不少产品名义上「跨资产」，实际高度集中于中国A股，押注人工智慧相关行情。13只领先基金全部把Eoptolink作为主要持仓之一；该股2025年涨幅超过400%。Zhongji Innolight被其中12只持有；另一核心标的Victory Giant股价上涨583%，助推部分基金表现。
资金面与政策也推动反转：MSCI中国指数2025年上涨28%，为2017年以来最佳年度表现，延续连续两年上涨。监管引导共同基金未来三年每年至少提高本地股票配置10%，并要求大型国有保险公司自2025年起把新增保费的30%投向股市；10月还推出为期两年的安排以便利合格外资入市。全球榜单中亦有土耳其基金居前，且希腊、法国与日本的贵金属基金受金银创新高带动走强。
In 2025, China’s multi-asset funds outperformed global peers by loading up on tech stocks. Among cross-asset mutual funds with over $500 million, China took 13 of the top 20 slots, and seven funds returned more than 100% for the year. Standouts included Maxwealth’s fund (about 11.5 billion yuan, ~$1.6 billion) with a 231% return and a Tebon vehicle (about 9 billion yuan) up 129%.
Many strategies were “multi-asset” in name but heavily concentrated in China equities, riding an AI-linked boom. Eoptolink, up more than 400% in 2025, was a top holding of all 13 leading funds; Zhongji Innolight was held by 12 of them. Victory Giant shares surged 583%, boosting results for some portfolios.
The rally also reflected policy and flows: the MSCI China Index rose 28% in 2025, its best annual performance since 2017, after severe underperformance from 2021 to late 2024. Authorities pushed mutual funds to raise local equity holdings by at least 10% annually for three years and told large state insurers to invest 30% of new premiums from 2025; an October two-year plan aimed to ease foreign institutional access. Elsewhere, two Turkish funds led the annual list, while precious-metals funds in Greece, France, and Japan benefited as gold and silver hit record highs.
