Mutual funds suffer in H1
Print Edition
STOCK market volatility at the start of the year took a toll on ChinaÕs mutual fund industry which lost 232.2 billion yuan (US$34.8 billion) in the first half of the year although the loss narrowed, the Shanghai Securities News reported yesterday.
The mutual funds lost 309.8 billion yuan in the first quarter and the loss eased because the stock market stabilized in the second quarter. But the loss in the first-half of this year was in sharp contrast to the profit of 866.8 billion yuan the funds made during the same period of last year.
Mutual funds with state money to shore up share prices during the market rout last year posted an aggregated loss of 16.9 billion yuan in the first six months of this year, a reversal from a profit of 18.5 billion yuan at the end of last year.
In January to June, hybrid funds, referring to mutual funds that have a mixed portfolio of stocks and bonds, suffered the biggest loss of 187.2 billion yuan, followed by equity-oriented funds which lost 110.2 billion yuan, according to the report.
Money market funds were the most profitable with combined earnings of 58.9 billion yuan, while bond funds earned total profits of 7.3 billion yuan.
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