Photo taken on Oct. 15, 2021 shows a new energy vehicle (NEV) produced by China's leading NEV manufacturer BYD during the 130th session of the China Import and Export Fair, also known as the Canton Fair in Guangzhou, south China's Guangdong Province.
BEIJING, Oct. 28 (Xinhua) – Publicly-offered funds in China suffered as much as 292.63 billion yuan of losses in the third quarter, with equity funds bearing the most brunt from a diverged and volatile stock market, reported Xinhua-run Xinhua Finance on Thursday.
The report cited data from TX Investment Consulting, a securities investment consulting service and fund valuation service provider in China, said that the figure was in sharp contrast to the 870 billion yuan of profits publicly-offered funds made in the second quarter.
As the major loss makers, stock funds and hybrid funds reported losses totaling 292.63 billion yuan. Qualified domestic institutional investor (QDII) funds, fund of funds (FOF) and commodity funds also suffered quarterly losses at 30.31 billion yuan, 408 million yuan and 380 million yuan respectively.
Bond funds, money market funds and publicly-offered real estate investment trusts (REITs) made profits of 59.93 billion yuan, 54.22 billion yuan and 180 billion yuan from July to September.
Despite 86 of the 145 fund firms profited in the third quarter, they are mostly small- and medium-sized fund firms while those large fund firms that have not bet on the right sector and products suffered more severe losses.
Statistics with TX Investment Consulting showed that nine fund firms saw their losses exceed 10 billion yuan in the third quarter and three of them even reported quarterly losses in excess of 30 billion yuan.
All of these may result from the extremely diverged stock market performances in China in the third quarter.
New energy and new energy vehicle (NEV) stocks remained encouraging and active, helping publicly-offered funds that invested in related investment targets pocketed eye-catching profits.
On the contrary, funds that invested in stocks of consumption related companies and part of the large equity funds that failed to benefit from the prosperous new energy sector all reported losses.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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