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QFII funds post poor returns in November
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Equity funds operated by foreign institutions underperformed against domestic mutual funds last month as China鈥檚 stock market continued a moderate rebound, an industry report showed.
Funds managed under the Qualified Foreign Institutional Investor program logged an average return of 1.46 percent in November, research firm Lipper & Co said in its report.
QFII lagged behind an average return of 3.62 percent posted by domestic funds investing in China鈥檚 yuan-denominated stock market.
QFII funds also wrapped up a year-to-date gain of 1.82 percent, compared with 16.22 percent return by its mainland counterparts.
Domestic funds with exposure to the biotechnology sector gained the most with an average return of 9.47 percent last month, followed by investments in telecommunication services with a 9.37 percent return.
Funds invested in precious metals were the biggest loser, posting a decline of 6.88 percent in returns.
The average return of funds under the Qualified Domestic Institutional Investor scheme shed 0.84 percent last month, bringing their year-to-date return to a loss of 5.86 percent.
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