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Chinese mutual funds’ profits up 177% in Q3, report says

By Vera Ye | October 27, 2014, Monday | Online Edition

CHINESE mainland mutual funds posted a surge in the third-quarter profits as equity funds gained the most on a stock market rebound, industry data showed today.

The combined profit of 2,131 mutual funds reached 211 billion yuan (US$34.4 billion) from July through September, a 177 percent surge from a quarter earlier and marking the most in four years, data from TX Investment Consulting Co showed.

Equity funds scored a profit of 129.1 billion yuan, or 61 percent of the total, as the Shanghai Composite Index rose 15.4 percent over the period amid high expectations that the planned pilot program to allow cross-border stock investment between Shanghai and Hong Kong markets will attract foreign funds to invest in the A-share market.

Profits made by money market funds slid 5.8 percent from the second quarter to 19.9 billion yuan as money market rates declined after China’s central bank introduced targeted monetary easing measures to boost economic growth.

Currency fund Tianhong Zenglibao remained the top earner in the third quarter with a net profit of 5.7 billion yuan thanks to its cooperation with Yuebao, a fund management platform owned by Chinese e-commerce giant Alibaba.

Hybrid funds made a profit of 5.1 billion yuan while bond funds gained 1 billion yuan during the period, data showed.

Funds under the Qualified Domestic Institutional Investor, a program allowing domestic financial institutions to invest in offshore markets, underperformed with losses of 601 million yuan due to volatility in overseas markets. Commodity funds lost 22 million yuan on falling gold prices.

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