Fixed-income funds, viewed as the "ballast" of asset allocation, reveal over extended periods just how much genuine fixed-income research and investment expertise each fund company possesses, as even the smallest return differences become meaningful.

Which companies have continued to earn excess returns over the past 3, 5, and 10 years? And which have held firmly in the top tier over the past year? The latest absolute return rankings for fixed-income funds from Guotai Haitong Securities provide the answers.

10-Year Performance: Huashang, Everbright Pramerica, and First Seafront Lead the Way

Over the past 10 years, the domestic bond market has followed a pattern of "long bulls and short bears," with the central yield of 10-year government bonds declining in a stepwise manner from above 3% in early 2016 to the "1 era" by 2025, punctuated by multiple rounds of high volatility, each testing every fund company's fixed-income research and investment capabilities.

Guotai Haitong Securities data shows that for the 10-year period from October 1, 2016, to September 30, 2026, the top performer among 84 fund companies was Huashang Fund, with a return of 86.18% over the past decade. Close behind was Everbright Pramerica Fund, whose fixed-income products returned 84.14% over the past decade, followed by First Seafront Fund with a return of 79.42%. Only these three companies exceeded 70% over 10 years.

E Fund, Tianhong, and Caitong ranked fourth through sixth with 10-year returns of 66.10%, 62.72%, and 60.07%, respectively. Companies such as UBS SDIC, Xinhua, Lion, China Universal, Hongde, Huabao, Franklin Templeton Sealand, Manulife, Essence, and China Post & Capital also achieved 10-year returns above 50%, reaping solid gains through a decade of market fluctuations. In addition, BOC International, Invesco Great Wall, Shanghai Pudong Development Bank, Orient, China Merchants, GF, Hua Yin, Penghua, and Industrial Securities Global also posted relatively high returns.

In terms of fund company size, the 17 large fixed-income fund companies averaged a 10-year return of 47.01%, with E Fund, Tianhong, and China Universal leading the pack; 12 medium-sized and 55 small companies averaged 41.88% and 40.83%, respectively, over the past 10 years. Fixed-income products place greater demands on a team's overall strength, and large fund companies clearly hold an advantage in performance.

5-Year Performance: Huashang, Everbright Pramerica, and Huatai-PineBridge Lead the Way

Data shows that in the fixed-income fund net value growth rankings for the past 5 years (October 1, 2021, to September 30, 2026), Huashang Fund was the standout among 129 comparable companies, with a net value growth rate of 33.36%. Everbright Pramerica Fund took second place with 22.44%, while Huatai-PineBridge ranked third with 22.14%.

In addition, Orient, China Post & Capital, and Invesco Great Wall exceeded 20%, ranking fourth through sixth. Managers such as Xinghua, Dongxing, Changsheng, and Guojin also delivered relatively impressive performance.

Looking at 5-year fixed-income fund returns, the performance gap between large, medium, and small fund companies was not significant, though large companies still held a certain leading edge. The 17 large fund companies averaged a 5-year return of 16.12% for fixed-income funds, while 13 medium-sized and 99 small companies averaged 16.04% and 13.99%, respectively.

3-Year Performance: Huashang, Xinhua, and Everbright Pramerica at the Forefront

Over the past 3 years, the bond market shifted from a one-way bull market to a highly volatile range-bound market, marking another key period that tests fund companies' fixed-income investment capabilities.

Data shows that between October 1, 2023, and September 30, 2026, 43 fund companies achieved net value growth rates of 10% or more for fixed-income products. Specifically, Huashang topped 143 comparable fund companies with a return of 24.87%, followed closely by Xinhua Fund with a 3-year return of 17.72%.

In addition, Everbright Pramerica, Huatai-PineBridge, Invesco Great Wall, China Post & Capital, Hengyue, and E Fund posted returns of 16.90%, 16.17%, 14.99%, 13.86%, 13.40%, and 13.34%, respectively, ranking third through eighth. Other relatively strong performers included China AMC, Orient, Xinghua, Essence, Huabao, and Southern. However, one fund company posted a loss exceeding 17% over the past 3 years.

The 17 fund companies with larger fixed-income product scale averaged an overall 3-year return of 10.87%, with E Fund, Tianhong, and China Universal among the better performers. In addition, 13 medium-sized fund companies performed well, averaging a 3-year return of 9.18% in fixed income, while 113 small fund companies averaged 8.88% over the same period.

Past Year: Huashang, Chunchun, and Xinhua Perform Well

From October 1, 2025, to September 30, 2026, the domestic bond market trended downward first, then rebounded, and then fluctuated, with a number of bond funds seizing opportunities to achieve solid returns.

Overall, Guotai Haitong Securities compiled net value growth rates for fixed-income funds across 151 public fund managers over the past year, of which 148 posted positive returns and 3 recorded losses.

Data shows that 29 fund managers achieved net value growth rates above 3% in fixed income over the past year, reflecting relatively strong performance. Huashang led with a fixed-income return of 7.44% over the past year; Chunchun followed closely with 7.20%, while Xinhua, Caitong, and Essence ranked third through fifth with returns of 4.91%, 3.84%, and 3.74%, respectively.

In addition, Invesco Great Wall, Changsheng, Jinxin, and Huatai-PineBridge also achieved returns above 3% over the past year.

In terms of fixed-income fund scale, the large fund companies with better performance mainly included Invesco Great Wall, Southern, China AMC, and Penghua.