Q2 2026 Fixed-Income Plus Funds Reach 1925, Up 94 from Q1, Total RMB 3.55 Trillion

In the second quarter of 2026, the number of fixed-income plus products across the market rose to 1925, managed by 152 public fund firms, with total assets of RMB 3.55 trillion, an increase of 94 products and RMB 0.37 trillion quarter-on-quarter. Among them, secondary debt bond funds were the absolute leader, with 827 funds totaling RMB 2.37 trillion, accounting for 66.67% of the total. There were 694 equity-linked hybrid funds with RMB 329.687 billion, and 428 primary debt bond funds with RMB 854.874 billion. In the second quarter, 93 new fixed-income plus funds were established, mainly non-holding-period secondary debt bond funds.

The fixed-income plus market showed a clear concentration effect. At the end of the second quarter, the top 10 fund houses by scale managed a combined RMB 1.79 trillion, representing 50.28% of the total market. Invesco Great Wall led with RMB 315.514 billion, while E Fund, China Universal, and Fullgoal Fund Management each had over RMB 200 billion. The club of fund houses with over RMB 100 billion in fixed-income plus assets remained at 10, unchanged from the first quarter. Huashang Fund entered the top 10, while Zhong Ou Fund dropped to 11th place with RMB 94.587 billion. At the end of the first quarter, the top 10 collectively managed RMB 1.58 trillion, with Invesco Great Wall and E Fund at RMB 280.738 billion and RMB 269.106 billion, respectively.

Products with over RMB 10 billion in assets continued to expand, increasing from 68 at the end of the first quarter to 78 at the end of the second quarter, under 30 fund houses. E Fund, Invesco Great Wall, Fullgoal Fund Management, and China Universal collectively held 39 such products, accounting for half of the total. The top three by scale were all secondary debt bond funds from Invesco Great Wall: Invesco Great Wall Jingyi Fengli Bond with RMB 71.209 billion, Penghua Shuangzhai Jiali Bond with RMB 58.443 billion, and Invesco Great Wall Jingyi Shuangli Bond with RMB 57.597 billion. In the second quarter, 18 new products entered the RMB 10 billion club, under 14 fund houses. Among them, E Fund Fenghe Bond grew by RMB 34.74 billion in a single quarter to RMB 39.093 billion, and China Universal Duoyuan Shouyi Bond grew by RMB 25.465 billion to RMB 27.398 billion. Of these 18 new entrants, five products saw growth of over RMB 10 billion in the second quarter.