VietFund Management (VFM) | Fund Factsheet

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General Information

Fund name Vietnam Securities Investment Fund
Fund code VFMVF1
Fund Type Balanced fund
Currency VND
Inception date 2004-05-20
Conversion date 2013-10-08
Fund Manager VietFund Management (VFM)
Custodian Bank Standard Chartered Bank VN
Transfer Agency Vietnam Securities Depository (VSD)
Management fee Up to 2%/NAV/year
Subscription fee From 0.25% to 0.75% based on total subscribed amount (million VND)
Redemption fee 0% - 1,5%
Switching fee 0%
Trading cycle Everyday (T day)
Cut-off time 14h30 on T-1 day
Dividend Annually (upon AGM approval)
Total NAV (VND bn) 505.7
Number of outstanding shares (mn) 13.9
12-month Expense Ratio (%) 2.2
12-month Turn-over Ratio (%) 68.0


The objective of VFMVF1 is to seek long-term earnings from equity growth and income through investing into a balanced and diversified portfolio, including equity, convertible and debt securities in Vietnam. The Fund normally invests approximately 80% of its NAV in equity and 20% in fixed income and cash. The targeting investments are growth stocks among large and midsized market capitalization stocks. The manager will apply a bottom-up approach to pick stocks in consideration of business model, long-term earning, asset value, cash flow potential and quality of management. The Fund may from time to time change the weight of equity and fixed-income investments at around +/-10% NAV from the targeted allocation to get an optimal asset mix in consideration of changes in economic market conditions.


As of: 
VF1 experienced a remarkable growth with the NAVPS increased by 15.5% compared to the end of March, outperformed its benchmark with an increase of 13.1% over the same period. After more than a month suffering from Covid-19 pandemic, the Government of Vietnam has removed social distancing order and gradually reopened economic activities since the beginning of May. According to the latest update on May 12th, the number of recovered cases accounted for 86% of the total number of cases being treated and there were no new cases in the past 26 days, so far it can be said that Vietnam has basically pushed back Covid-19. The Government continues to facilitate the circulation of goods, production, business and services to create jobs and promote economic growth but requires people to always ensure effective prevention measures. Vietnam's market showed significant signs of recovery, specifically the following sectors in VF1’s portfolio such as Transportation (+40.5%), Retail (+38.7%), Capital Goods (+35.6%) and Materials (+31%) all recorded high growth in the past month. In April, VF1 actively raised the proportion of Mobile World Investment Corporation (“MWG”) to 10.6% NAV - becoming Top 1 of VF1’s portfolio. By the end of 1Q2020, MWG announced its impressive business results while other majority of businesses were negatively affected by the disease. Accordingly, the consolidated net revenue reached VND 29,353 billion (+17% YoY), raising the profit after tax to VND 1,132 billion (+9% YoY). In particular, Bach Hoa Xanh achieved a remarkable growth in revenue with +178% YoY thanks to the effect of storing food during social distancing period, sales of laptop products also nearly doubled compared to the same period last year due to the need of studying and working from home during the pandemic season. When Covid-19 in Vietnam is still not fully controlled, MWG is developing a plan to respond to the pandemic and one of the key measures is strictly control the costs. Accordingly, MWG has actively reduced its inventories, debts and short-term loans to maintain bank balances, ensure liquidity and healthy business cash flow. In addition to renegotiating premises rents to reduce operating costs, MWG also flexibly rotates resources between chains, deparments and restricts new recruitment, limits marketing activities and convenience costs in stores and offices. Despite the disadvantages of Covid-19, MWG's Board of Management continues to increase its market share as the top powerful retailer. The company's target is 50% market share of telephones and 45% market share of electronics by the end of 2020. At the end of April, the proportion of cash and fixed income of VF1 accounted for 6.6% NAV and 19.2% NAV respectively, slightly decreased compared to the previous month. VF1 will continue to maintain the current asset allocation and seek for investment opportunities in Real Estate and Materials sectors.

Performance Chart

Rate of Return

As of: 
NAV/đvq & Index 1 month 3 months YTD 12 months Since Inception 


As of: 

Top 10 holdings

As of: 
Stock Sector Exchange % NAV
FPT Technology Hardware & Equipment HOSE 9.0
VCB Banks HOSE 8.4
MWG Retailing HOSE 7.7
HPG Materials HOSE 5.7
BID Banks HOSE 4.6
VHM Real Estate HOSE 4.5
PHR Automobiles & Components HOSE 3.2
PNJ Consumer Durables & Apparel HOSE 3.0
VNM Food, Beverage & Tobacco HOSE 3.0
NTC Real Estate UpCOM 2.5
Total 51.6


As of: 

Portfolio Statistics

As of: 
Fundamental ratios VFMVF1 VN-Index
P/E (index method) 9.8 13.2
P/B (index method) 1.9 1.8
ROE (%) 22.3 18.3
Dividend Yield (%) 2.5 2.2
Number of holdings 43 380
Risk ratios VFMVF1 VN-Index
Beta 0.9 1.0
Standard Deviation (%) 18.7 20.3
Sharpe Ratio -0.5 -0.9


This document is issued by VietFund Management (VFM). The information herein is deemed reliable sources by VFM, based on published sources and VFM isn’t responsible for the accuracy of the information herein, except the information, data of Funds managed by VFM and provided in this document. This document reflects the views and assessments of the author at the time of issue, for references only and may change without notice. This document is neither a prospectus nor an offer or any commitment of VFM or Funds managed by VFM. VFM hasn’t obligation to update, revise this document in any form in the case of opinions, forecasts and estimations in this document changes or becomes inaccurate