Hong Kong-based mutual funds recorded a significantly improved performance in the first quarter of 2004 compared to the same period last year, according to data from Standard & Poor’s.
The average return on Hong Kong mutual funds was 3.45% in the first three months of 2004, against a negative return of 2.63% in the first quarter of 2003, S&P reported.
The best returns were delivered by equity funds, which were up 4.66% in Q1, S&P noted. This is added to the 40.96% return for the whole of 2003.
Nevertheless, S&P's analysts observed that the performance of Hong Kong and global equities were relatively moderate when compared to returns from Japanese stocks, which were described as “exceptional.”
Buoyed by a 13.03% rise in the Nikkei 225 in the first quarter of 2003, the Smaller Companies Japan Fund returned 25.62% in the same period.
The next best performer was the Equity Europe Emerging Markets Fund which posted a return of 20.79% in the first three months.
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