Look at her investment: There are already 1,110 female public fund managers, managing assets that account for half of the market share.

Cailian Press, March 8th (Reporter Wu Yuqi) — It’s that time of year again for International Women’s Day. The “Her Power” in the public fund industry has once again become a window into industry changes. As of March 6, 2026, there are 1,110 active female fund managers in the public fund industry, an increase of 22 from the same period last year, accounting for approximately 26.75% of all fund managers.

In terms of product coverage, female fund managers are involved in managing a total of 4,435 funds, including 1,017 active equity funds and 2,132 fixed income funds. When including co-managed funds, the total fund size managed by female fund managers has reached 18.95 trillion yuan.

From a performance perspective, among the funds managed by female fund managers, 3,721 have achieved positive returns in the past year, accounting for over 80%. Some products have achieved high returns in resource, cycle, and niche technology sectors, while others, such as Hong Kong stock tech-themed products, have experienced significant drawdowns.

Against the backdrop of continued expansion of passive investments, deeper accumulation of fixed income funds, and ongoing structural differentiation in equity markets, the changes among female fund managers are no longer just industry topics for special occasions. Whether in terms of steady growth in numbers, increasing management scale, or increasingly differentiated performance distribution, these reflect new shifts in talent structure, product layout, and capital flow within the public fund industry.

Number: 1,110 Female Fund Managers Reach a New Milestone

First, looking at the numbers. Wind data shows that there are currently 4,150 active fund managers in the public fund industry, of whom 1,110 are women. This is an increase of 22 from last year’s 1,088, representing about 26.7%. The female fund manager group continues to expand. From fewer than 10 women at the inception of the public fund industry in 1998 to now, where top institutions frequently have female investment directors, China’s capital market is witnessing a historic shift of “her power” from the margins to the mainstream.

Placing this in product terms makes the expansion more intuitive. Wind data indicates that female fund managers are involved in managing 4,463 funds. Among these, 1,017 are active equity funds; 2,132 are fixed income funds, including 1,887 bond funds and 245 money market funds. Regarding fund coverage, about 449 female fund managers are involved in active equity, and 540 in fixed income, meaning women are no longer limited to traditionally more conservative asset classes but have formed a relatively complete talent pipeline in both equity and fixed income sectors.

This is also reflected in their years of experience. The average tenure of the 1,110 female fund managers is approximately 5.02 years, with 135 having over 10 years and 23 over 15 years. This indicates a mix of new entrants and seasoned professionals who have experienced full market cycles and can handle large-scale product management responsibilities.

In terms of company distribution, this trend is also evident. Leading fund companies with many female fund managers include Huaxia Fund, Yinhua Fund, China Europe Fund, Southern Fund, China Merchants Fund, Harvest Fund, E Fund, and others. Huaxia Fund has 36 female fund managers; Yinhua Fund has 28; China Europe and Southern Funds each have 25. Firms like China Merchants, Harvest, E Fund, ICBC Credit Suisse, Penghua, Huitianfu, HuaAn, and GF Fund each have over 20. This indicates a relatively stable group of female fund managers within top-tier platforms.

Scale: Female Fund Managers Oversee 18.95 Trillion Yuan

Beyond numbers, scale tells a more direct story. Currently, female fund managers oversee funds totaling 18.95 trillion yuan, up from 17.33 trillion yuan last year. The amount managed solely by female fund managers is 6.83 trillion yuan.

Compared to the overall fund size of approximately 37.11 trillion yuan, female fund managers’ managed assets account for nearly 51.06%. This is significantly higher than their 26.75% representation in headcount, indicating that women are not only increasing in number but also managing larger-scale products.

Looking at individual distributions, this becomes clearer. There are currently 48 female fund managers managing over 100 billion yuan, up from 42 last year; 25 manage over 200 billion yuan (including co-managed assets). The top products include money market funds, broad-based ETFs, and large-scale instrument products. For example, Liu Ying and Tian Yao each manage over 700 billion yuan; Yu Qianqian, Ren Shuang, Yu Haiyan, Xu Yinzhe, and Wen Xiujun each manage several billion yuan.

In the active equity sector, leading managers include Ge Lan, with 35.39 billion yuan; Zhao Lei and Qiao Jian, with 26.95 billion and 24.04 billion respectively; Ma Fang, Yan Siqian, and Feng Ludan, each over 20 billion. Liu Huiying, Zhang Wei, Zhang Ping, and Fan Yan also have significant active equity management scales. Those managing multiple active equity products include Zhang Ping, Ma Fang, Zhang Wei, Yan Siqian, Tan Li, and Zhao Bei.

In terms of companies, institutions with high total managed scales for female fund managers include Tianhong Fund, E Fund, GF Fund, Huitianfu Fund, Southern Fund, Ping An Fund, and Xingzheng Global Fund. These firms are also major players in money market, index, or fixed income funds, with female managers playing roles deeply integrated into the industry’s capital allocation system.

Of course, average figures reveal another layer. The average managed scale per female fund manager is about 4.25 billion yuan, with a median of 603 million yuan. This suggests that large-scale flagship products significantly boost overall figures, and there remains a clear stratification within the industry. On one end are top female managers managing money market funds, ETFs, and large fixed income products; on the other are many mid-tier managers still developing their scale, often focused on active equity, thematic products, or transitioning from private to public funds.

Performance: Over 80% Achieve Positive Returns

Finally, looking at performance. Data shows that among the 4,464 funds managed by female fund managers, about 3,721 achieved positive returns in the past year, accounting for approximately 83.35%. 129 funds gained over 50%, and 20 over 100%. The distribution indicates clear structural differentiation.

Active equity funds remain the most aggressive segment. Of the 1,017 active equity funds managed by women, 837 achieved positive returns last year, about 82.3%, with 76 exceeding 50%. Leading products include Huashang Longtou, CCB Youze Huibao, Qianhai Open Source Shanghai-Hong Kong Deep Enjoy Life, Hengyue Advantage Select, and China Europe Resources Select.

Resources such as nonferrous metals, communications, and some tech-themed ETFs also rank highly, indicating that the real performance gaps last year were driven by resource, cycle, and select niche sectors rather than broad tech or growth themes.

In contrast, fixed income products show a different picture. Among 2,132 fixed income funds, 1,932 achieved positive returns last year, a rate of 90.62%, with an average return of about 2.46% and a median of 1.90%.

Looking at the bottom performers, 256 funds experienced losses last year, with 67 losing over 10%. Many of these are concentrated in Hong Kong internet stocks and Hang Seng Tech sectors, such as the GF China Securities Hong Kong Stock Connect Internet ETF, Harvest Hang Seng Tech ETF, Bosera Hang Seng Tech ETF, Huitianfu Hang Seng Tech ETF, and CCB Hang Seng Tech Index, which are among the laggards.