Mutual funds operating in China lost a combined CNY44 billion in the fourth quarter of last year as equity funds suffered the most due to a sluggish stock market. The loss narrowed the net gain the funds made last year to CNY172.4 billion, up 38% from a year earlier, data from TX Investment Consulting Co showed. Equity funds reported a loss of CNY35 billion from October through December when tight liquidity and concerns over the reboot of initial public offerings (IPOs) depressed the stock market. Bond funds suffered a loss of CNY6.8 billion in the fourth quarter while hybrid funds lost a combined CNY12.7 billion.