As 2025 concluded, the annual performance rankings for QDII (Qualified Domestic Institutional Investor) funds have been officially released. Against a backdrop of shifting global economic dynamics and accelerating asset rotation, QDII funds, serving as a crucial tool for investors to achieve global asset allocation and risk diversification, exhibited significant structural divergence in their performance.
On one hand, ChinaAMC Hong Kong Advantage Select led the pack with a return exceeding 112%, while funds like Chuangjin Hexin Global Medical Biology and E Fund Global Healthcare Industry surged over 88%, benefiting from a global rally in innovative drug and biotech sectors. On the other hand, influenced by crude oil price volatility, a downturn in the global real estate cycle, and adjustments in certain regional markets, some QDII funds delivered relatively weak performances in 2025.
The 2025 QDII Top Performers List: ChinaAMC Hong Kong Advantage Select surged over 112%; Chuangjin Hexin Global Medical Biology and E Fund Global Growth Select rose over 88%.
In 2025, QDII funds focusing on specific themes delivered outstanding results, benefiting from accelerated global pharmaceutical innovation, a rebound in the semiconductor cycle, and structural opportunities in the Hong Kong stock market. ChinaAMC Hong Kong Advantage Select topped the list with a return exceeding 112%, while funds like Chuangjin Hexin Global Medical Biology and E Fund Global Healthcare Industry also rose over 88%, capitalizing on the global upswing in innovative drugs and biotechnology. Amidst global risk-off sentiment and adjustments in monetary policy expectations, E Fund Gold Theme QDII also achieved a return close to 70%.
Huatai-PineBridge CSI KRX China-Korea Semiconductor ETF and its feeder fund, which track the China-Korea Semiconductor Index, both made the list, highlighting the strong momentum in this niche sector during 2025. ICBC Credit Suisse New Economy RMB A, managed by Zhao Bei, gained over 69.43%; Fullgoal Blue Chip Select, managed by Zhang Feng and Wang Menghai, rose over 67.95%; and Fullgoal Global Healthy Living USD, managed by Peng Chenchen and Wang Chao, increased over 66.74%. List of Top Performing QDII Products in 2025 Statistical Period: January 1, 2025, to December 31, 2025.
The top 10 QDII funds of 2025 were dominated by those specializing in specific areas such as Hong Kong stocks, global pharmaceuticals, semiconductors, and gold. Investors can refer to this list to identify leading products and managers in cross-border investing over the past year.
The 2025 QDII Underperformers List: E Fund Crude Oil, Southern Crude Oil, and Harvest Crude Oil Lost Over 10%.
In contrast to the top performers, some QDII funds showed relative weakness in 2025, impacted by crude oil price fluctuations, the global real estate cycle downturn, and adjustments in specific regional markets.
Crude oil-themed funds faced concentrated pressure in 2025: For instance, E Fund Crude Oil, Southern Crude Oil, and Harvest Crude Oil posted annual returns ranging from -10.78% to -13.76%. Regional theme funds cooled off: Two ETFs tracking the Saudi Arabian market (managed by Huatai-PineBridge and Southern Fund), since their inception in 2024, both recorded returns exceeding -12% in 2025. Overseas real estate funds were sluggish: Funds investing in US and global real estate (Penghua US REIT, Noah Global Yield Real Estate) also performed poorly, ending the year with negative returns. List of Top Performing QDII Products in 2025 Statistical Period: January 1, 2025, to December 31, 2025.
Within the 2025 market environment, QDII funds highly correlated with international crude oil prices, as well as those investing in specific regions and real estate markets, encountered substantial challenges. When engaging in global asset allocation, investors must fully consider the cyclical risks and market volatility associated with different asset classes.
The stark divergence in 2025 QDII fund performance underscores that global technological innovation and industrial upgrading represent a long-term trend. The ability to allocate cross-border to growth sectors like pharmaceuticals and semiconductors has become a key differentiator for fund managers. Traditional cyclical assets (such as crude oil and real estate) are highly sensitive to macroeconomic cycles, requiring precise timing to avoid counter-cyclical allocation during downturns. The fundamental value of QDII lies in diversifying country-specific and asset class risks. Both the top and bottom performers reinforce the importance of constructing a diversified global portfolio and avoiding excessive concentration in any single sector.
Note: Data Source: Wind, AI-assisted. The market carries risks, investment requires caution. The above data and analysis are based on historical performance in 2025 and do not constitute any investment advice.
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