Chinese Funds Lose Big in Q2

(Beijing) – Sixty fund management companies lost a total of 351.37 billion yuan in the second quarter of this year, nearly four times as much as that in the first quarter, according to financial reports by those firms.

First quarter total losses for fund companies were 88.4 billion yuan.

Equity-investment funds lost 247.7 billion yuan and hybrid funds lost 97 billion yuan.
In the second quarter, the benchmark Shanghai Composite Index dropped 22.86 percent.

From April to June, fund companies increased their investment in pharmaceuticals, food and beverages, and retail sectors while decreasing their holdings of financial services, steel and machinery shares.

ChinaAMC Money Market Fund fared the best among all funds, reaping 519.4 billion yuan for investors. Fullgoal Tianxiang Fund ranked second with 474.3 billion yuan in second quarter profits, up 2.17 percent from the first quarter.