Data compiled by the PaiPai.com platform reveals that as of August 30th, 127 fund firms have executed dividends across 2,328 products this year, totaling 4,123 distributions with an aggregate value of 103.308 billion yuan. Breaking down the figures, bond funds remain the primary contributors, accounting for over half of the total payout value. Concurrently, equity funds have shown a markedly increased propensity for distributions, with the frequency of payouts surging over 90% year-on-year. Notably, fund of funds (FOF) have emerged as exceptional performers, with their total dividend amount leaping by more than 24 times compared to the same period last year.

Where the bulk of payouts lie

Bond-based funds continue their role as the mainstay of dividend distributions. This year, they have conducted 2,433 dividend events, distributing 60.568 billion yuan, which constitutes 58.61% of the total amount. However, compared to the previous year, both the frequency and the total value have decreased noticeably. Specifically, the number of distributions has dropped by 28.59% from 3,407 events recorded last year, and the total payout amount has declined by 44.29% from 108.728 billion yuan.

Equity funds have significantly ramped up their distribution frequency. So far in 2024, these funds have completed 1,367 dividend payouts, distributing 33.312 billion yuan. While this payout value only marks a modest 1.71% increase from 32.752 billion yuan a year earlier, the number of distribution events has surged by 95.29% compared to 700 events in the previous year. Within this category, balanced hybrid funds have exhibited the most substantial growth in payout amounts, distributing 7.338 billion yuan this year—a dramatic 232.64% upswing from 2.206 billion yuan last year. Index-based equity funds have been particularly proactive, with 1,147 dividend events this year, a 109.31% increase from the 548 events seen in the prior year.

The standout performance of FOF payouts

FOF funds have delivered the most impressive dividend figures this year. They have executed 48 distributions, totaling 451 million yuan. This represents a 182.35% surge in the frequency of payouts and an extraordinary 2,405.56% leap in the total amount year-on-year. This significant growth is primarily attributed to hybrid FOFs, which have distributed 330 million yuan, accounting for 73.17% of the total FOF dividend pool.

Top single-fund and firm distributions

In terms of individual fund payouts, 244 funds have distributed at least 100 million yuan each. Among these, 232 funds have paid out between 100 and 500 million yuan, while 12 funds have distributed over 500 million yuan, including five that have surpassed the 1 billion yuan threshold. Of these 12 funds, five are passive index stock funds. The leading payouts include the CSI 300 ETF (Huatai-PineBridge) at 9.811 billion yuan, the CSI 300 ETF (E Fund) at 4.479 billion yuan, and the CSI 500 ETF (China Southern) at 1.978 billion yuan, ranking as the top three distributions.

On the firm level, 93 fund companies have distributed at least 100 million yuan each. The breakdown shows 48 firms in the 100-500 million yuan range, 19 firms in the 500 million to 1 billion yuan range, and 26 firms that have exceeded the 1 billion yuan mark. Leading the list is E Fund Management, which has seen 115 of its funds hand out dividends in 244 separate events, totaling 12.555 billion yuan. Following closely is Huatai-PineBridge Fund Management with 30 products executing 140 distributions, accumulating 11.677 billion yuan. China Southern Asset Management ranks third, with 115 fund products undertaking 247 distributions, totaling 5.818 billion yuan. Additionally, firms such as China Merchants Fund, Bosera Asset Management, and Huashang Fund have each distributed no less than 3 billion yuan.

Expert insight on the rising trend

Li Chunyu, a FOF fund manager at Rongzhi Investment, attributes the heightened distribution activity among equity funds to several factors. He points to the gains from A-share structural market rallies, which have built up unrealized profits, alongside the ample supply of high-dividend stocks from listed companies. Notably, index ETFs have secured stable dividend sources, supporting frequent payouts. Furthermore, the industry's focus has shifted towards enhancing shareholder returns, with policy guidance emphasizing cash dividends. Fund managers are increasingly using distributions to improve the investor experience and reward unitholders. The proliferation of standardized dividend mechanisms for index funds has also been a key driver in the significant rise in the number of distribution events.