The average return from mutual funds based in Hong Kong suffered a decline of 0.77% in the first quarter of 2005 as weak stock markets hit performance figures.
According to figures from Standard & Poor's, the best performing category during the first tree months of the year was equity, with 870 funds showing an average return of -0.24%.
Meanwhile, 92 money market funds registered an average decline of just over 1%, eighty-four asset allocation funds declined by 1.36% and 273 fixed income funds declined by 2.23%.
The losses came as the benchmark Hang Seng index declined by 5% over the first quarter, along with the Shanghai Composite Index, which fell by 6.73% and the Dow Jones, which shrank by 2.59%.
The largest gains were recorded by equity funds in the Philippines, which were up 16.77% after the first quarter, whilst Korean funds also performed well, up 12.95%.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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