Chinese fund houses lose Rmb125 billion in first half
Negative Chinese stock-market performance has hurt domestic mutual-fund returns, with not a single mainland asset manager making a profit in the second quarter.
It's been a dismal year so far for China’s 61 mutual-fund managers. They recorded an aggregate loss of Rmb89.4 billion in the second quarter, resulting in a total first-half loss of Rmb125 billion ($19.4 billion). Not a single fund-management company (FMC) turned a profit in Q2, according to quarterly reports.
Mutual-fund performance suffered even more in the second quarter than in the first, mainly due to the A-share market correction. The Shanghai Composite Index fell 6% in the …
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