Managers increase equity holdings
By Chen Li |
January 26, 2011, Wednesday
|
Print Edition
Print Edition
MUTUAL funds on the Chinese mainland have increased equity holdings, indicating positive sentiment among managers who expect the market may be close to bottoming out.
A total of 157 funds that invest in securities had an average of 84.05 percent of assets in stocks by the end of December, up 4.18 percent from the previous quarter, said the managers of 268 mutual funds, according to a report by TX Investment Consulting Co.
Fund managers increased investments in mining, machinery manufacturing, metals, electronics and telecommunications firms.
Ping An Insurance Co was the heaviest bought share among the funds, followed by Inner Mongolia Yili Industrial Group Co, NARI Technology Development Ltd, Kangmei Pharmaceutical Co, Xinjiang Guanghui Industry Co, China Merchants Bank, China Pacific Insurance (Group) Co, Beiqi Foton Motor Co and ZTE Corp.
Fund managers decreased investments in retail, pharmaceutical, food, financial and transport firms in the last three months of 2010.
The Shanghai Composite Index lost 14.3 percent last year. It has lost another 4.3 percent so far this year.
China Asset Management Co, the country's biggest mutual fund firm, boosted its stock allocation in its key fund to 89.3 percent by the end of last year, up from 87.8 percent a quarter earlier.
Wang Yawei, a fund manager at China Asset Management, said he expected short term fluctuations and that the battle against inflation would determine the direction of the market.
He boosted property stock holdings in his China AMC Large-Cap Select Fund from 13 percent to 19 percent in the fourth quarter.
A total of 157 funds that invest in securities had an average of 84.05 percent of assets in stocks by the end of December, up 4.18 percent from the previous quarter, said the managers of 268 mutual funds, according to a report by TX Investment Consulting Co.
Fund managers increased investments in mining, machinery manufacturing, metals, electronics and telecommunications firms.
Ping An Insurance Co was the heaviest bought share among the funds, followed by Inner Mongolia Yili Industrial Group Co, NARI Technology Development Ltd, Kangmei Pharmaceutical Co, Xinjiang Guanghui Industry Co, China Merchants Bank, China Pacific Insurance (Group) Co, Beiqi Foton Motor Co and ZTE Corp.
Fund managers decreased investments in retail, pharmaceutical, food, financial and transport firms in the last three months of 2010.
The Shanghai Composite Index lost 14.3 percent last year. It has lost another 4.3 percent so far this year.
China Asset Management Co, the country's biggest mutual fund firm, boosted its stock allocation in its key fund to 89.3 percent by the end of last year, up from 87.8 percent a quarter earlier.
Wang Yawei, a fund manager at China Asset Management, said he expected short term fluctuations and that the battle against inflation would determine the direction of the market.
He boosted property stock holdings in his China AMC Large-Cap Select Fund from 13 percent to 19 percent in the fourth quarter.
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