Mutual funds are, as the CMF puts it, one of the main sources of savings in Chile's economy. In September 2026 they managed an average of CLP 102,526 billion (about US$108.233 billion) and, for the first time ever, passed 4 million investors: 4,021,201, 8.58% more than a year earlier, according to the monthly report of the Asociación de Fondos Mutuos (AFM). The industry grew 14.9% over twelve months and has 443 funds with 2,698 share classes.
This guide explains what a mutual fund is, which types exist, what they charge and how much each category has returned, with data from the CMF and the AFM. It does not recommend any fund: past returns do not guarantee future ones and the value of fund units can fall.
View the data as a table
| Assets, CLP trillion | 102.5 |
| Investors | 4,021,201 |
| 12-month growth | 14.9% |
| Funds | 443 |
What mutual funds are and how they work
A mutual fund pools many people's money into a common portfolio invested by a general fund manager (AGF) supervised by the CMF. Each investor buys units whose value rises or falls with the fund's holdings (deposits, bonds, shares). Most funds allow redemptions within a few days, and each fund has share classes with different costs depending on the client type: retail, APV, high net worth or institutional.
As of June 2026, retail investors made up more than 74.3% of the total, followed by APV investors (22%) and high net worth clients (3.3%), according to the CMF. Mutual funds are also one of the vehicles for voluntary pension savings: our APV guide explains regimes A and B.
View the data as a table
| Assets (CLP trillion) | |
|---|---|
| Dec 2025 | 90.4 |
| Jan | 90.6 |
| Feb | 91.6 |
| Mar | 92.8 |
| Apr | 95.1 |
| May | 97.0 |
| Jun | 98.4 |
| Jul | 98.9 |
| Aug | 100.3 |
| Sep | 102.5 |
| Sep | 102,526 | 4,021,201 |
| Aug | 100,287 | 3,987,523 |
| Jul | 98,854 | 3,965,772 |
| Jun | 98,446 | 3,942,412 |
| May | 97,042 | 3,914,197 |
| Apr | 95,069 | 3,874,144 |
| Mar | 92,827 | 3,845,871 |
| Feb | 91,611 | 3,824,535 |
| Jan | 90,593 | 3,798,713 |
| Dec 2025 | 90,393 | 3,774,260 |
Types of mutual funds and how big each one is
The AFM classifies funds by their effective investment strategy. Debt funds under 90 days (investing in deposits and short-term paper) are the largest, with CLP 34.3 trillion and 33.42% of assets. They are followed by debt funds over 365 days, balanced funds (mixing fixed income and equities), debt funds under 365 days and equity funds:
| Category | Assets (CLP billion) | Share |
|---|---|---|
| Debt, under 90 days | 34,267 | 33.42% |
| Debt, over 365 days | 22,501 | 21.95% |
| Balanced | 17,411 | 16.98% |
| Debt, under 365 days | 16,462 | 16.06% |
| Equity | 8,941 | 8.72% |
| Other and qualified investors | 2,944 | 2.88% |
Source: Asociación de Fondos Mutuos (AFM), monthly industry report, September 2026, Table 2. Riskier funds are growing fastest: balanced funds are up 38.1% so far in 2026 and 56.2% over twelve months, and equity funds 26.6% this year and 41.7% over twelve months.
How much mutual funds have returned by category
The AFM publishes each category's annual nominal return net of costs, weighted by assets. In 2025 all were positive: equity funds gained 31.82%, balanced funds 9.85% and debt funds between 4.33% and 6.82%, according to its annual report. But bad years happen: in 2022 equity funds lost 9.83% and in 2021 long-term debt funds fell 4.24%.
View the data as a table
| Equity | Balanced | Debt, over 365 days | Debt, under 365 days | Debt, under 90 days | |
|---|---|---|---|---|---|
| 2019 | 19.17% | 11.47% | 5.75% | 3.14% | 2.27% |
| 2020 | 9.78% | 4.00% | 4.90% | 2.48% | 0.75% |
| 2021 | 23.53% | 7.79% | -4.24% | 0.26% | 0.50% |
| 2022 | -9.83% | -3.10% | 11.46% | 9.21% | 6.46% |
| 2023 | 22.19% | 9.99% | 6.17% | 8.50% | 9.28% |
| 2024 | 21.80% | 10.89% | 8.16% | 7.05% | 5.59% |
| 2025 | 31.82% | 9.85% | 6.82% | 4.33% | 4.38% |
| Category | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Cumulative 2019-2025 |
|---|---|---|---|---|---|---|---|---|
| Equity | 19.17% | 9.78% | 23.53% | -9.83% | 22.19% | 21.80% | 31.82% | 185.9% |
| Balanced | 11.47% | 4.00% | 7.79% | -3.10% | 9.99% | 10.89% | 9.85% | 62.2% |
| Debt, over 365 days | 5.75% | 4.90% | -4.24% | 11.46% | 6.17% | 8.16% | 6.82% | 45.2% |
| Debt, under 365 days | 3.14% | 2.48% | 0.26% | 9.21% | 8.50% | 7.05% | 4.33% | 40.2% |
| Debt, under 90 days | 2.27% | 0.75% | 0.50% | 6.46% | 9.28% | 5.59% | 4.38% | 32.8% |
Source: Asociación de Fondos Mutuos (AFM), 2025 annual report, Table 6; the cumulative figure is Pauta Financiera's calculation compounding the annual returns. These are nominal figures: to know how much purchasing power was gained, inflation has to be subtracted, which we cover in our story on the CPI.
