Public offering 2025 annual report disclosure, institutional "insider" holdings revealed

【Source: Global Times】

【Global Times Finance and Economics, comprehensive report】As public mutual funds disclose their 2025 annual reports in a concentrated wave, more details are gradually becoming clear about fund companies’ employees holding shares in their own fund products.

Based on current holdings, Ginkgo? Value Pioneer Equity Fund has become the product with the largest portion held by employees of the fund company itself. As an equity fund, as of the end of 2025, employees holding shares in the fund under Ginkgo? Fund’s management totaled 185 million units, accounting for 7.55% of the fund’s total units. In addition, the Far East? Equitable Value Three-Year Holding Mixed Fund, the Yinxiang Huoqibao Money Market Fund, and the Invesco Great Wall Corporate Governance Mixed Fund are also among the top holdings by the fund company’s “insiders,” reaching 59.638 million units, 52.7359 million units, and 33.9986 million units, respectively.

Further understanding shows that the internal holders of the above four funds include senior management personnel of the fund companies, as well as heads of the fund investment and research departments. For example, senior management personnel of Ginkgo? Fund and the heads of the fund investment and research departments hold more than 1 million units of the Ginkgo? Value Pioneer Equity Fund; senior management personnel of Far East? Fund and the heads of the fund investment and research departments hold more than 1 million units of the Far East? Equitable Value Three-Year Holding Mixed Fund.

Worth noting is that the “Guidelines for the Performance Evaluation and Management of Fund Management Companies (Draft for Comments)” released in December 2025 require that senior management personnel and heads of major business departments shall purchase no less than 30% of all performance-based compensation for that year in public mutual funds managed by their own company, among which the proportion purchased of equity-type funds shall not be less than 60%, and the holding period shall be no less than one year. Fund managers should purchase no less than 40% of all performance-based compensation for that year in the public mutual funds managed by themselves, and the holding period shall be no less than one year.

In addition, among the “insiders,” the largest increase in holdings in 2025 for J.P. Morgan? Great Wall Jingyi Zhaoli 6-Month Holding-Period Bond Fund, reaching 13.7843 million units. Last year, J.P. Morgan? Great Wall Fund’s Jingyi? Growth Navigator Mixed Fund also saw a relatively large increase in holdings by its “insiders,” at 13.6612 million units. In addition, Ginkgo? Value Pioneer Mixed Fund and Far East? Steady Benefit Enhancement 30-Day Holding-Period Bond Fund respectively received increases in holdings by “insiders” of 9.3135 million units and 8.9961 million units last year.

By delving deeper into the products that fund-company employees increased holdings in, it can be found that technology investment opportunities have become a common judgment direction among multiple fund managers. At the same time, taking advantage of the opportunity provided by the annual report disclosures, fund managers have been candid with investors about their investment logic and strategy operations, and objectively analyzed shortcomings in the investment process.

For example, as the fund manager of Ginkgo? Value Pioneer Mixed Fund, Liu Sheng, said: in 2026, the two major themes of AI and resources continued to play out, and we will continue to look favorably on the trend of industrial development. However, after factoring in valuation, market attention, trading crowding, and other factors, although some categories are considered to have investment value, we will still be looking for opportunities that fit within the investment framework in this period. Objectively speaking, the difficulty of extracting Alpha is increasing, and we will not simply make investments by staying only with the currently favorable sectors. (Nanmu)