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Overseas funds lag behind Chinese in A share markets
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OVERSEA funds investing in China’s yuan-denominated shares saw a 2.67 percent decrease in the average return last month, in contrast to gains made by domestic funds, according to a report unveiled today.
The funds managed under the Qualified Foreign Institutional Investor program, a main gateway for foreign investors to tap China’s securities market, performed below the 2.85 percent increase in return posted by domestic mutual funds last month, said research firm Lipper & Co, a subsidiary of Thomson Reuters.
The decline came as China’s stock market cooled from a bullish run earlier, with the benchmark Shanghai Composite Index falling 0.75 percent last month after surging 21 percent in December.
Despite the poor performance, QFII funds continued to boost their presence in China. Data from China Securities Depository and Clearing Co Ltd showed QFII investors opened new A-share accounts for a 37th straight month in January, adding 15 new accounts and brining the total to 839.
As of February 12, China’s securities regulator has granted QFII qualifications to 277 foreign institutions since the program was launched in 2003, according to the China Securities Regulatory Commission.
For domestic funds, mutual funds with exposure to information technology sector reported the most gain of 11.56 percent in return last month, followed by 7.76 percent growth achieved by healthcare-linked funds, according to Lipper. Funds invested in financial stocks posted the biggest decline of 10.11 percent in return.
The average return of funds under the Qualified Domestic Institutional Investor scheme, which lets domestic firms invest in overseas markets, edged up 0.18 percent last month.
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