During the first three quarters of 2026, the A-share market experienced a structural rally driven by the dual forces of domestic semiconductor substitution and the AI computing power wave, leading public fund performance rankings for the period to display a distinct dual-track pattern of technology and resources.
According to officially published net asset values and returns, among actively managed equity funds in the first three quarters, Yang Zongchang of E Fund, Chen Siyu of Huian Fund, Zuo Shaoyi of Nuoan Fund, and Jin Zicai of Caitong Fund delivered standout performances, leading the entire market.
On the passive index side, semiconductor materials and equipment themed ETFs dominated the rankings, while the QDII category staged a showdown between crude oil and semiconductors. Below is a full picture of the top performers across seven major fund categories for the first three quarters.
Active Equity Funds: New Names Take the Lead
The champion among active non-money-market funds for the first three quarters was the E Fund Supply Side Reform fund managed by Yang Zongchang, overtaking Wu Hao of Founder Fubon and Jin Zicai of Caitong Fund who had led at mid-year.
The runner-up was also managed by Yang Zongchang, the E Fund Industrial Opportunity A, with a return of 111.62%. Both products are steered by Yang Zongchang, highlighting his precise rhythm of heavily positioning in the semiconductor supply chain early on and adjusting in a timely manner later, based on NAV inference.
Third place went to the Huian Trend Momentum A managed by Chen Siyu, with a year-to-date return of 96.66%. This fund led its peers in the first quarter, ranking 12th, rose to first place by the half-year mark, and maintained strong performance throughout.
In addition, the Nuoan Innovation Drive A managed by Zuo Shaoyi, with a return of 94.83%, surged from 613th place in Q1 to 4th by the end of the third quarter, showing remarkable late-stage momentum. Other AI-themed funds also performed well, including Orient AI Theme A at 92.68% and Shenwan Lingxin Smart Drive A at 89.38%.
Jin Zicai, who led comprehensively in the first half, continued his multi-pronged approach. Four of his products entered the top 20: Caitong Multi-Strategy Fuxin at 85.30%, Caitong Craftsmanship Preferred One-Year Holding A at 82.79%, Caitong Prosperity Selection One-Year Holding A at 78.53%, and Caitong Growth Preferred A at 76.91%, forming what could be called the Caitong Technology Legion.
Chart: Top performers among active non-money-market funds in the first three quarters.
Equity Funds: Pharmaceuticals Rebound en Masse
The rankings for actively managed equity funds were relatively clear, with the leader being the year's runner-up, Huian Trend Momentum A, managed by Chen Siyu with a year-to-date return of 96.66%. However, its first-half return reached 163.21%, the highest among all active equity funds in the market. Although its ranking remained unchanged, its return has retreated significantly.
In addition, Shenwan Lingxin Smart Drive managed by Bu Zhonglin and Huashang Reform and Innovation A managed by Liu Li took second and third places respectively.
Further down the list were Wang Xianwei's Chuangjin Hexin Specialized and Innovative fund and Jin Zicai's Caitong Integrated Circuit fund.
The equity fund rankings displayed a clear duopoly pattern, with semiconductor funds and pharmaceutical funds sharing dominance.
In the semiconductor direction, beyond the top three, China Life AMP Digital Economy managed by Wu Jian at 62.12%, Invesco Great Wall Global Semiconductor Chip Industry at 63.78%, and Guofu Asia Opportunity A at 61.70% were among the top performers.
On the pharmaceutical side, China Merchants Frontier Healthcare A managed by Li Jiacun at 61.78% and China Merchants Pharmaceutical Health Industry at 61.08% both entered the top 20. Notably, both had first-half returns of only around 10%, underscoring their strong third-quarter performance.
Chart: Top performers among equity funds in the first three quarters.
Mixed Funds: Technology Shines
The champion among actively managed mixed funds was E Fund Industrial Opportunity A managed by Yang Zongchang at 111.62%, sharing the same origin as the overall active equity champion. In addition, Orient AI Theme A managed by Yan Kai at 92.68%, Guotai Semiconductor Manufacturing Select A managed by Peng Lingzhi at 85.41%, and Yinhua Integrated Circuit A managed by Fang Jian at 83.88% took second through fourth places.
Other standout performers included Wang Yue's Minsheng Royal Juyou at 81.98%, Huashang Balanced Growth A managed by Zhang Mingxin at 74.87%, China Mobile Internet USD Spot at 78.95%, and CCB Emerging Market Select A at 74.93%.
Unlike equity funds, semiconductor-themed funds still occupied half of the list here.
