Large Public Funds Lead Performance Over the Past Decade, E Fund Tops Five-Year Returns
nashnova research
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.
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