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Bearish stock market hurts mutual fund industry in H1
Online Edition
CHINA'S mutual fund industry posted a loss of 232.2 billion yuan (US$34.8 billion) in the first half of 2016, taking a hit from the stock market volatility at the beginning of the year, the official Shanghai Securities News reported today.
That was narrowed from a loss of 309.8 billion yuan logged by mutual funds in the first quarter as the stock market stabilized in the second quarter. The loss was in sharp contrast to the profit of 866.8 billion yuan posted by the funds during the same period last year.
China’s mutual fund industry consists of 3,735 funds run by 106 asset management companies.
In the January to June period, hybrid funds, referring to mutual funds that have portfolio with a mix of stocks and bonds, reported the biggest loss of 187.2 billion yuan, followed by equity-oriented funds which saw a loss of 110.2 billion yuan, according to the report.
Money market funds were the most profitable with combined earnings of 58.9 billion yuan, while bond funds made total profits of 7.3 billion yuan.
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