The combined asset under management (AUM) of China’s publicly raised funds has reached a record high of 14.29 trillion yuan (US$447 billion) by the end of February, amid a stock market rally in the A-share market.

According to official data, the public fund AUM increased by 1.25 trillion yuan in the first two months. The pure stock funds attracted 124.2 billion yuan of the inflow, representing the fastest growth among all public fund categories, as the Shanghai Composite Index rose about 20% during the period. The AUM of mixed asset funds climbed by 10% or 138 billion yuan.

The AUM growth contributes to both increasing inflow and the growth in market cap of the stock holdings, industry insiders said.

Meanwhile, money market funds also reported substantial AUM growth of 751.8 billion yuan in the first two months. Total AUM of China’s public money market funds has reached 8.37 trillion yuan.

The AUM of bond funds reported a 173 billion increase for the period to a record high of 2.44 trillion yuan.