Return versus risk
A simple way to see the trade-off between gain and risk is to compare each category's average annual return with its variability (the standard deviation of its returns). Between 2019 and 2025, equity funds averaged 16.9% a year with variability of 12.5 points; debt funds under 90 days, 4.2% with 3.0 points.
View the data as a table
| Variability (standard deviation, points) | Average annual return | |
|---|---|---|
| Equity | 13 | 17% |
| Balanced | 5 | 7% |
| Debt, over 365 days | 5 | 6% |
| Debt, under 365 days | 3 | 5% |
| Debt, under 90 days | 3 | 4% |
In the first half of 2026, the CMF reported that international equity funds led with 11.9% (8.9% real) and aggressive balanced funds gained 10.9% (7.9% real), while peso debt funds under 90 days returned 1.99%, or -0.7% real: below inflation for the period.
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See advertising optionsWhat they charge: the annual cost rate
A fund's cost is summed up in the TAC (tasa anual de costos, annual cost rate), which includes the manager's fee and the fund's expenses and is deducted from the unit value. As of June 2026, the system's average TAC was 1.1% a year, 5 basis points higher than at the end of 2025, according to the CMF. Digital share classes for retail investors charge 1.2% on average, against 1.6% for non-digital ones.
| Amount invested | Annual cost at 1.2% TAC (digital) | Annual cost at 1.6% TAC (non-digital) | Difference |
|---|---|---|---|
| CLP 1,000,000 | CLP 12,000 | CLP 16,000 | CLP 4,000 |
| CLP 5,000,000 | CLP 60,000 | CLP 80,000 | CLP 20,000 |
| CLP 20,000,000 | CLP 240,000 | CLP 320,000 | CLP 80,000 |
Pauta Financiera calculation using the CMF's average TACs, on a constant balance over one year. In short-term debt funds, where recent annual returns ranged between 4% and 6%, a 0.4-point cost difference takes a meaningful share of the gain. That is why it pays to compare TACs within the same category on the CMF Mutual Funds Portal.
What they invest in and what to check before investing
As of September 2026, 69% of investments were in debt instruments (CLP 69,972 billion) and 31% in equity-type instruments (CLP 31,390 billion), with 88% in domestic issuers, according to the AFM quarterly report. Time deposits are the preferred instrument, at 26% of the industry's portfolio. Anyone comparing a short-term debt fund with a deposit can check our story on how much a time deposit pays.
- Risk: mutual funds have no state guarantee; unit values can fall, especially in equity and balanced funds.
- Horizon: debt funds under 90 days suit money needed soon; equity funds suit long horizons.
- Costs: compare the TAC within the same category and share class.
- Redemption: check in the fund rules how long payment takes and whether there is a fee for early redemption.
How to invest step by step
To invest in a fund you need an account with a general fund manager, a bank or a broker that distributes it. Before investing, five steps help: decide when the money will be needed; choose the category that fits that horizon and your tolerance for losses; read the fund rules and fact sheet, which explain what it invests in, what it charges and how long redemptions take; pick the right share class (retail, digital or APV), since the cost changes; and check the fund's returns against its category over several years, not just the last one.
Frequently asked questions
What is a mutual fund in simple terms?
It is a common pool of money from many people that a manager invests in deposits, bonds or shares. Each person owns units whose value changes with those investments.
Can you lose money in a mutual fund?
Yes. Funds have no guaranteed return. According to the AFM, equity funds lost 9.83% in 2022 and debt funds over 365 days lost 4.24% in 2021.
How much does a mutual fund charge?
The system's average TAC was 1.1% a year as of June 2026, according to the CMF. Digital retail share classes averaged 1.2% and non-digital ones 1.6%.
Which is better, a mutual fund or a time deposit?
It depends on the time horizon and the risk you accept. A time deposit has a known fixed rate and a mutual fund a variable return; many debt funds in fact invest in time deposits.
Where can I compare mutual funds?
On the CMF Mutual Funds Portal, which shows returns, costs and portfolios by fund and share class, and in the reports of the Asociación de Fondos Mutuos.
This information is journalistic and educational, not financial advice. Check the terms and the total cost (CAE) with the institution before signing up.
