38.61 trillion yuan! The total size of public funds has broken the record for 11 consecutive months

The total size of public funds rises to a new high of 38.61 trillion yuan, with money market funds attracting over 570 billion yuan in a single month.

On March 25, the Asset Management Association of China (AMAC) released the latest public fund market data.

As of the end of February 2026, there are a total of 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public offering qualifications. The net asset value of public funds managed by these institutions totals 38.61 trillion yuan, a month-on-month increase of 2.22% from 37.77 trillion yuan at the end of January 2026.

Since April 2025, the total scale of public funds has consecutively hit new record highs for 11 months, showing a continuous expansion trend. Meanwhile, the number of fund products has also steadily increased. By the end of February, the total number of funds in the market reached 13,821, a net increase of 96 funds in the month, indicating ongoing growth in product supply.

From the scale changes of different types of funds, the February market shows clear structural characteristics. Unlike January, when both stock funds and bond funds experienced outflows, in February, except for stock funds, all other types of funds saw positive growth. Among them, money market funds and bond funds were the main drivers of scale growth that month, with hybrid funds and QDII funds also recording varying degrees of increase.

Specifically, money market funds and bond funds became the “dual engines” of scale growth this month. Money market funds increased by 386.1k yuan, a month-on-month growth of 3.79%; bond funds grew by 386.1k yuan, a month-on-month increase of 2.06%. Additionally, hybrid funds increased by 377.7k yuan, a 2.33% month-on-month growth. QDII funds grew by 579.51B yuan, a 0.39% increase month-on-month.

Market analysis indicates that before the Spring Festival, due to rising risk aversion and investors’ increased desire to secure profits, trading activity temporarily cooled, and risk appetite declined. Overall, conservative products remained the main direction of capital inflows, reflecting investors’ preference for low-volatility, relatively stable return strategies amid market fluctuations.

In terms of share changes, the capital flow and scale variation of various fund types are generally consistent. Money market fund shares increased by 216.73B shares in the month, a 3.79% increase; shares of bond funds, hybrid funds, QDII funds, and stock funds increased by 93.34B, 4.02B, 579.3B, and 137.01B shares respectively.

Notably, QDII funds may have limited scale growth due to quota restrictions, but their share increase of 7.95% month-on-month ranks first among all product types, indicating that investor demand for overseas asset allocation remains strong, and the willingness to “go global” through public offerings continues to grow.

Morningstar pointed out that QDII funds showed divergence in performance in February. Thanks to excellent performance of Japanese, Korean, Taiwanese stocks, and gold, the global emerging market equity and bond hybrid funds, commodity funds, and Asia-Pacific ex-Japan equity funds recorded monthly gains of 6.62%, 4.54%, and 2.26%, respectively, making them the top three performing categories within QDII funds.

Reporter: Ding Xinqing, The Paper

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