The "doubling funds" have fully erupted, each showcasing their prowess in seizing tech investment opportunities.

Author: Wang Hejing

During the unilateral tech rally in the first half of 2026, public fund performance saw a massive breakout. Wind data shows that the number of "doubling funds"—funds with returns exceeding 100% in the first half—reached over 240 (main share only, same below), setting a historical record. Previously, the years with "doubling funds" in the first half were 2015 and 2007.

Based on holdings, AI hardware sectors such as computing power and semiconductors were key to winning for public fund institutions in the first half. Industry insiders said that public fund institutions generally made forward-looking allocations to high-growth sub-sectors like AI and semiconductors, shifting from balanced broad equity to precise sub-sector positioning, relying on sub-sector research to create performance highlights and forming a diversified investment research layout.

** Small and Medium-Sized Fund Companies Dominate Performance Rankings

In the first half of 2026, the unilateral tech rally led by AI computing power and storage sectors provided a favorable environment for growth-style fund managers. The number of "doubling funds" with returns exceeding 100% surpassed 240, setting a historical record.

In particular, some small and medium-sized fund companies achieved notable results in tech investment in the first half.

The Fangzheng Fubon Core Advantage A, managed by fund manager Wu Hao, was the only public fund product with a return exceeding 180% in the first half. Based on the fund's holdings at the end of the first quarter, the fund focused on the storage supply chain. Among its heavy holdings, GigaDevice, Puya Semiconductor, and Jingzhida all surged over 200% in the second quarter, while De Ming Li, Shannon Core, Jiang Bo Long, and Baiwei Storage all rose over 100%. Wu Hao recently stated that storage is still in an AI-driven super cycle. In 2026, prices, profits, capital expenditures, long-term contract signings, and sector performance may all be revised upward. The profit cycle upgrade is also expected to continue, but the trading logic may shift from "price hikes" to "profit certainty," and the allocation focus may shift from "first to raise prices" to "whose profit and cash flow realization is clearest."

The Caitong Duocelue Fuxin and Caitong Jiangxin Youxuan One-Year Holding A, managed by Jin Zicai, both achieved returns above 160% in the first half. The Dongfang Huixin A and Dongfang Artificial Intelligence Theme A, managed by Yan Kai; the Dongwu Value Growth A and Dongwu Multi-Strategy A, managed by Zhang Haojia; the Huian Trend Power A, managed by Chen Siyu; the Dongfang Alpha Technology Smart Selection A, managed by Liang Shaowen; and the Minsheng Jiayin Juyou Selection A, managed by Wang Yue, all achieved returns above 150% in the first half, becoming prominent representatives of public fund products from small and medium-sized fund companies.

Sun Heng, director of the Morningstar (China) Fund Research Center, told China Securities News that due to the small scale of products from small and medium-sized institutions, they have flexible position adjustments, can heavily invest in small and mid-cap tech stocks, have short decision-making chains, and often rely on extreme sector positioning to create performance highlights.

** Large and Medium-Sized Fund Companies Win by Quantity

Large and medium-sized fund companies, benefiting from significant resource advantages and comprehensive layouts in the tech sector with systematic operations, saw many of their products achieve impressive results in the first half's tech rally.

In particular, the two top institutions, E Fund Management and China Asset Management, had 17 and 16 funds, respectively, that doubled returns in the first half. Harvest Fund and Guotai Asset Management each produced 13 and 11 "doubling funds."

Specifically, E Fund Management's 17 "doubling funds" included 13 active equity funds, 3 index funds, and 1 QDII fund. In active equity, fund managers showed a "multi-point flowering" approach. Yang Zongchang, He Yicheng, Wu Yang, He Chongkai, Ouyang Liangqi, Zhang Qi, and Zheng Xi all had products that became "doubling funds," with holdings generally focusing on AI hardware sectors such as semiconductor equipment, optical communications, PCB, optical fibers, storage, and optical modules. Additionally, E Fund Management's semiconductor material and equipment index fund, science and technology chip index fund, and QDII product E Fund Global Growth Select A all achieved doubling returns in the first half.

China Asset Management had 12 active equity funds and 4 index funds on the "doubling funds" list. The index funds track semiconductor material and equipment-related indices. In active equity, fund managers Gao Xiang, Lyu Jiawei, Shi Zhixu, among others, had products with doubled returns in the first half.

For Harvest Fund and Guotai Asset Management, the index-based "doubling funds" mainly tracked semiconductor material and equipment and science and technology chip indices. Harvest Fund's Wang Guizhong and Chen Tao, as well as Guotai Asset Management's Peng Lingzhi and other active equity fund managers, each had multiple products with doubled returns in the first half.

** Active Equity Style and Performance Divergence

Regarding why so many "doubling funds" were generated in the first half of 2026, the Tianxiang Investment Consulting Fund Evaluation Center believes it was mainly due to the relatively extreme tech rally, with some sub-sectors and individual stocks experiencing significant gains. These "doubling funds" had holdings concentrated in the tech sector.

Sun Heng said that "doubling funds" are mostly concentrated in high-growth sub-sectors such as AI and semiconductors, with highly concentrated holdings and high industry and individual stock concentration. Fund managers made early left-side allocations to core supply chain leaders with long holding periods, and most are small-to-medium-sized funds with flexible position adjustments. This not only requires the investment research team to have deep forward-looking insights into industry cycles and accurately capture technology iteration and profit realization points, continuously tracking supply chain data to verify logic, but also requires reasonable control of positions and concentration, while enduring high volatility and the pressure of drawdowns and holder experience from extreme styles.

The surge in "doubling funds" reflects the tilt in fund companies' layouts in the tech sector. Seventy-two fund companies produced "doubling funds" in the first half, a coverage breadth unprecedented in the public fund industry.

Among the top 50 fund companies in non-money market fund management scale at the end of the first quarter, only 12 did not have "doubling funds" in the first half, including some fund companies known for active equity investment. Due to relatively balanced holding styles and fewer high-beta index products, the overall performance of equity products from these companies was relatively average.

Among fund companies also known for active equity, products from Zhong Ou Fund, Hua Shang Fund, Da Cheng Fund, and BOCOM Schroders Fund showed higher beta in tech investment. Li Shuai and Du Houliang from Zhong Ou Fund, Zhang Mingxin and Liu Li from Hua Shang Fund, Guo Weiling from Da Cheng Fund, and Gao Yang and Zhou Shanshan from BOCOM Schroders Fund all had products achieving doubled returns in the first half.

In Sun Heng's view, public fund institutions have generally made forward-looking allocations to high-growth sub-sectors like AI and semiconductors, shifting from balanced broad equity to precise sub-sector positioning, relying on sub-sector research to create performance highlights, weakening dependence on a single star manager, and forming a diversified investment research layout shift.

Furthermore, Sun Heng noted that the public fund industry has clearly stratified in product layout: top institutions build full-industry-chain tech investment research teams, covering broad-base, sub-sector ETFs, and balanced growth; mid-sized institutions selectively focus on single sub-sectors like AI and semiconductors, creating specialized product lines; small institutions concentrate resources on high-growth small-cap tech stocks to seek extreme short-term excess returns. The three have formed a clear differentiation in research depth, product richness, holding concentration, and return volatility.

(Editor: Xu Nannan)

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