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China's mutual funds saw US$83.3 billion net outflow in July, ending four-month growth streak, as private funds grew amid chip sell-off
Data released by the Asset Management Association of China on Wednesday showed that the net assets under management (AUM) of domestic mutual funds shrank by 560 billion yuan (US$83.3 billion), or 1.4% month-on-month, in July to 39.11 trillion yuan. This decrease ended a four-month period of mutual fund growth, with investors diversifying portfolios amid a sell-off in semiconductor shares, which helped boost China's private funds.
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