38.61 trillion! The total size of public mutual funds has hit a new record for 11 consecutive months.

The total scale of public mutual funds has risen to a new high of 38.61 trillion yuan, with money market funds attracting over 570 billion yuan in a single month.

On March 25, the Asset Management Association of China (referred to as “AMAC”) released the latest public mutual fund market data.

As of the end of February 2026, there are a total of 165 public mutual fund management institutions in China, including 150 fund management companies and 15 asset management institutions that have obtained public offering qualifications. The net asset value of public mutual funds managed by these institutions totals 38.61 trillion yuan, reflecting a month-on-month increase of 2.22% compared to 37.77 trillion yuan at the end of January 2026.

Since April 2025, the total scale of public mutual funds has continuously refreshed historical highs for 11 consecutive months, showing a trend of sustained expansion. At the same time, the number of fund products is also steadily increasing, with the total number of funds in the market reaching 13,821 by the end of February, a net increase of 96 in a single month, indicating that the expansion of product supply is still ongoing.

From the perspective of the scale changes of various types of funds, the market in February showed significant structural characteristics. Unlike January, when both equity funds and bond funds experienced capital outflows, in February, all fund types except for equity funds achieved positive growth in scale. Among them, money market funds and bond funds became the main engines of growth for the month, while mixed funds and QDII funds also recorded varying degrees of growth.

Specifically, money market funds and bond funds became the “dual engines” of scale growth for the month. Money market funds saw an increase of 579.11 billion yuan in a single month, with a month-on-month growth rate of 3.79%; bond funds experienced a monthly scale growth of 216.734 billion yuan, with a month-on-month growth rate of 2.06%. In addition, mixed fund scales also increased by 93.41 billion yuan, with a month-on-month growth of 2.33%. QDII funds increased by 4.018 billion yuan, with a month-on-month growth of 0.39%.

Market analysis points out that before the Spring Festival, influenced by the increasing risk aversion sentiment and the enhanced willingness of investors to secure profits, trading activity temporarily cooled down, and risk appetite receded. Overall, stable products remain the main direction for capital inflow, reflecting that investors prefer low-volatility and relatively certain return allocation strategies in a volatile market.

From the perspective of share changes, the capital flows and scale changes of various funds are generally consistent. The share of money market funds increased by 579.304 billion shares in a single month, with a month-on-month growth rate of 3.79%; the shares of bond funds, mixed funds, QDII funds, and equity funds increased by 137.009 billion shares, 36.403 billion shares, 67.218 billion shares, and 1.422 billion shares, respectively.

It is noteworthy that QDII funds may have limited scale growth due to quota restrictions, but their share increased by 7.95% month-on-month, ranking first among various products, indicating that investor demand for overseas asset allocation remains strong, and the willingness to channel funds through public offerings to “go abroad” continues to increase.

Morningstar noted that QDII funds showed differentiated performance in February. Benefiting from the excellent performance of Japanese, Korean, Taiwanese stocks, and gold, global emerging market equity and bond mixed funds, commodity funds, and Asia-Pacific stock funds excluding Japan recorded monthly increases of 6.62%, 4.54%, and 2.26%, respectively, making them the three best-performing categories among all QDII funds.