Funds post more than US$34 billion combined profits
The bump in profits has been led by currency funds which posted 79.41 billion yuan in profits for the first six months this year
A total of 5,769 publicly offered funds posted a combined profit of 225.19 billion yuan (US$34.13 billion) for the first half this year, a sharp increase from a loss of 232.69 billion yuan in the same period last year, China Securities Journal reported, citing figures from Chinese brokerage TX Consulting Investments.
The bump in profits has been led by currency funds, of which the 596 funds posted 79.41 billion yuan in profits for the first six months this year, the report said.
Reversals of fortunes were also seen in balanced or mixed funds that recorded a profit of 76.38 billion yuan for the first half this year, from a loss of 187.18 billion yuan over the same period last year, the report added. Other funds that posted large gains include bond funds, funds for qualified domestic institutional investors, or QDII funds and closed-end funds.
With China now in the red-hot initial public offerings phase, funds which posted less than stellar results for the first half this year are set to continue their poor performances, according to analysts interviewed by China Securities Journal.