The disclosure of A-share interim reports for the first half of 2026 has brought into focus the heavyweight fund lists held by public offering FOFs (funds of funds). As "professional buyers," the positioning moves of FOFs often reflect the collective judgment of institutional capital on broader asset allocation. Wind data shows that in the first half of 2026, out of approximately 14,000 fund products across the market, 4,482 funds were held, with 2,620 of them being heavily weighted by FOFs. The overall allocation structure reveals a clear pyramid strategy: gold as a foundational element, CSI 300 and low-volatility dividend strategies serving as defensive anchors, and technology as an offensive lever.
Among the top 20 funds by market value held, gold ETFs secured five spots and claimed the top four positions. The combined market capitalization of these four gold ETFs held by FOFs exceeded 123.9 billion yuan. Leading the pack was the Huaan Gold ETF, held by 192 FOFs, with its held market value accounting for 43.86% of the fund's total scale.
The dual nature of the SSE Star Board: E Fund and ChinaAMC SSE Star Board 50 ETFs face reductions, while Harvest SSE Star Board Chip ETF sees inflows. Among the top 20 funds by market value held, gold ETFs took five slots and occupied the lead. The four gold ETFs collectively held by FOFs amounted to over 123.9 billion yuan. Following gold, the fifth-largest by market value was the E Fund SSE Star Board 50 ETF, with a held value of 21.718 billion yuan. However, this fund saw a reduction of 3.924 billion units in the first half, marking the largest decrease among the top 20. Similarly, the ChinaAMC SSE Star Board 50 ETF was reduced by 2.162 billion units, with a held market value of 10.445 billion yuan. The two broad-based Star Board ETFs collectively saw cuts exceeding 6 billion units. Meanwhile, the ChinaAMC National Securities Semiconductor Chip ETF was held by 23 FOFs with a held value of 5.136 billion yuan, though it faced a half-year reduction of 1.901 billion units. In stark contrast, the Harvest SSE Star Board Chip ETF was held by 139 FOFs with a held market value of 18.417 billion yuan, and it gained 611 million units during the period. These figures indicate that FOFs have not exited the technology sector but have instead shifted from broad-based indexes to more specialized sub-sectors. Additionally, the E Fund ChiNext ETF was held by 104 FOFs with a held market value of 10.588 billion yuan, yet it saw a reduction of 805 million units.
The twin pillars of the tech theme: communication and artificial intelligence themed ETFs gain traction. The Guotai CSI All Share Communication Equipment ETF posted a held market value of 9.134 billion yuan, ranking seventeenth, but it was held by the highest number of FOFs nationally at 199, with an annualized increase of 4.109 billion units. The ChinaAMC CSI Power Grid Equipment Theme ETF had a held market value of 10.049 billion yuan, ranking fifteenth, and gained 4.801 billion units. The ChinaAMC CSI 5G Communication Theme ETF recorded a held value of 9.895 billion yuan, ranking sixteenth, with an uptick of 5.170 billion units. The E Fund CSI Artificial Intelligence Theme ETF reached a held market value of 11.262 billion yuan, placing twelfth. Collectively, these four tech-themed ETFs amassed a held market value exceeding 40.3 billion yuan, with significant inflows into three of them, excluding the AI-themed fund. The communication equipment ETF stands out as the single most widely held fund by FOFs, suggesting that within the tech theme, FOFs prefer industry-specific ETFs over broad-based ones to capture excess returns. The emergence of the power grid equipment theme ETF as a new entrant in the top 20 is directly tied to the electricity infrastructure demand driven by AI computing expansion, potentially reflecting deeper exploration across the tech value chain by FOFs.
In summary, the rebalancing path of FOFs not only mirrors the agile response of institutional money to shifts in the macro landscape but also underscores their professional pricing capability in a complex market. With uncertainty lingering into the second half of the year, the choices of these "professional buyers" could serve as a valuable asset allocation compass for ordinary investors.
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