Mutual fund massacre resumes in Q2
By Lydia Chen |
July 22, 2011, Friday
|
Print Edition
Print Edition
MUTUAL fund managers continued to lose money in the second quarter of this year, dragged down by volatile Chinese mainland markets and investors' concerns over the country's rising inflation and slowing growth.
China's 762 mutual funds posted a combined loss of 89.43 billion yuan (US$13.85 billion) from April to June - more than double the nearly 36 billion yuan loss posted during the first quarter, TX Investment Consulting Co said yesterday. However, the unpleasant performance hasn't spurred managers to reduce their exposure to stocks. Quarterly earning reports showed the funds' average equity stockpiles dipped 0.92 percentage points from three months earlier to 85.1 percent, while balanced funds maintained their stockpiles at nearly 75 percent, down 1.94 percentage points.
Consumption-related shares were the most favored investments for managers during the second quarter, followed by real estate developers, pharmaceuticals, utility shares and retailers, the company said. Machinery manufacturers were the most dumped plays in the last three months, followed by electronics, petrochemicals and mining.
Kweichow Moutai Co was the most favored company among Chinese mainland funds during period. The country's top spirit maker advanced 18.23 percent in the second quarter despite a fall of 5.8 percent on the Shanghai Composite Index.
China Merchants Bank Co was another favorite. However, the sixth biggest Chinese lender, disappointed fund managers by shrinking 5.48 percent in the second quarter.
Home appliance-related companies and liquor makers dominated the top 10 favorites of fund managers. Suning Appliance Co, Gree Electric Appliance Inc, GD Midea Holding Co, Wuliangye Yibin Co and Luzhou Laojiao Co were all on the list.
Blue chips, such as Anhui Conch Cement Co and Ping An Insurance Group, were also heavily bought by fund managers.
China's 762 mutual funds posted a combined loss of 89.43 billion yuan (US$13.85 billion) from April to June - more than double the nearly 36 billion yuan loss posted during the first quarter, TX Investment Consulting Co said yesterday. However, the unpleasant performance hasn't spurred managers to reduce their exposure to stocks. Quarterly earning reports showed the funds' average equity stockpiles dipped 0.92 percentage points from three months earlier to 85.1 percent, while balanced funds maintained their stockpiles at nearly 75 percent, down 1.94 percentage points.
Consumption-related shares were the most favored investments for managers during the second quarter, followed by real estate developers, pharmaceuticals, utility shares and retailers, the company said. Machinery manufacturers were the most dumped plays in the last three months, followed by electronics, petrochemicals and mining.
Kweichow Moutai Co was the most favored company among Chinese mainland funds during period. The country's top spirit maker advanced 18.23 percent in the second quarter despite a fall of 5.8 percent on the Shanghai Composite Index.
China Merchants Bank Co was another favorite. However, the sixth biggest Chinese lender, disappointed fund managers by shrinking 5.48 percent in the second quarter.
Home appliance-related companies and liquor makers dominated the top 10 favorites of fund managers. Suning Appliance Co, Gree Electric Appliance Inc, GD Midea Holding Co, Wuliangye Yibin Co and Luzhou Laojiao Co were all on the list.
Blue chips, such as Anhui Conch Cement Co and Ping An Insurance Group, were also heavily bought by fund managers.
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