Mutual funds post fall in average return
Print Edition
The average return achieved by domestic mutual funds in September fell 3.4 percent year on year amid a stock market downturn in China, according to a report yesterday.
Funds managed under the Qualified Foreign Institutional Investor program, the main channel for foreign investors to tap China鈥檚 securities market, posted a 3 percent drop in average return, research firm Lipper & Co, a subsidiary of Thomson Reuters, said in its monthly report.
Their losses occurred as the Shanghai Composite Index lost 4.8 percent last month.
Year to date, the average return from domestic funds fell 0.3 percent while that of foreign funds shrank 9.9 percent, the report said.
Domestic funds with exposure to the telecommunication sector gained the most in average return of 2.8 percent last month, followed by funds investing in convertible bonds with a 1.2 percent growth, according to Lipper.
The average return of funds in global property shares fell the biggest at 11.7 percent.
The average return of funds under the Qualified Domestic Institutional Investor scheme, which lets domestic firms invest in overseas markets, fell 1.76 percent last month.
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