Active equity funds delivered a mixed bag in the first eight months of 2026 as A-shares underwent an extreme structural market, with actively managed products in the stock-picking category collectively outpacing key benchmarks while the strongest players extended their lead.

Wind data shows the average net asset value growth for active equity funds, covering both partial equity hybrid and pure equity funds, stood at 7.64% through August, comfortably beating both the Shanghai Composite Index and the CSI 300 Index over the same stretch.

Meanwhile, five funds achieved doubled returns during the period, with the top performer surging 126.95%, as the technology sector firmly established itself as the dominant investment theme.

Top 30 Through August: Yang Zongchang Leads at 126.95%, Tech Themes Sweep the Chart

Scanning the partial equity hybrid fund rankings for the first eight months, the top 30 slots are overwhelmingly dominated by products focused on semiconductors, artificial intelligence, and integrated circuits — reaffirming the notion that exposure to tech is the key to outperformance.

Five funds doubled investor capital in 2026. E Fund Industry Opportunity A, managed by Yang Zongchang, tops the active equity fund leaderboard with an impressive 126.95% return through August. Launched on August 28, 2024, the fund is just over two years old and manages approximately 606 million yuan in assets.

Hot on its heels is Orient AI Theme A, steered by Yan Kai, which delivered a 112.97% return over the same period. With a substantial 35.125 billion yuan in assets under management, it stands as the largest fund on the list.

Chen Siyu's Hui'an Trend Momentum A claims the third spot with a 111.77% gain, classified as a pure equity fund. Among partial equity hybrid funds specifically, Guotai Semiconductor Manufacturing Select A under Peng Lingzhi ranks fourth at 107.09%, followed closely by Yinhua Integrated Circuit A managed by Fang Jian at 105.55%.

Notably, Jin Zicai has multiple products featured prominently in the rankings. His trio of partial equity hybrids — Caitong Ingenuity Premium One-Year Hold A (94.94%), Caitong Prosperity Select One-Year Hold A (90.70%), and Caitong Quality Select A (88.20%) — all cracked the top 30. Add to that his Caitong Integrated Circuit Industry A (85.46%, pure equity), and Jin has become one of the most visible fund managers in the active equity space this year.

Liu Li and Zhang Mingxin have also emerged as standout performers. Liu Li's Huashang Reform and Innovation A (95.43%), Huashang Sci-Tech Innovation Select A (88.48%), and Huashang New Power A (84.18%) all feature near the top, while Zhang Mingxin's Huashang Balanced Growth A (87.50%) and Huashang Zhiyuan Return A (79.41%) round out the strong showing.

Together, Huashang Fund and Caitong Fund have emerged as the two asset managers with the most products cracking the active equity top 30 list through August.

First-Half Recap: Over 150 Active Equity Funds Doubled, July Pullback Erased 40%+ From the Champion

The first half of the year painted an even more aggressive picture for partial equity hybrid funds. More than 150 active equity funds achieved doubled returns in the January-to-June window alone.

The first-half champion was Founder Fubon Core Advantage A, managed by Wu Hao, which posted a staggering 183.67% gain. Yan Kai's Orient AI Theme A took second place at 166.72%.

Comparing these numbers with the eight-month data reveals the brutal correction many top-performing funds suffered in July. Founder Fubon Core Advantage A serves as a prime example: after delivering 183.67% in the first half, the fund endured a single-month drawdown exceeding 46% in July, compressing its cumulative return through August to 82.63% — enough to rank just 24th on the top 30 list.

Similarly, Caitong Ingenuity Premium One-Year Hold saw a 40%-plus drawdown in July and another 13% decline in August, dragging its eight-month return down to 94.94%. Orient AI Theme A followed the same trajectory, falling from 166.72% at mid-year to 112.97% by the end of August, underscoring the severity of the summer sell-off.

Yinhua Integrated Circuit A also slipped from 157.97% in the first half to 105.55% through August — still a top-five finish, but representing a more than 30-percentage-point giveback.

By contrast, E Fund Industry Opportunity A demonstrated remarkable resilience. After gaining 131.84% in the first half, it finished the eight-month period at 126.95%, with July's pullback proving relatively modest. That defensive quality propelled it from fourth place at mid-year to the top spot overall.

August Alone: Tech Stages a Powerful Rebound With High-Beta Names Leading the Charge

August brought a structural rally to A-shares following July's deep correction, with previously beaten-down technology and growth stocks leading the recovery.

According to Wind data, nearly all of the top-performing active equity funds in August were concentrated in technology, semiconductor, and digital economy themes. Founder Fubon Sci-Tech Innovation A topped the monthly chart with a stunning 41.13% gain, showcasing the explosive upside of high-beta tech funds during rebound phases.

That fund, managed by Wu Hao, had returned 37.32% in the first half but just 9.32% cumulatively through August — proof positive of both a violent July drawdown and a near "full recovery" bounce in August.

HSBC Jintrust Tech Pioneer followed with a 38.76% monthly gain under manager Chen Ping. With a year-to-date return of 58.83% and a first-half gain of 90.87%, August's surge lifted its full-year performance back to a respectable level.

Xinhua Strategy Select A climbed 38.59% in August under Wang Yongming, bringing its eight-month cumulative return to 70.59% after a 100.95% first-half performance — making it one of the few funds that both doubled in the first half and retained strong momentum in August.

Qianhai Open Source Value Strategy advanced 38.20% for the month, managed by Qin Xuan, with cumulative returns of 41.23% through August and 71.07% in the first half, demonstrating similar rebound elasticity.

Several first-half "doubling funds" also shone during August's rebound. Caitong Sci-Tech Innovation A gained 33.53% in the month under Yuan Zeqiang, lifting its eight-month return to 64.18% after a 117.57% first-half performance. First Trust Bank Performance Driver A rose 33.27% in August under Tong Changxi, with an eight-month return of 59.55% following a 108.52% first half — one of the more forceful bounce-backs among doubled funds.

SPDB Digital Economy A climbed 31.28% monthly under managers Zheng Minhong and Li Fan, with an eight-month return of 70.59% and a first-half gain of 118.71%. Hengyue Growth Select A advanced 27.64% in August under Liao Mingbing, reaching a 67.94% cumulative return through August after a 115.10% first half. Huatai柏瑞 Quality Growth A rose 25.06% under Chen Wenkai, with an eight-month return of 67.98% following a 132.09% first-half gain. Notably, that fund boasts a cumulative return of 198.70% since inception and manages 28.688 billion yuan in assets — one of the largest products on the list.

For investors, August's data once again underscores the double-edged nature of tech-sector funds: they can shed 40% in a single month and regain just as quickly in the next. While enjoying rebound gains, investors should remain alert to the inherent volatility risks.

This information is for reference only. Funds carry investment risks. Please invest with caution. The figures exclude flexible allocation funds, and past performance does not guarantee future results. Investors should select products that align with their risk tolerance and investment objectives.