Chinese mutual firms post US$13b loss
By Winny Wang |
April 23, 2010, Friday
|
Print Edition
Print Edition
CHINESE mutual funds suffered losses of 88.46 billion yuan (US$12.95 billion) in the first quarter of this year after the Shanghai stock index fell more than 5 percent.
Of the 621 mutual funds operated by 60 fund companies on the Chinese mainland, 266 equity funds lost 66.52 billion yuan and 152 hybrid funds lost 23.47 billion yuan, TX Investment Consulting Co said in a report yesterday.
Bond funds and currency funds were among the gainers, with 126 bond funds making a profit of 1.5 billion yuan and 61 currency funds earning 536 million yuan, the report said.
The equity holdings of 40 fund companies exceeded 80 percent of their portfolio. Forty-seven companies reduced their holdings, including China International Fund Management Co Ltd which slashed its holding by 11.78 percentage points to 68.46 percent.
The fund companies sold stocks mainly in extractive industries, finance and insurance, and metal and non-metallic sectors. Investors ignored real estate and construction stocks while information technology, medicine and mechanical instrument firms were sought in the period.
Morgan Stanley Huaxin Funds and Minsheng Royal Fund Management Co Ltd were the only two profitable fund firms in the first quarter among the 60 companies, with Huaxin earning 179 million yuan and Minsheng profiting by 20 million yuan.
Of the 621 mutual funds operated by 60 fund companies on the Chinese mainland, 266 equity funds lost 66.52 billion yuan and 152 hybrid funds lost 23.47 billion yuan, TX Investment Consulting Co said in a report yesterday.
Bond funds and currency funds were among the gainers, with 126 bond funds making a profit of 1.5 billion yuan and 61 currency funds earning 536 million yuan, the report said.
The equity holdings of 40 fund companies exceeded 80 percent of their portfolio. Forty-seven companies reduced their holdings, including China International Fund Management Co Ltd which slashed its holding by 11.78 percentage points to 68.46 percent.
The fund companies sold stocks mainly in extractive industries, finance and insurance, and metal and non-metallic sectors. Investors ignored real estate and construction stocks while information technology, medicine and mechanical instrument firms were sought in the period.
Morgan Stanley Huaxin Funds and Minsheng Royal Fund Management Co Ltd were the only two profitable fund firms in the first quarter among the 60 companies, with Huaxin earning 179 million yuan and Minsheng profiting by 20 million yuan.
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