2月香港互认基金月报：资金流向分化格局延续

Core Insights - The article highlights the monthly fund flow dynamics in the Hong Kong mutual fund market, indicating a structural differentiation where equity and mixed funds continue to attract net inflows, while bond funds experience net outflows [1]. Fund Flow Analysis - In February 2026, the mixed fund category showed strong performance, with the Swiss Pictet Strategy Income Fund leading with a net inflow of 3.27 billion RMB, accumulating a total of 8.024 billion RMB year-to-date [1]. - The HSBC Asian Multi-Asset High Income Fund and Schroder Asian High Yield Bond Fund also performed well, with net inflows of 675 million RMB and 516 million RMB respectively, ranking fourth and fifth in monthly net inflows [1]. - In the equity fund segment, high dividend strategies and thematic industry funds were the main focus for investors, with the Morgan Asia Dividend Fund attracting 2.539 billion RMB in net inflows, ranking second for the month [1]. - The Morgan Pacific Technology Fund, as the only technology-focused equity fund, benefited from the recovery of global tech stocks, achieving a net inflow of 464 million RMB [1]. Bond Fund Performance - Overall, bond funds continued to see net outflows, primarily due to restrictions on sales to mainland investors and a shift in risk appetite towards equity products [1]. - The Morgan International Bond Fund recorded the largest net outflow for the month, while several HSBC bond products also faced significant outflows [1]. - Notably, the Bank of China Hong Kong All-Weather Asian Bond Fund managed to achieve a net inflow of 691 million RMB, ranking third in net inflows for the month [1]. Market Share Dynamics - As of the end of February 2026, Morgan's mutual fund products held an asset size of 86.76 billion RMB, capturing over 40% of the market share, maintaining a leading position [16]. - HSBC and Huitianfu ranked second and third, with asset sizes exceeding 20 billion RMB, while firms like Swiss Pictet and East Asia United Fund solidified their market positions with asset sizes surpassing 10 billion RMB [16].