A China overseas fund venture run by Fortis has become the country’s first asset manager to pay dividends to investors in an overseas investment fund, thanks to rebound in global stock markets that eliminated the fund’s losses, Reuters reported. The China Overseas Best Selection Fund, launched in June 2008 under the Qualified Domestic Institutional Investor (QDII) scheme, will pay a RMB0.2 (US$0.03) cash dividend for every 10 units, Fortis Haitong Investment Management said on its website. The fund, which invests mainly in US and Hong Kong-listed firms, had RMB1.12 (US$0.16) in net asset value (NAV) per unit as of April 2. Its NAV had been knocked below its face value of RMB1 (US$0.15) for most months since last September, as the global financial crisis worsened. Most QDII products have suffered badly from the global financial downturn with some losing up to 70% of their value.
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