Funds lose US$51.8b in Q2
By Pan Xiaoyi |
July 22, 2010, Thursday
|
Print Edition
Print Edition
CHINESE mutual funds suffered losses of 351.4 billion yuan (US$51.8 billion) in the second quarter of this year after the Shanghai stock index fell during the period.
Of the 652 mutual funds operated by 60 fund companies on the Chinese mainland, 292 equity funds lost 247.7 billion yuan while 154 hybrid funds lost 90.1 billion yuan. Twelve funds operated by Qualified Domestic Institutional Investors lost 5.58 billion yuan, TX Investment Consulting Co said in a report yesterday.
Only currency funds gained with 62 currency funds earning 474 million yuan.
However, all fund firms posted losses in the second quarter, the report said.
China's benchmark Shanghai Composite Index started to head south this year after the central government tightened measures to crack down on property speculation and prevent the economy from overheating.
The key index has slumped more than 22 percent so far this year, with property developers and banks leading the declines. The index is the worst performer among the world's major markets.
Ten of the 60 fund companies had equity holdings of more than 80 percent of their portfolio. Every company except for one reduced equity holdings in the quarter.
KBC-Goldstate Fund Management slashed its equity holdings by as much as 31.75 percentage points to 54.81 percent. Morgan Stanley Huaxin Funds, Harfor Funds and Citic-Prudential Fund cut equity holdings by more than 20 percent.
The fund firms sold stocks mainly in extractive industries, finance and insurance, and metal and non-metallic sectors. Fund firms were purchasing stocks in the pharmaceutical, food and beverage and retail sectors during the period.
Of the 652 mutual funds operated by 60 fund companies on the Chinese mainland, 292 equity funds lost 247.7 billion yuan while 154 hybrid funds lost 90.1 billion yuan. Twelve funds operated by Qualified Domestic Institutional Investors lost 5.58 billion yuan, TX Investment Consulting Co said in a report yesterday.
Only currency funds gained with 62 currency funds earning 474 million yuan.
However, all fund firms posted losses in the second quarter, the report said.
China's benchmark Shanghai Composite Index started to head south this year after the central government tightened measures to crack down on property speculation and prevent the economy from overheating.
The key index has slumped more than 22 percent so far this year, with property developers and banks leading the declines. The index is the worst performer among the world's major markets.
Ten of the 60 fund companies had equity holdings of more than 80 percent of their portfolio. Every company except for one reduced equity holdings in the quarter.
KBC-Goldstate Fund Management slashed its equity holdings by as much as 31.75 percentage points to 54.81 percent. Morgan Stanley Huaxin Funds, Harfor Funds and Citic-Prudential Fund cut equity holdings by more than 20 percent.
The fund firms sold stocks mainly in extractive industries, finance and insurance, and metal and non-metallic sectors. Fund firms were purchasing stocks in the pharmaceutical, food and beverage and retail sectors during the period.
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