Once again, Jin Zicai of the Caitong group emerged as the biggest winner, with three products entering the top ten: Caitong Craftsmanship Preferred One-Year Holding A at 82.79%, Caitong Prosperity Selection One-Year Holding A at 78.53%, and Caitong Quality Selection A at 76.35%.
Index Funds: Semiconductor Materials Dominate, China-Korea Semiconductor Cross-Border Shines
The index fund rankings for the first three quarters were almost entirely monopolized by semiconductor materials and equipment themed ETFs.
Penghua STAR Market Semiconductor Materials and Equipment Theme ETF managed by Lin Song at 82.43% took first place, followed closely by China AMC SSE STAR Market Semiconductor Materials and Equipment Theme ETF managed by Yang Siqi at 81.95% and Huatai-PineBridge SSE STAR Market Semiconductor Materials and Equipment Theme ETF managed by Li Muyang at 81.78%. All three had first-half returns exceeding 169%.
In terms of ranking changes, the Penghua ETF surged from 574th in Q1 to first place by mid-year and the end of the third quarter, while the China AMC ETF rose from 565th to second place, showing notable late-stage momentum.
In cross-border index funds, the Huatai-PineBridge CSI KRX China-Korea Semiconductor ETF at 75.25% stood out, reflecting the spillover prosperity of South Korea's semiconductor supply chain.
Overall, semiconductor materials and equipment remained the strongest theme in passive investing during the first three quarters of 2026.
Bond Funds: Huashang's Zhang Yongzhi Sweeps Top Three, Convertible Bonds Rebound After Early Slump
The champion among bond funds was Huashang Ruixin Regular Open managed by Zhang Yongzhi at 26.64%, with Huashang Convertible Bond A at 26.30% and Huashang Stable Income A at 18.82% taking second and third places. Zhang Yongzhi of Huashang swept the top three alone, making him the bond fund king of the year.
Worth noting was the rebound-after-slump pattern of Huashang Convertible Bond A. Its first-quarter return was negative 4.48%, ranking 7,654th among peers, before surging to 40.74% by mid-year to rank third, and accumulating 26.30% over the first three quarters. This demonstrated the high elasticity of convertible bonds as the equity market recovered.
In addition, fixed-income-plus products performed steadily, including Caitong Income Enhancement A at 15.98%, E Fund Fenghe A at 12.39%, and Huashang Stable Dual Income A at 12.18%.
QDII Funds: A Showdown Between Two Camps
QDII funds in the first three quarters presented a contest between two major camps: crude oil and semiconductors.
In the crude oil camp, E Fund Crude Oil A USD Spot managed by Yin Chuntao at 86.47% led, followed by Southern Crude Oil A managed by Zhang Qisi at 80.80%, E Fund Crude Oil A RMB at 78.66%, and Harvest Crude Oil at 75.38%.
These funds generally had first-quarter returns exceeding 59% and had all risen above 75% by the end of the third quarter, reflecting the strength of international oil prices in the first half.
In the semiconductor and technology camp, China Mobile Internet USD Spot at 78.95%, Huatai-PineBridge CSI KRX China-Korea Semiconductor ETF Feeder A at 77.50%, CCB Emerging Market Select A at 74.93%, and Guofu Global Technology Internet USD Spot A at 68.80% performed well, with first-half returns generally exceeding 96%, reflecting the synchronized prosperity of global semiconductors and technology interconnection.
The two camps standing side by side became the most distinctive feature of the QDII market.
FOF Funds: E Fund Monopolizes Top Ten, Pension Target Products Shine
The FOF fund rankings for the first three quarters were almost monopolized by a single company.
E Fund Advantage Drive One-Year Holding A managed by Zhang Haoran at 35.58% took first place, with E Fund Advantage Navigator Six-Month Holding A at 34.10% and E Fund Advantage Value One-Year Holding A at 33.97% taking second and third places. E Fund Advantage Return A at 26.51% and E Fund Advantage Elegance Six-Month Holding at 23.04% also entered the top five.
Notably, pension target products performed well, including E Fund Pension Target Date 2055 Five-Year Holding Y at 19.77% and E Fund Huiyu Active Pension Target Five-Year Holding Y at 17.96%, reflecting the close relationship between FOFs and pension investment.
Among non-E Fund products, BOCOM Smart Select Starlight A at 17.51% and China Universal Focus on Value Growth Three-Month Holding at 17.32% performed relatively well.
In the first three quarters of 2026, public fund performance presented a new theme pattern of technology, resources, and pharmaceuticals combined. What subtle signals this shift may breed for the future are worth closely tracking going forward.
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