Equity funds profit from rebound in stock market
Print Edition
PROFITS for Chinese mainland mutual funds in the third quarter surged as equity funds gained the most from a rebound in the stock market, industry data showed yesterday.
The combined profit of 2,131 mutual funds reached 211 billion yuan (US$34.5 billion) in the July-September quarter, a 177 percent surge from a quarter earlier and marking the most in four years, figures from TX Investment Consulting Co revealed.
Riding on the 15.4 percent rally in the Shanghai Composite Index in the quarter, equity funds made a profit of 129.1 billion yuan, or 61 percent of the total, amid high investor hopes that the planned pilot program allowing cross-border stock investment between the Shanghai and Hong Kong bourses will attract foreign funds to invest in the A-share market.
But profits made by money-market funds slid 5.8 percent from the second quarter to 19.9 billion yuan as rates declined after China’s central bank unveiled targeted monetary easing measures to boost economic growth. The Tianhong Zenglibao currency fund continued to be the top earner as it benefited from its cooperation with Yu’ebao, a fund management platform owned by Alibaba.
Funds under the Qualified Domestic Institutional Investors, a program allowing domestic financial institutions to invest in offshore markets, lost 601 million yuan amid volatility in overseas markets.
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