Mutual funds take US$6b loss in Q1
By Lydia Chen |
April 26, 2011, Tuesday
|
Print Edition
Print Edition
MUTUAL fund managers on the Chinese mainland lost more than 35.98 billion yuan (US$5.54 billion) in the first quarter of this year, disappointing investors.
The loss was a sharp reversal from a profit of nearly 128 billion yuan that all 61 fund firms had made in the last three months of 2010.
Only 15 firms said in their quarterly earning reports that they managed to keep their accounts in the black in the first three months, while none of the firms lost money in the previous quarter.
The poor performance may disappoint many investors as the Shanghai Composite Index, which tracks the bigger of the mainland's bourses, rose 3.64 percent from January to March. The index gained 4.73 percent in the final quarter last year.
Balanced funds were the worst investments in the first quarter, losing a combined 20.42 billion yuan, followed by equity funds which lost 17.65 billion yuan while bond funds were off 10 million yuan, according to Shanghai-based Wind Information Co.
Money market funds were the most profitable in the first quarter, rising 1.12 billion yuan.
The loss was a sharp reversal from a profit of nearly 128 billion yuan that all 61 fund firms had made in the last three months of 2010.
Only 15 firms said in their quarterly earning reports that they managed to keep their accounts in the black in the first three months, while none of the firms lost money in the previous quarter.
The poor performance may disappoint many investors as the Shanghai Composite Index, which tracks the bigger of the mainland's bourses, rose 3.64 percent from January to March. The index gained 4.73 percent in the final quarter last year.
Balanced funds were the worst investments in the first quarter, losing a combined 20.42 billion yuan, followed by equity funds which lost 17.65 billion yuan while bond funds were off 10 million yuan, according to Shanghai-based Wind Information Co.
Money market funds were the most profitable in the first quarter, rising 1.12 billion yuan.
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