The FOF fund market has experienced growth in both the number of products and asset scale since the beginning of 2026. According to the latest data, by the end of February 2026, the total number of FOF funds in the market reached 576, an increase of 27 from the 549 funds recorded at the end of 2025, representing a growth of approximately 4.9%. The total share count rose from 223.698 billion shares to 269.348 billion shares, a substantial increase of 45.65 billion shares within two months, marking a significant growth rate of 20.4%.
Overall, the FOF market at the start of 2026 is characterized by "modest total growth alongside pronounced structural divergence." Debt-oriented products have seen substantial expansion in both number and share count, indicating that capital's risk appetite remains cautious. Equity-oriented products have experienced moderate growth, reflecting investors' continued cautious optimism towards the equity market. Conversely, the contraction in target-date funds suggests the industry needs to further refine product design and enhance investor education.
Debt-oriented hybrid FOFs have emerged as the primary driver of growth, leading in both the number of products and share count. This category saw its product count increase from 231 to 263, a net addition of 32 funds, accounting for 118% of the total new additions. Their share count surged from 141.766 billion shares to 187.901 billion shares, an increase of 46.135 billion shares, which contributed nearly all of the total share growth. This data reflects that, against the backdrop of the current low-interest-rate environment and market volatility, investor demand for "fixed-income-plus" FOFs, which offer stable returns and controlled drawdowns, continues to intensify.
The number of general hybrid FOFs (not specifically classified as equity-oriented or debt-oriented) increased from 513 to 540, a net addition of 27 funds. Their share count grew from 201.577 billion shares to 247.227 billion shares, an increase of 45.65 billion shares. It is noteworthy that the share growth in this category was almost entirely attributable to the contribution from debt-oriented hybrid FOFs.
Equity-oriented hybrid FOFs also saw growth, with their number rising from 113 to 116, a net increase of 3 funds. Their share count increased from 31.052 billion shares to 31.861 billion shares, a modest rise of 809 million shares, indicating relatively温和 growth.
A notable development is the first-ever contraction in the number and scale of target-date FOFs. Their count decreased from 115 to 107, a reduction of 8 funds. Their share count fell from 21.284 billion shares to 20.035 billion shares, a decrease of 1.249 billion shares. Industry analysis suggests this may be related to some "pension target funds" being liquidated after their scale remained consistently below the 200 million yuan liquidation threshold for three years post-establishment. It also reflects a shift in investor preferences regarding standardized, scenario-specific pension products.
In other categories, the number of equity FOFs remained unchanged at 6, with their share count holding steady at 759 million shares, consistent with the end of the previous year. The number of balanced hybrid FOFs stayed at 54, with their share count essentially flat at 7.430 billion shares compared to 7.474 billion shares at year-end. The number of bond FOFs remained at 30, with their share count unchanged at 21.362 billion shares.
With the comprehensive promotion of the individual pension system, subsequent changes in the number and scale of FOF products warrant continued attention. In particular, debt-oriented hybrid FOFs, which can match different risk preferences and provide a stable return experience, are expected to continue attracting capital inflows.