The market for Fund of Funds (FOF) has continued to expand since the beginning of 2026, with the latest asset size rankings for FOF products from various fund companies now available. According to the most recent data, as of the end of February 2026, Fullgoal Fund led the pack with a total FOF asset size of 24.204 billion yuan among the 84 fund companies offering FOF products. GF Fund and E Fund followed closely with assets of 23.345 billion yuan and 21.111 billion yuan, respectively. The combined assets of the top three reached 68.66 billion yuan, accounting for 23.7% of the total FOF market size of 289.802 billion yuan, highlighting a significant concentration effect among leading firms.
A clear leading tier has formed in the FOF business based on asset distribution. Beyond the top three, Zhong Ou Fund (20.016 billion yuan), Xingquan Global Fund (18.624 billion yuan), Guotai Fund (13.618 billion yuan), China Asset Management (12.358 billion yuan), Southern Fund (11.649 billion yuan), Bosera Fund (10.961 billion yuan), and ICBC Credit Suisse Fund (10.717 billion yuan) ranked from fourth to tenth place. The combined assets of the top ten firms totaled 166.61 billion yuan, representing 57.48% of the entire market, further solidifying the dominant position of major institutions in the FOF sector.
The threshold for entry into the top 20 companies was 4.363 billion yuan in assets. A total of 19 companies had FOF assets exceeding 5 billion yuan, while 27 firms managed over 3 billion yuan. This tier constitutes the core strength of the FOF market, with product lines covering various risk-return profiles such as conservative, balanced, and aggressive strategies.
Notably, Xingquan Global Fund secured the fifth position with just 12 products, achieving an average asset size of 1.552 billion yuan per product, demonstrating strong capabilities in focused, high-quality operations. Bosera Fund entered the top ten with 8 products, boasting an average product size of 1.37 billion yuan, which also validates the effectiveness of a "less is more" product strategy. Huatai-PB Fund leveraged 4 products to manage 5.843 billion yuan in assets, with an average product size of 1.46 billion yuan, making it the company with the fewest products but one of the highest averages among the top 20.
Comparing data from the end of 2025, the total FOF market size increased from 223.698 billion yuan to 269.348 billion yuan in early 2026, a net increase of 45.65 billion yuan. Among the leading companies, Bosera Fund saw its assets grow by 5.844 billion yuan, GF Fund by 5.834 billion yuan, ICBC Credit Suisse Fund by 4.581 billion yuan, Fullgoal Fund by 4.561 billion yuan, Southern Fund by 3.605 billion yuan, Zhong Ou Fund by 3.57 billion yuan, and Invesco Great Wall Fund by 2.406 billion yuan. These seven companies collectively contributed over 30 billion yuan to the market's growth, accounting for more than two-thirds of the total increase.
In terms of product types, bond-biased hybrid FOFs were the primary drivers of this expansion phase. The total market size for this category grew from 141.766 billion yuan to 187.901 billion yuan, a net increase of 46.135 billion yuan, accounting for almost the entire net inflow. This data confirms that, against the backdrop of a low-interest-rate environment and market volatility, investor demand for "fixed-income plus" FOFs, which offer stable returns and controlled drawdowns, continues to rise.
The size of equity-biased hybrid FOFs increased slightly from 31.052 billion yuan to 31.861 billion yuan, a modest rise of 809 million yuan, reflecting cautious optimism among investors towards the equity market. In contrast, target-date FOFs saw their assets decline from 21.284 billion yuan to 20.035 billion yuan, a decrease of 1.249 billion yuan, making it the only category to experience a contraction. Industry analysis suggests this may be related to some "pension target funds" being liquidated after their assets remained below the 200 million yuan threshold for three years post-establishment.
Competition is more intense among companies ranked beyond the top 20. Firms such as Yinhua Fund (4.351 billion yuan), China Construction Bank Fund (3.621 billion yuan), Tianhong Fund (3.527 billion yuan), Qianhai Kaiyuan Fund (3.395 billion yuan), Wanjia Fund (3.242 billion yuan), Morgan Stanley Fund (3.222 billion yuan), and Harvest Fund (3.173 billion yuan) form a second tier, with assets concentrated in the 3-6 billion yuan range and closely contested rankings.
Among companies ranked beyond 50th place, most manage FOF assets of less than 500 million yuan, with some firms operating only 1-2 products and assets below 100 million yuan. Data shows that China Union Fund Management, ranked 50th, had FOF assets of just 372 million yuan, nearly 30 times smaller than the 10.717 billion yuan managed by ICBC Credit Suisse Fund in 10th place. This disparity indicates that the FOF business remains highly concentrated among top-tier institutions at this stage, while small and mid-sized companies are still in the early phases of developing their presence in this area, where differentiated competition may be key to their success.
With the comprehensive rollout of the personal pension system, FOFs, as important vehicles for pension investment, warrant ongoing attention regarding future changes in asset size and product structure. In particular, bond-biased hybrid FOFs, which can match different risk preferences and provide stable return experiences, are expected to continue attracting capital due to their "fixed-income plus" characteristics and advantages in drawdown control, positioning them as crucial tools for residents' retirement savings and asset allocation.