With the stock market stuck in the doldrums, Chinese investors are losing their gains, with no exception for fund management companies.

A report by Tianxiang Investment Consulting Co. Ltd. says 234 funds operated by the country's 18 fund management companies racked up painful losses totaling 154.83 billion yuan ($22.8 billion) in the first half of this year.

The biggest losers were the 93 stock funds that reported a combined loss of 99.4 billion yuan ($14.6 billion) from January to June. The Shanghai Composite Index plunged more than 26 percent in the first six months of 2010.

The bear market was awakened from its slumber as investor worries abounded that more aggressive tightening macroeconomic policies were on the way, said Zhang Xin, a senior analyst with the China Galaxy Securities Co. Ltd.

Looking ahead, fund managers are divided on where the stock market is heading. The rebound in corporate profits will make stock valuations more attractive and provide a stabilizing force to the volatile market, said Pang Jiang, a fund manager with Franklin Templeton Sealand Fund Management Co. Ltd.

But Zou Wei, a fund manager at Harvest Fund Management Co. Ltd., disagreed. "Uncertainties are gathering over the market prospect, including the economic slowdown and the European sovereign debt crisis," he said.