The range of personal pension investment funds continues to grow. According to the latest fund and sales institution directories released by the Asset Management Association of China, as of June 30, 2026, the number of approved personal pension funds reached 321, offered by 52 sales institutions. This represents a net increase of 13 funds and one additional sales institution compared to the end of the first quarter of this year.
The personal pension fund "shelf" is consistently being restocked. In the second quarter, 14 new products were added to the official directory. Looking at the fund management companies, E Fund Management, GF Fund Management, and China Universal Asset Management each had two products included. Other firms such as Guotai Asset Management, Guoshou Security Fund, Ping An Fund, Penghua Fund, Invesco Great Wall Fund, ABC-CA Fund, Fidelity Fund, and Furong Fund each contributed one product to the list.
Diverse new product categories have been introduced. The newly added funds cover a variety of types. This includes target-date retirement funds like the Guotai Minxiang Wending Yanglao Mubiao Yinian Chiyouqi Hunhe Xing FOF, standard index funds such as the ABC-CA CSI 300 Index Securities Investment Fund, and enhanced index funds like the Penghua CSI 300 Index Enhanced Securities Investment Fund.
Dynamic adjustments optimize the fund selection. The directory is also subject to ongoing refinement. In the second quarter, one target-date fund from China Europe Fund was removed from the list. This "addition and removal" dynamic adjustment mechanism reinforces a market-driven process of survival of the fittest. Underperforming or non-compliant funds are promptly weeded out, which pressures fund managers to continuously improve their investment strategies, risk controls, and client services, thereby raising the overall quality of industry products.
Sales channels for these funds have also seen a slight expansion. By the end of the second quarter, the 52 authorized sales institutions comprised 19 commercial banks, 24 securities firms, and 9 independent fund sales platforms. Compared to the prior quarter, one new independent sales platform was added: E Fund Wealth Management Fund Sales (Guangzhou) Co., Ltd.
Performance data shows generally positive results for these long-term vehicles. According to Wind data, as of July 12, 2026, the 321 personal pension funds have achieved an average net asset value growth rate of 24.31% since their inception. Among them, 310 funds have realized positive growth, accounting for approximately 97% of the total.
Fund houses are implementing strategies to protect investors from short-term volatility. While personal pension funds are suited for long-term investment, short-term market fluctuations can still trigger irrational behaviors among ordinary investors, such as frequent trading or premature redemptions. In response, public fund institutions are strengthening investor protection through multiple dimensions. On the investment side, firms employ diversified asset allocation to enhance potential returns. For risk management, strategies like gradually increasing exposure to higher-risk assets only after building a safety cushion are used to reduce potential drawdowns.
To further mitigate irrational investment behavior driven by short-term volatility, experts suggest a dual approach. On the product design front, institutions can promote share classes with minimum holding periods or target-date funds, using contractual terms to help investors "keep their hands off" and reduce timing losses caused by emotional reactions. On the service side, firms should enhance scenario-based investor education. Through live streams, articles, and community management, they can explain the long-term return logic of equity assets, helping investors avoid excessive focus on short-term market movements.