As of December 12, 2025, actively managed public equity funds have not only produced nearly 60 "doubling funds" (with returns exceeding 100%) but also witnessed the first "double-bagger" (returns surpassing 200%) since 2008. Notably, if this fund achieves an additional 7.84% return in the remaining trading days of 2025, it will become the highest-yielding annual doubling fund in public fund history.
A comparison of nine bull-market years since 2000 reveals that actively managed equity funds have consistently outperformed, whether in broad rallies before 2019 or subsequent structural markets. In 2025, high-positioning funds have delivered particularly aggressive gains, with both return levels and the number of doubling funds reaching historic highs.
Industry experts attribute this resurgence in active management to a combination of market dynamics and enhanced fund research capabilities. However, these funds also exhibit concentrated holdings—a double-edged sword that amplifies both gains and risks. While past lessons caution against overexposure, the industry’s improved talent pipeline now ensures more stable research output and continuity, mitigating the "chasing highs" behavior among managers and investors amid a shift away from star-driven strategies.
**Record-Breaking Performance** As of December 12, Yongying Technology Select Fund A (永赢科技智选A) leads with a staggering 218.40% return, outpacing the second-ranked fund, AVIC Opportunity Navigator A (中航机遇领航A), by over 50 percentage points. With 10+ trading days remaining, a 7.84% gain would surpass ChinaAMC Large Cap Select A’s (华夏大盘精选A) 2007 record of 226.24%, securing its place as the highest-yielding annual doubling fund ever.
Historically, only 2007 and 2025 have seen funds breach the 200% threshold. Other standout years include 2006 (182.27% by Invesco Great Wall Domestic Demand Growth A) and 2015 (171.78% by E Fund Emerging Growth). Post-2019, structural markets dominated, with niche themes like新能源 (new energy) and tech driving returns. For instance, 2020’s top four funds were all managed by Zhao Yi (赵诣), while 2021’s winners focused on utilities and green economy sectors.
**Active Management Resurgence** Beyond the double-bagger, 57 doubling funds (19 exceeding 120%) and 148 funds with >80% returns highlight 2025’s exceptional performance. This contrasts sharply with post-2019 trends, where doubling funds dwindled to single digits in some years. Analysts note that while earlier bull markets lifted most sectors, recent gains stem from targeted bets on tech, metals, and AI—a testament to refined active strategies.
Tianxiang Investment Advisory (天相投顾) underscores this as a "return of alpha," noting that active funds lagged in 2022–2023 but began outperforming the CSI 300 after late 2024. Top 2025 performers heavily favored tech manufacturing stocks, including popular picks like "Yi Zhong Tian" (易中天).
**Risks and Reforms** Despite the success, concentrated portfolios pose risks. Morningstar’s Sun Heng warns that sector-specific bets—such as in光通信 (optical communication) or创新药 (biotech)—can lead to sharp drawdowns during corrections. For example, Yongying Technology Select’s top 10 holdings exceed 70% of its portfolio, while AVIC Opportunity Navigator’s concentration tops 75%.
Positive structural shifts are emerging, however. Firms now prioritize systematic research over individual star managers, and fee reforms have curbed short-term speculation. As the industry shifts toward investor-centric practices, the chase for fleeting highs has moderated.
In summary, 2025 marks a milestone for active management, blending stellar returns with evolving discipline—a balance that will define the industry’s next chapter.
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