2025年投资基金统计报告

2025 InvestmentFunds Statistics Report The Board of theInternational Organization of Securities Commissions The International Organization of Securities Commissions website © International Organization of Securities Commissions 2026.All rights reserved. Brief excerpts may be reproduced or translated Table of contents Chapter 1 – Executive Summary 1.1.Qualified Hedge Funds1.2.Open-Ended Funds and Closed-Ended Funds Chapter 2 – Introduction Chapter 3 – Data and Methodology6 3.1.Hedge Funds73.2.Open-Ended and Closed-Ended Funds8Collection of UCITS Funds Data8Collection of US Form N-PORT and Form PF Data9 Chapter 4 – Aggregate Data11 4.1.Hedge Funds114.2.Open-ended Funds15 Chapter 5 – Investment Strategy & Fund Type23 5.1.Hedge Funds235.2.Open-ended Funds25 Chapter 6 – Geographical Investment Area 6.1.Hedge Funds296.2.Open-ended Funds32 Chapter 7 – Assets Classes37 7.1.Hedge Funds7.2.Open-ended Funds 7.3.Closed-ended Funds41 Chapter 8 – Derivatives44 8.1.Hedge Funds8.2.Open-ended Funds Chapter 9 – Leverage49 9.1.Hedge Funds499.2.Open-ended Funds53 10.1.Hedge Funds60 61 Chapter 11 -Counterparty Risk 11.1.Hedge Funds11.2.Open-ended Funds Chapter 12 – Conclusion Qualified Hedge FundsOpen-Ended Funds and Closed-Ended Funds A1 – NCA Fund Reporting65 A2 – Jurisdictional Breakdown67 A3 – Fund Exposures69 A4 – Additional Figures72 Chapter 1 – Executive The Investment Funds Statistics Report (IFSR) presents aggregatedinformation submitted by IOSCO members to provide a global overviewof the size, composition, and risk characteristics of investment funds.The report covers qualified hedge funds (QHFs), open-ended funds(OEFs), and closed-ended funds (CEFs), drawing on regulatory data The 2025edition of the IFSR reflects submissions from a broad set ofjurisdictions and captures a substantial share of global investment fundactivity.The report contains information from 38 IOSCO memberjurisdictions for the 2024 reporting year and encompasses 128,389funds representing USD 72.6T in global aggregate net asset value (NAV)and ~85%1of the global investment funds industry.While reporting Gibraltar, Israel, and Norway appear in the IFSR for the first time.Newreporting jurisdictions for OEF areHungary, Israel, and Norway. Gibraltar,Hong Kong, and Norway reportedQHF datafor the first time.Hungary, Overall, the data indicates continued growth in aggregate NAV acrossmajor fund typesin 2024, alongside relatively stable risk profiles. Gross and CEFs, while borrowing and leverage for OEFs and CEFs continue tobe low in aggregaterelative to QHFs. Investment activity remainsconcentrated in a small number of jurisdictions and asset classes, with 1.1.Qualified Hedge Funds In 2024,QHFs continued to represent a comparatively small share of totalinvestment fund assets but accounted for a significant proportion ofderivatives activity and higher leverage compared to CEFs and OEFs. Theaggregate NAV of QHFshas increased year-over-year, reaching the highest Investment strategies continued to be dominated by a limited number ofcategories, notably macro strategies, equity long/short, relative-valueapproaches, and multi-strategy or“Other”funds. These strategies underpinQHF’sprominent role in sovereign bonds, equity, and repo markets. Leverage among QHFs increased in 2024, driven by higher gross andsynthetic leverage, though aggregate levels remained below the peaksobserved in earlier reporting years. Borrowing activity also rose comparedwith 2023 but continued to be below 2021 levels. Liquidity metrics indicatethat, on average and under normal market conditions, portfolio liquidity 1.2.Open-Ended Funds and Closed-Ended Funds OEFs and CEFs together account for the majority of investment fund assetscaptured in the survey. In 2024, both fund types recorded increases in thenumber of funds reported, while aggregate NAV developments differed across markets whereas CEF aggregate NAV declined modestly year-over-year but OEF portfolios continued to be dominated by equity and fixed-income funds.Compared to OEF, CEF tend to have a longer-term investment horizon whichis reflectedin their dominant asset categories (private equity and real estate). Leverage and borrowing remained low for both OEFs and CEFs in aggregate.It is important to keep in mind that the data presented may not be reflectiveof the entire industry’s leverage for CEFs due to the lack of transparency inPE funds.Derivatives usage was limited relative to QHFs and was primarily Chapter 2 – Introduction Fourth Edition of the Investment Funds Statistics Report This report represents the fourth edition of the Investment FundsStatistics Report (IFSR). The IFSR aims to provide a consistent, high- The investment funds survey collects aggregate data on QHFs, OEFs,and CEFs across IOSCO member jurisdictions. Given differences inregulatory frameworks, reporting obligations, and data availability, not alljurisdictions are able to provide information for all fund types