Large Public Funds Lead Performance Over the Past Decade, E Fund Tops Five-Year Returns
N.R. Finch
A Guotai Haitong Securities ranking shows E Fund's equity products averaged 52.43% over five years and 256.30% over ten, topping all large fund houses — active management at major firms is rising collectively.
Who leads the ten-year scoreboard?
E Fund posted a 256.30% average return over ten years, ranking first among large firms.
China Europe Fund came second at 229.53%; Dacheng Fund third at 215.81%. ChinaAMC Global, Invesco Great Wall, ICBC Credit Suisse, and Fullgoal followed.
This means → outperformance at major houses is not one star manager carrying the team — it is broad-based positive returns across actively managed products.
Which individual funds stood out most?
E Fund Ruixiang I, managed by Wu Yang, returned 521.6% over five years — the top performer among nearly 3,000 comparable funds and one of only two "5× funds."
E Fund Foresight Growth and E Fund Kerong returned 337.53% and 310.18% respectively, ranking second and third among 919 peers.
Zheng Xi's two tech-sector funds — E Fund Information Industry and E Fund Information Select — both finished in the top three of their category over five years.
In plain terms = tech-themed funds drove the performance surge, and having this many winners under one roof is unusually rare.
Why could large firms outperform collectively?
Analysts attribute it to a deep restructuring of global supply chains over five years, which lifted earnings sharply at select A-share companies — a fundamental-driven industry megatrend was the core force.
Large fund houses run systematic fundamental-research frameworks; when a megatrend appears, the framework resonates with it and lifts firm-wide results.
This means → the edge is not one manager's personal call but a company-level research process capturing opportunities systematically.
How did they navigate a full bull-bear cycle?
A-shares completed a full cycle over five years: a post-2021 core-asset selloff and drawdown → a mid-cycle value rally → a "tech bull" starting after September 2024.
Analysts note that managers with a firm personal style plus broad stock-picking range had room to perform; large firms executed style discipline and process consistency more firmly, providing steady support.
This reflects a key insight: surviving cycles is not about betting on one trend — it is about a research system wide enough to cover multiple industry opportunities.
Can this edge persist?
Whether large fund houses keep leading through the next cycle depends on their fundamental-research frameworks continuing to capture structural opportunities in evolving industries.
In plain terms = the past five years proved the "systems approach" works, but if market style shifts, whether the system can adapt is the biggest open question.
Content is for reference only, not financial advice.