Mutual funds buoyed by market run
Print Edition
THE average returns from domestic mutual funds rose 6.2 percent last month as China’s stock market continued a strong run.
The performance outshone a 2.88 percent month-on-month increase made by funds managed under the Qualified Foreign Institutional Investor program, a main gateway for foreign investors to tap China’s securities market, research firm Lipper & Co said in its monthly report yesterday.
The benchmark Shanghai Composite Index rose 3.1 percent in the month.
Year to date, domestic funds achieved a 9.35 percent growth in average returns while foreign funds saw their returns rise 1.28 percent. Domestic funds with exposure to information technology sector reported the biggest gain of 14.27 percent in returns last month, followed by 7.06 percent growth achieved by funds investing in consumer discretionary shares. Funds invested in commodities posted the biggest decline of 3.17 percent.
The average returns of funds under the Qualified Domestic Institutional Investor scheme, which lets domestic firms invest in overseas markets, rose 2.16 percent last month.
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