Recent discussions have been sparked by the draft "Guidelines for Performance Assessment Management of Fund Management Companies" (referred to as the "Guidelines"), which propose significant reforms in the mutual fund industry. The Guidelines emphasize aligning fund companies' dividend distributions with long-term product performance and investor returns. Companies with poor fund performance or significant investor losses over the past three years are advised to reduce payout frequency and ratios.
E Fund has distributed a total of 12.1 billion yuan in dividends to shareholders over the past decade (2015–2024), with GF Securities, holding a 22.65% stake, receiving 2.79 billion yuan. In 2024 alone, E Fund reported revenue of 12.109 billion yuan and net profit of 3.9 billion yuan, distributing 1.192 billion yuan in dividends—a payout ratio of 30.56%. Cumulatively, E Fund's net profits over the decade reached 25.427 billion yuan, with dividends totaling 12.143 billion yuan, ranking it first among top fund houses, ahead of rivals like ChinaAMC and Tianhong.
In terms of payout ratios, E Fund's decade-long average stands at 47.76%, placing it fourth among leading peers—below Invesco Great Wall, China Universal, and Penghua but above Southern, GF, and Fullgoal Funds.
Notably, E Fund's payout ratio improved after implementing employee equity incentives in December 2019. Nearly 200 employees collectively hold 9.39% of shares through six partnerships. From 2019 to 2024, these employee platforms received 971 million yuan in dividends. Key beneficiaries include star fund managers like Chen Hao (21.19 million yuan), Feng Bo (20.88 million yuan), Zhang Kun (20.21 million yuan), and Xiao Nan (15.86 million yuan).
Pre-incentives (2015–2018), E Fund's annual payout ratios fluctuated between 22.39% and 59.92%, averaging 34%. Post-incentives (2019–2024), ratios exceeded 60% for three consecutive years before moderating, lifting the six-year average to 51%—above both pre-incentive levels and the decade-long average.
Performance-wise, Wind data reveals that from 2022 to 2024, 52.75% of E Fund's 273 primary products posted losses, while 47.99% underperformed benchmarks. Over three years, these funds incurred 48.8 billion yuan in investor losses. From December 2022 to November 2025, 30% of its 307 products lagged benchmarks, with 7.8% underperforming by over 10%.
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