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December 16, 2009

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Average yield of QFII funds up

THE average return of funds managed by overseas institutions to trade in yuan-denominated shares jumped 77.14 percent in the first 11 months of this year, bolstered by the surging stock market, an industry report said.

The performance outshone the 69.44-percent average return through November of funds which are managed by domestic firms, according to research firm Lipper & Co.

In November alone, the average return of funds under the Qualified Foreign Institutional Investor scheme grew 4.6 percent, slower than a 7.01-percent increase of mixed-asset aggressive funds.

China's economy maintained a strong recovery and is likely to grow 8 percent this year, which triggered concerns that the government will start to withdraw its stimulus measures, said Xav Feng, research head of Lipper China.

"But uncertainties still exist, such as the gloomy foreign trade. The country won't unwind all stimulus measures immediately, and the stock market still has growing potential in the long run," Feng said.

The Shanghai Composite Index gained 6.66 percent last month, faster than any other stock market in Asia Pacific.

The return of funds operating under the Qualified Domestic Institutional Investor program, which allows domestic firms to invest in overseas shares, grew 4.02 percent last month, the report said. The funds' average return was 55.69 percent in the first 11 months of this year.


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