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Mutual funds lose 35.98b yuan in first quarter
By Lydia Chen |
April 25, 2011, Monday
|
Online Edition
Online Edition
MAINLAND mutual fund managers failed to present a satisfying profit report to investors as the first-quarter data showed they lost a total of 35.98 billion yuan (US$5.54 billion) during the period.
The loss was in sharp contrast to a net profit of nearly 128 billion yuan made by the 61 mutual fund firms in the last three months of 2010.
Only 15 firms said in their earnings reports that they managed to keep accounts in black in the first quarter, but in the previous quarter none of them lost money.
Their poor performance is set to disappoint investors as the Shanghai Composite Index, which tracks the bigger of the mainland's stock exchanges, rebounded 3.64 percent from January to March. The index jumped 4.73 percent from October to December last year.
Balanced funds were the worst investments in the first quarter with a combined loss of 20.42 billion yuan, followed by equity funds that lost 17.65 billion yuan and bond funds with a loss of 10 million yuan, according to Shanghai-based Wind Information Co.
Money market funds, however, proved to be the most profitable in the first three months with a gain of 1.12 billion yuan, followed by 811 million yuan profit made by qualified domestic institutional investor funds and 177 million yuan made by principal guaranteed funds, Wind said.
The unpleasant performance may be one of the reasons to make these institutional investors more cautious as Wind found equity fund managers had reduced their stockpile by 1.12 percentage points to an average of 86.97 percent by the end of March while balanced funds trimmed their holdings by 3.35 percentage points to 77.08 percent.
The loss was in sharp contrast to a net profit of nearly 128 billion yuan made by the 61 mutual fund firms in the last three months of 2010.
Only 15 firms said in their earnings reports that they managed to keep accounts in black in the first quarter, but in the previous quarter none of them lost money.
Their poor performance is set to disappoint investors as the Shanghai Composite Index, which tracks the bigger of the mainland's stock exchanges, rebounded 3.64 percent from January to March. The index jumped 4.73 percent from October to December last year.
Balanced funds were the worst investments in the first quarter with a combined loss of 20.42 billion yuan, followed by equity funds that lost 17.65 billion yuan and bond funds with a loss of 10 million yuan, according to Shanghai-based Wind Information Co.
Money market funds, however, proved to be the most profitable in the first three months with a gain of 1.12 billion yuan, followed by 811 million yuan profit made by qualified domestic institutional investor funds and 177 million yuan made by principal guaranteed funds, Wind said.
The unpleasant performance may be one of the reasons to make these institutional investors more cautious as Wind found equity fund managers had reduced their stockpile by 1.12 percentage points to an average of 86.97 percent by the end of March while balanced funds trimmed their holdings by 3.35 percentage points to 77.08 percent.
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