pharma and tech remained the QDII category’s focal points.
Chart: Top QDII funds in 2025
Stock Attributes Influence Bond Fund Rankings
Opportunities in the equity markets of 2025 also reflected in bond funds; convertible bonds with some equity attributes performed exceptionally well, while convertible bond funds and some aggressive hybrid secondary bond funds topped the rankings.
Nanfang Changyuan Convertible Bond Fund managed by Liu Wenliang led the bond category with a gain of 48.77%.
Bond funds’ returns were tightly grouped. Second to fifth places went to Minsheng Plus Silver Enhanced Return Fund managed by Xie Zhihua, Boshi Convertible Bond Enhanced Fund managed by Guo Jun and Gao Hui, Huaxia Convertible Bond Enhanced Fund managed by He Jiaqi, and Penghua Convertible Bond Fund managed by Wang Shiqian, all with returns between 33%-35.9%, neck and neck.
Chart: Top performing bond funds in 2025
Chart: Top 100 funds of 2025
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