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Foreign funds cash in on market

THE average return of funds managed by overseas institutions trading yuan shares jumped 83.32 percent in the first seven months of this year, an industry report said today.

Their performance outshone that of the equity funds which reported an average return of 72.42 percent, fund research firm Lipper & Co said in a report today.

Last month, the average return of 15 funds under the Qualified Foreign Institutional Investor scheme reached 14.21 percent, compared with 14.07 percent of equity funds, the report said.

The 27 QFII funds researched by Lipper were managing US$10.65 billion as of July 30, against US$10.19 billion a month earlier, it said.

The China Securities Regulatory Commission has allowed 86 foreign investors to invest in the country's stock market, bonds and mutual funds.

The Shanghai stock market gained 87.39 percent in the first seven months of this year to become the best-performing market in the Asia Pacific, followed by Indonesia and India.

"China's economy began warming up and investors' enthusiasm reflected their optimism about the recovery, but investors should still be cautious about excessive liquidity, bubbles and corrections," the report said.

Return of funds under the Qualified Domestic Institutional Investor scheme reached 10.02 percent last month, lagging behind domestic equity funds.

In the seven months, the QDII funds reported an average return of 44.21 percent, Lipper said.


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