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) 828.0
Number of outstanding shares (mn) 20.5
12-month Expense Ratio (%) 2.1
12-month Turn-over Ratio (%) 66.9


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: 
By the end of October, VF1 maintained NAVPS growth of 0.5% MTD while the VN Index and VF1 benchmark increased by 0.2% and 0.3% respectively over the same period. The sectors which VF1 focused on investing had good growth such as Consumer Durables & Apparel (+3.6%) and Banks (+3.3%). In particular, Transportation sector contributed the largest to VF1’s growth with (+3.9%) compared to the previous month. Airports Corporation of Vietnam (ACV) is the most prominent stock in Transportation sector of VF1’s portfolio. Currently, ACV is the exclusive enterprise managing top two international airports of Vietnam: Noi Bai and Tan Son Nhat. The number of passengers transiting through ACV's airports accounted for 88.5% of the total passengers in Vietnam. With this advantage, ACV has achieved rapid and stable development. By the end of Q3/2019, ACV recorded a revenue of VND 4,591 billion and VND 9,517 billion in 9M2019 (+13% YoY) - getting closer to its target of VND 19,127 billion in revenue this year. Moreover, ACV's NPAT reached more than VND 2,200 billion (+18.4% YoY), increasing the total accumulated NPAT from the beginning of the year to VND 5,908 billion (+19.3% YoY). At the end of October, the Ministry of Transport of Vietnam submitted to the National Assembly a feasibility study report for the project of Long Thanh airport (1st phase). In particular, the Government proposed assigning ACV as an investor – operator for the project. Reportedly, the total estimated investment is up to VND 111,689 billion. In October, the proportion of cash & fixed income of VF1 was 16.7% NAV, slightly increased compared to the previous month. VF1 plans to maintain this ratio and carefully consider investment opportunities with good valuations.

Performance Chart

Compare performance of VFMVF1 with:

Rate of Return

As of: 
NAV/đvq & Index 1 month 3 months YTD 12 months Since Inception 20/05/2004
VF1 40,319.7 -3.2 -0.6 9.4 8.8 447.5
VF1 Benchmark 399.5 -2.1 -0.7 8.4 5.3 299.5
VN Index 970.8 -2.8 -1.4 8.8 4.8 271.1
HNX Index 102.5 -2.6 0.2 -1.7 -2.2 0.0


As of: 

Top 10 holdings

As of: 
Stock Sector Exchange % NAV
MWG Retailing HOSE 9.5
VCB Banks HOSE 7.5
FPT Technology Hardware & Equipment HOSE 7.4
MBB Banks HOSE 5.9
VHM Real Estate HOSE 5.0
PNJ Consumer Durables & Apparel HOSE 4.9
BID Banks HOSE 4.8
VNM Food, Beverage & Tobacco HOSE 3.5
VIC Real Estate HOSE 3.5
GAS Utilities HOSE 3.1
Total 55.1


As of: 

Portfolio Statistics

As of: 
Fundamental ratios vfmvf1 VN-Index
P/E (index method) 12.7 16.2
P/B (index method) 2.4 2.3
ROE (%) 23.2 21.6
Dividend Yield (%) 2.0 2.1
Number of holdings 44 377
Risk ratios vfmvf1 VN-Index
Beta 0.8 1.0
Standard Deviation (%) 10.1 11.4
Sharpe Ratio 0.4 0.0


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