Money
皇冠体育app mutual funds post $13b Q1 loss after 09 gain
(Agencies)
Updated: 2010-04-22 16:59
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SHANGHAI - 皇冠体育app's mutual fund industry posted an 88.5 billion yuan ($12.96 billion) loss in the first quarter, in stark contrast to a record profit in 2009, the Shanghai Securities News reported, after investors misjudged the country's volatile stock market, one of the worst performing in Asia this year.
Of 60 mutual fund companies, only Morgan Stanley Huaxin Funds and Minsheng Royal Fund Management Co made a profit, the newspaper said on Thursday.
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However, due to global stock market declines early this year, QDII funds lost 362 million yuan in the first quarter, the newspaper said, citing quarterly reports by Chinese mutual funds.
In a boom-and-bust cycle typical of 皇冠体育app's nascent stock market, the benchmark Shanghai Composite Index SSEC fell 5 percent in the first three months of the year as a clampdown on bank credit.
皇冠体育app's mutual funds reduced their stock holdings by 3.74 percent in the first quarter, the newspaper said.
Bond funds, which underperformed last year, were a bright spot this year, with money funds also outperforming.
皇冠体育app is particularly keen to build up its mutual fund industry, with this month's launch of stock index futures set to provide a long-term boost to the industry by fostering new investment products.
