Mutual funds fall $40 billion in 3Q

China’s 396 mutual funds lost US$40.2 billion in value in the third quarter as the stock market fell, Bloomberg reported, citing the China Securities Journal. Equity funds lost US$27 billion, while the value of hybrid funds declined by US$11.3 billion. Funds under the qualified domestic institutional investor (QDII) program lost US$2.4 billion. China’s benchmark CSI 300 Index has fallen 66% this year, making it Asia’s worst-performing index. The CSI 300 Index, which tracks yuan-denominated stocks traded in Shanghai and Shenzhen, ended up 0.1% yesterday to close at 1,834.78, its first rise in three days.