90% of mutual funds post big losses
By Lydia Chen |
February 1, 2011, Tuesday
|
Print Edition
Print Edition
NEARLY 90 percent of Chinese mainland's equity mutual funds have lost more than the Shanghai stock market since the beginning of this year, as data showed.
Of the 363 equity mutual funds on the mainland, 340 lost an average 6.39 percent, compared with a 2.57 percent fall in the Shanghai Composite Index by the end of last Friday, China Business News reported yesterday.
Seventeen funds saw their losses exceed 10 percent as shares tumbled on the board for small- and medium-sized firms and ChiNext.
Only five funds managed to keep their accounts in the black during the 19 trading days. Four of them managed to be profitable because they invested heavily in machinery manufacturers who managed to weather better the market fluctuations.
The results obviously were a disappointment to fund managers, most of whom increased their stock allocations to more than 80 percent of their investments by the end of last year.
Of the 363 equity mutual funds on the mainland, 340 lost an average 6.39 percent, compared with a 2.57 percent fall in the Shanghai Composite Index by the end of last Friday, China Business News reported yesterday.
Seventeen funds saw their losses exceed 10 percent as shares tumbled on the board for small- and medium-sized firms and ChiNext.
Only five funds managed to keep their accounts in the black during the 19 trading days. Four of them managed to be profitable because they invested heavily in machinery manufacturers who managed to weather better the market fluctuations.
The results obviously were a disappointment to fund managers, most of whom increased their stock allocations to more than 80 percent of their investments by the end of last year.
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