Which public mutual funds deliver better dividend performance? With equity investments gaining strong momentum, many top-tier star equity funds have distributed their realized profit gains.

Since the beginning of this year, the total public fund dividend has dropped by nearly 30% year on year, and the dividend landscape has undergone a significant restructuring. In the past, the contribution rate of bond funds to dividends was as high as 80% to 90% for a long time; now, bond funds and equity funds contribute about 50% and 40% of the total market dividends respectively.

The total dividend of public funds within this year has decreased by 36.455 billion yuan compared with the same period last year, with a decrease of 27%. According to statistics from Choice, as of July 30, the total dividend of 2198 products (counting multiple share classes separately, the same below) from the beginning of the year to date is 98.586 billion yuan; while in the same period of 2025, the total dividend of 2415 products is 135.041 billion yuan.

Since the beginning of this year, the total dividend of 1549 bond funds has reached 56.59 billion yuan, a year-on-year decrease of 45.654 billion yuan, or a 44.65% drop. Equity funds have taken over to fill the gap, with their total dividend increasing by more than 30% year on year, and ETFs are the main force. Among niche categories, the dividend scale of QDII has almost halved, and partial bond hybrid FOFs have replaced pension target risk FOFs as the core pillar of FOF dividends.

E Fund and Huatai-PineBridge are the only two public fund houses whose total dividends have exceeded 100 billion yuan within this year. E Fund ranks first with a total dividend of 12.384 billion yuan, with ETFs and "fixed income plus" products contributing 40% and 20% of the dividend amount respectively. In contrast, only the Huatai-PineBridge CSI 300 ETF product has contributed more than 80% of Huatai-PineBridge's total dividend amount.

Looking at the dividend amount of individual products, broad-based ETFs take the top three spots in the dividend ranking within this year, with Huatai-PineBridge CSI 300 ETF leading the list with 9.811 billion yuan. Among active equity products, Huashang Advantage Industry A managed by Zhang Mingxin of Huashang Fund leads the way with a dividend of 1.944 billion yuan. This product's yield in the first half of the year exceeded 120%, significantly outperforming the benchmark.

Public funds are delivering profit returns to investors with real money. Since the beginning of this year, products under well-known active equity fund managers such as Zhu Shaoxing of Fullgoal Fund, Fu Juan of Shenwan Lingxin Fund, Sheng Fengyan of Western Asset Management, Mo Haibo of Wanjia Asset Management, Du Meng of J.P. Morgan Asset Management, Zhou Weiwen of Eurizon Asset Management have all distributed dividends.

Public Fund Dividend Landscape: Equity Funds Expand, Bond Funds Shrink

Since the beginning of this year, the total dividend of bond funds has decreased by 45.654 billion yuan compared with the same period last year, a decrease of 44.65%, and their overall contribution rate to public fund dividends has dropped by 18.31% year on year.

Since the beginning of this year, a total of 1549 bond funds have distributed 56.59 billion yuan in dividends, accounting for 57.4% of the total public fund dividends. In the same period of 2025, bond funds distributed a total of 102.244 billion yuan in dividends, with a dividend contribution rate of 75.71%.

According to the three-level classification of Choice, among the 1549 bond funds that have distributed dividends within this year, medium and long-term pure bond funds contribute nearly 70% of the dividend amount, and 919 medium and long-term pure bond funds have distributed a total of 39.603 billion yuan in dividends since the beginning of this year.

From the beginning of the year to date, the dividend scale of equity funds has expanded significantly, with a total dividend increase of 9.555 billion yuan compared with the same period in 2025, a year-on-year growth of 30.14%, and the dividend contribution rate has risen by 18.37% simultaneously.

From the beginning of the year to date, a total of 591 equity funds have distributed 41.253 billion yuan in dividends, with an overall dividend contribution rate of 41.84%. In the same period of 2025, the total dividend of 377 equity funds was 31.698 billion yuan, with a dividend contribution rate of 23.47%.

Among the 591 equity funds mentioned above, 269 passive index funds have distributed 23.43 billion yuan in dividends within this year, with a dividend contribution rate of 56.8%. Among them, 193 ETFs have distributed a total of 22.093 billion yuan in dividends within this year, accounting for 94.29% of the dividend contribution rate of passive index funds.

QDIIs are still in a low dividend zone, with an overall small dividend amount. Within this year, only 9 public fund houses with a total of 18 QDII products have distributed 353 million yuan in dividends. Compared with the 847 million yuan in dividends distributed by 23 QDII products in the same period of 2025, the dividend amount has decreased by 58.32%. Specifically, since the beginning of this year, the total dividend of 10 QDII passive index funds is 248 million yuan, accounting for 70.25% of the total dividend of QDII products that have distributed dividends within this year.

The dividend of FOFs has changed from the previous pattern dominated by pension target risk FOFs, and partial bond hybrid FOFs have begun to take the lead. Within this year, 40 FOF products under 14 public fund houses have distributed a total of 390 million yuan in dividends, of which 18 partial bond hybrid FOFs have distributed a total of 210 million yuan, accounting for 53.85% of the FOF products that have distributed dividends within this year. In the same period of 2025, 13 FOF products under 4 public fund houses distributed a total of 12 million yuan in dividends.

