Mainland China mutual funds have weathered a decline on the A-share market, suffering total net investment losses of around RMB50 billion (US$7.9 billion) in the second quarter of 2013, according to a Shanghai Securities Journal report.
Equity funds, which garnered revenues of RMB34.1 billion in the previous quarter have dramatically underperformed other types of fund with total losses of RMB45.2 billion during the second quarter of 2013, according to figures from TX Investment Consulting.
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Fixed income and money market funds simultaneously moved against the downtrend, securing RMB2.12 billion and RMB4.98 billio, respectively.
The debts were tracked by hybrid and QDII funds, which reported losses of RMB6.39 billion and RMB4 billion, respectively.
A-share market linked index funds, including Harvest CSI 300 ETF and E Fund 50 Index Securities Investment Fund have recorded average losses of more than RMB1.6 billion in the second quarter due to the A-share market declines.
China Asset Management Co (China AMC) has suffered an accumulated loss of RMB8.9 billion in the first half as one third of its total AUM of RMB200 billion is in A-share index funds.
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