As one of the retirement investment tools, personal pension funds have always been regarded as a representative of stability.
Recently, many personal pension funds released their 2026 interim reports, and the new indicator of the proportion of profitable investors revealed the true returns of holders.
Overall, most investors have indeed achieved profits: among the 208 personal pension funds that disclosed this indicator, the number of profitable investors in 182 funds accounted for more than 90%.
But not all holders can make money. The number of profitable investors holding Y in these two funds accounted for only 15.89% and 15.28%.
Among 208 funds, over九成Proportion of profitable investors在80%以上
Are personal pension funds really sound? The proportion of profitable investors newly disclosed in the 2026 interim report gives the real answer.
Wind data shows that among the 208 personal pension funds that disclosed relevant data, the average number of profitable investors accounted for 95.68%, and the median was 99.57%. Overall, it is at a high level, reflecting that most personal pension fund holders have a good investment experience.
Specifically, among the 208 funds, 21 funds accounted for 100% of the number of profitable investors, accounting for about 10% of the personal pension funds that disclosed data. Wanjia Juyou Steady Pension Target One Year Holding Y, China Pension 2045 Three Year Y, China Universal Pension 2030 Three Year Y and many other funds have achieved “profit for all employees.”
In addition, personal pension funds with a proportion of profitable investors accounting for 90%-99% account for the majority, with a total of 161 funds, accounting for 77% of the 208 funds. In addition, there are 15 personal pension funds with profit-making investors accounting for between 80% and 90%.
Overall, among the 208 personal pension funds that disclosed relevant data, more than 80% of the funds have profitable investors accounting for more than 90%, and more than 90% of the funds have profitable investors accounting for more than 80%.
Data proves that personal pension funds, as retirement investment products, have outstanding robustness.
Cathay Pacific, Xinyuan旗下個別基金超八成持有人沒有賺到錢
In addition to being stable, there are also a few personal pension funds with a low proportion of profitable investors. Among the 208 personal pension funds that disclosed relevant data, typical ones include Cathay Minan Pension 2040 Three Years Y and Xinyuan Xinxuan Steady Pension Target One Year Holding Y. The number of profitable investors in the past year (July 1, 2025 – June 30, 2026) accounted for 15.89% and 15.28% respectively, indicating that most investors had a poor holding experience during this period.
Public information shows that Xinyuan Xinxuan Steady Pension Target One-Year Holding Y was established in July 2024. As of June 30 this year, the total size was approximately 328 million yuan, of which the Y share size was approximately 002.9 million yuan. The fund is managed by fund manager Xu Huan. As of the close of September 15 this year, the Y share of the fund has returned approximately 0.54% this year.
Xu Huan said frankly in the fund’s second quarter report, “The fund’s poor performance in the second quarter of 2026 was mainly due to the value-oriented equity holdings, which were concentrated in large consumer industries. Its fundamentals were weak and funds continued to flow out.”
The second quarter report further stated that in the second half of the year, it plans to optimize the investment management process from the perspectives of target selection, portfolio management, and risk management. Specifically, the first is to choose opportunities to increase industry dispersion, select high-quality industry leaders with suitable prices, and optimize the position structure. The second is to strengthen investment discipline and control the drawdown and fluctuation of net worth. “As a product with absolute return positioning, this fund will continue to operate steadily and adhere to the ‘long-term’ investment philosophy.”
投資建議：Choose rationally based on risk tolerance
Cathay Minan Pension 2040 Three Years Y was established in November 2022. As of June 30 this year, the total size of the fund was approximately 317 million yuan, of which the Y share size was approximately 270 million yuan. The fund is managed by fund manager Zeng Hui. As of the close of trading on September 15, the Y share of the fund has returned approximately -10.18% this year.
Cathay Minan Pension 2040 Y stated in its mid-year report that the equity portion of this portfolio focused on seizing the investment opportunities arising from the sharp rise in gold stock ETFs in the first quarter, obtained better returns, and liquidated positions in a timely manner. In the second quarter, in order to control the drawdown of the portfolio, assets such as coal and natural gas with dividend attributes were allocated for defense. However, encountering various “black swan” events, the effect was significantly lower than expected. For the bond part of the portfolio, the original allocation of long-term bond funds was maintained in the first quarter, and the allocation of long-term bond funds was increased in the second quarter, taking advantage of the continued rise of the bond market.
The fund’s mid-term report stated that in the face of the chaotic international macro environment, volatile markets and extreme industry differentiation, we need to return to the quantitative principle system, better follow the market, improve the retracement of the portfolio through the matching of core and satellite positions, and improve the performance of the portfolio by better capturing the main line of the industry.
It can be seen that even if the personal pension fund is overall stable, its performance will be affected by multiple factors such as market fluctuations, industry rotation, and portfolio allocation. At the same time, the profit and loss experience of the holder is also related to the purchase time, holding period, etc. Ordinary investors also need to rationally select personal pension funds based on their own risk tolerance.