E Fund Tops the Dividend List: Over 100 Billion Yuan in Dividends, ETFs Contribute 40%

At the company level, according to statistics from Choice, as of July 30, there are a total of 7 public fund houses with more than 50 products (counting multiple share classes separately) that have implemented dividends within this year. In order of quantity, they are Bosera Fund (122 products), E Fund (111 products), Southern Fund (106 products), Penghua Fund (79 products), GF Fund (77 products), China Merchants Fund (71 products), and Harvest Fund (70 products).

Since the beginning of this year, E Fund has distributed 12.384 billion yuan in dividends, temporarily ranking first in the total dividend of public funds within this year. Including E Fund, there are 9 public fund houses whose total dividends exceed 2 billion yuan within this year. Following E Fund, Huatai-PineBridge, Southern Fund, and China Merchants Fund have distributed 11.584 billion yuan, 5.636 billion yuan, and 3.112 billion yuan in dividends respectively.

Specifically, ETFs under E Fund contribute 40.01% of the dividend amount, and 15 ETFs that have distributed dividends have a total dividend of 4.955 billion yuan within this year. In addition, 10 "fixed income plus" products under the company have distributed 2.558 billion yuan in dividends within this year, with a dividend contribution rate of over 20%; at the same time, 44 pure bond funds have distributed a total of 1.089 billion yuan in dividends within this year.

Different from E Fund's relatively diversified dividend structure, Huatai-PineBridge still relies on the dividend contribution of its CSI 300 ETF. Only the CSI 300 ETF product has distributed 9.811 billion yuan in dividends, directly contributing 84.69% of the company's total dividend amount.

ETFs Distribute Large Amounts of Cash, Zhang Mingxin Leads Active Equity Dividends

From the perspective of individual products, the top three products in the dividend amount ranking within this year are all broad-based ETFs. Huatai-PineBridge CSI 300 ETF ranks first in the dividend ranking of individual public fund products within this year, followed by E Fund CSI 300 ETF and Southern Fund CSI 500 ETF, which have distributed 4.479 billion yuan and 1.978 billion yuan in dividends respectively within this year.

In the top 10 list of dividend amounts, in addition to 6 ETFs, there are also 2 active equity products and 2 "fixed income plus" products.

It is worth mentioning that the fifth-ranked individual product in dividend amount within this year is Huashang Advantage Industry A under Zhang Mingxin, which has distributed 1.944 billion yuan in dividends. The C share class has also distributed 454 million yuan in dividends at the same time. This is the individual product with the largest dividend amount among active equity funds within this year.

According to the second quarterly report, the yields of Huashang Advantage Industry A/C in the first half of this year are 122.62% and 121.91% respectively, outperforming the benchmark by 115.63% and 114.92% respectively. This product continued to operate with a high position around the prosperous main line of the AI industry chain in the second quarter. Taking overseas computing power as the main allocation direction, it adjusts positions according to the changes in the prosperity of the subdivided industries, increases the allocation to the bottleneck directions in the industry chain where supply and demand are tight and price increases are highly confirmed, and continuously taps structural Alpha returns.

In addition, E Fund Enhanced Return Bond A has distributed 943 million yuan in dividends within this year, and this product is independently managed by Wang Xiaochen, General Manager of E Fund's Fixed Income Full Strategy Investment Department; E Fund Robust Return Bond B under Hu Jian, another veteran of fixed income at E Fund, has distributed 789 million yuan in dividends within this year.

Dividend-Themed Funds Distribute Dividends Frequently, Funds with Mandatory Dividend Clauses Reappear

Since the beginning of this year, the public fund product with the most dividend times is New China Dividend Return, which has completed 9 dividends, with a total dividend of 38 million yuan.

According to rough statistics, among the 126 public fund products that have distributed dividends at least 5 times within this year, there are 73 dividend-themed funds, accounting for nearly 60% of the total. Among the 73 dividend-themed funds, Huatai-PineBridge, Tianhong Fund, and Invesco Great Wall have 12, 6, and 6 products respectively.

In addition to dividend-themed funds, industry-themed funds focusing on free cash flow, banking, transportation and other sectors have also seen a number of products with high-frequency dividends. Southern CSI Bank ETF Initiated Connection A/C/E/I and Huashang Leading Enterprise have both distributed dividends 8 times within this year. Up to now, Huashang Leading Enterprise has accumulated 480 million yuan in dividends within this year.

It is worth noting that the fund contract of Huashang Leading Enterprise stipulates a mandatory dividend clause. When the realized return of the fund exceeds the two-year household savings deposit rate of the central bank (before tax), Huashang Fund shall put forward a dividend plan within 15 trading days. If the central bank's deposit rate changes significantly and affects the normal profit distribution of the fund, the above dividend reference standard will be adjusted accordingly and announced within 10 trading days.

The maximum number of dividends of this product within a year shall not exceed 12 times, and the profit distribution ratio of the fund each time shall not be less than 80% of the distributable income; after 12 annual dividends, if the dividend conditions are met again, the distributable income will be carried over to the next year for implementation.

This article is from the WeChat official account "ChiNext Observation", author: Feng Qijuan, published with authorization from 36Kr.