Mutual funds suffer US$7.3b loss in Q4
Print Edition
Mutual funds operating on the Chinese mainland lost a combined 44 billion yuan (US$7.3 billion) in the fourth quarter of last year as equity funds suffered the most due to a sluggish stock market, industry data showed yesterday.
The loss narrowed the net gain the funds made last year to 172.4 billion yuan, up 38 percent from a year earlier, data from TX Investment Consulting Co showed.
Equity funds reported a loss of 35 billion yuan from October through December when tight liquidity and concerns over the reboot of initial public offerings depressed the stock market.
Bond funds suffered a loss of 6.8 billion yuan in the fourth quarter while hybrid funds lost a combined 12.7 billion yuan, data showed.
Meanwhile, money market funds and funds under the Qualified Domestic Institutional Investor, a program allowing domestic financial institutions to invest in offshore markets, outshone by posting profits of 7.8 billion yuan and 2.8 billion yuan respectively.
Fund managers found the manufacturing sector the most attractive in the last quarter of 2013 as they raised their holdings of shares to 664.6 billion yuan, or 52.8 percent of the total, up from 48.3 percent in the third quarter, according to the consulting firm.
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