With the release of A-share interim reports for the first half of 2026, the specific fund holdings of public FOFs have come to light. As professional fund pickers, FOF positioning often signals the collective view of institutional capital on asset allocation. According to Wind data, during the first six months of 2026, out of roughly 14,000 fund products in the market, 4,482 funds were held by FOFs, with 2,620 of these considered core holdings. Among the heavily held funds, index funds led with 1,040 products (40%), followed by bond funds at 885 (34%), equity funds at 541 (21%), and QDII funds at 91 (3%). Money market funds (35), REITs (10), and commodity funds (18) together comprised the remaining 2%.
The overall allocation pattern shows FOFs have established a clear structure: gold acts as a defensive anchor, CSI 300 and low-volatility dividend strategies provide stability, and technology ETFs serve as the offensive engine.
Gold ETFs dominate the top 20 list with five entries, including the top four spots, as Huaan Gold ETF leads with a massive investor base:
Gold ETFs hold the top four positions by market value among the top 20 FOF holdings, with the combined value of these four precious metal funds exceeding RMB 123.9 billion. Leading the pack is Huaan Gold ETF, which is held by 192 FOFs, representing a remarkable 43.86% of its total fund size. Notably, Bosera Gold ETF, Guotai Gold ETF, and E Fund Gold ETF show extremely high institutional ownership, with FOF holdings comprising 83.77%, 89.28%, and 72.92% of their respective fund sizes. Additionally, China AMC Gold ETF ranks 30th, held by 62 FOFs with a market value of 7.984 billion units, having seen a net increase of 346 million units in H1. FOF holdings account for 55.40% of this fund's total assets.
Gold's role in FOF portfolios has shifted from a mere hedging tool to a core portfolio stabilizer. Amid persistent global macroeconomic uncertainty and heightened geopolitical risks, gold's low correlation with equities and bonds has solidified its place as an essential component of institutional asset allocation. The rapid expansion of debt-biased hybrid FOFs has further fueled systematic demand for precious metals exposure.
Also worth noting is the Southern CSI Shenwan Nonferrous Metals ETF, held by 60 FOFs with a market value of RMB 8.653 billion, which attracted net inflows of RMB 2.18 billion during the half-year period.
Diverging Views on STAR Market: E Fund and China AMC Broad-Based ETFs See Outflows While Harvest Semiconductor ETF Gains Traction
After gold, the fifth-largest holding is the E Fund STAR 50 ETF with a market value of RMB 21.718 billion. However, this fund saw net redemptions of 3.924 billion units in H1, marking the largest outflow among the top 20 holdings. Similarly, the China AMC STAR 50 ETF experienced a decline of 2.162 billion units, reducing its held market value to RMB 10.445 billion. Together, these two broad-based STAR Market ETFs saw combined outflows exceeding 6 billion units.
Meanwhile, the China AMC National Semiconductor Chip ETF is held by 23 FOFs with a market value of RMB 5.136 billion, though it too was reduced by 1.901 billion units during the period. In sharp contrast, the Harvest STAR Chip ETF saw increased demand, with 139 FOFs holding it and a market value of RMB 18.417 billion, adding 611 million units in net inflows.
These figures show that FOFs have not exited the technology sector but have rotated from broad-based indices toward more specialized segments. Additionally, the E Fund ChiNext ETF, held by 104 FOFs with a market value of RMB 10.588 billion, saw outflows of 805 million units in H1.
CSI 300 ETFs Maintain Their Role as Large-Cap Stability Anchors
Two CSI 300 ETFs appear among the top 20 holdings. The E Fund CSI 300 ETF ranks sixth with a market value of RMB 20.836 billion, held by 40 FOFs and seeing net inflows of 314 million units in H1. The China AMC CSI 300 ETF ranks ninth with a market value of RMB 14.052 billion, held by 21 FOFs and adding 57 million units during the same period. Together, these two ETFs account for RMB 34.888 billion in FOF holdings.
Unlike the STAR Market ETFs, which faced selling pressure, the CSI 300 ETFs received modest net inflows, reaffirming their role as the foundational beta component in FOF portfolios. They offer stability during market turbulence while maintaining flexibility for style rotations. The synchronized inflows into both 300 ETFs suggest that many FOFs are balancing their aggressive tech positions with prudent core holdings.
Dividend Strategy: The Appeal of Low Volatility and High Yields
The tenth-ranked Southern S&P China A-Share Large Cap Low Volatility High Dividend 50 ETF and the eleventh-ranked HuaTai-PineBridge Low Volatility Dividend ETF exemplify strategies that combine defense with offense. Their combined FOF-held market value reaches RMB 25.983 billion. The Southern fund saw net inflows of 2.004 billion units in H1, reaching a market value of RMB 13.694 billion, with FOF holdings accounting for a substantial 76.08% of its total assets. The HuaTai-PineBridge ETF is held by 85 FOFs, gained 1.286 billion units, and has a held market value of RMB 12.289 billion, representing 39.27% of its fund size.
The rise of dividend-focused strategies in FOF allocations is no coincidence. In a climate of declining interest rates and elevated equity market volatility, assets offering high yields and low price swings deliver bond-like income stability alongside equity growth potential, making them a natural fit for FOF investment mandates.
Technology Offense Takes Two Paths: Communication Equipment and AI-Theme ETFs in Focus
Ranked 17th, the Guotai CSI All-Share Communication Equipment ETF holds a market value of RMB 9.134 billion but is the most widely held fund in the entire market, with 199 FOFs owning it. It attracted net inflows of 4.109 billion units in H1. Other notable tech ETFs in the top 20 include the China AMC CSI Power Grid Equipment Theme ETF (15th, RMB 10.049 billion, +4.801 billion units), the China AMC CSI 5G Communication Theme ETF (16th, RMB 9.895 billion, +5.170 billion units), and the E Fund CSI Artificial Intelligence Theme ETF (12th, RMB 11.262 billion).
These four technology-themed ETFs collectively hold over RMB 40.3 billion in FOF assets. Except for the AI-focused fund, all three others saw meaningful net inflows. The communication equipment ETF's status as the most-held fund reveals a preference for sector-specific ETFs over broad indices to capture excess returns within the technology theme. The emergence of the power grid equipment ETF as a new entrant to the top 20 is directly tied to the infrastructure demands of AI computing expansion, indicating that FOFs are digging deeper along the technology value chain.
In summary, FOF heavy positioning in H1 2026 paints a clear allocation roadmap: gold establishes a robust defensive base, CSI 300 and low-volatility dividend strategies maintain portfolio resilience, and sector-specific technology ETFs provide targeted growth opportunities. This shift from broad indices to niche segments and from pure defense to calculated offense reflects how institutional investors are responding to macro shifts with precision. As uncertainty persists into the second half of the year, the choices of these professional fund pickers offer a valuable compass for retail investors navigating complex markets.
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