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Q1 2026 closed with a clear divergence among open-end funds, reflecting market volatility and shifts in capital flow. In the bond/open-end funds segment, yields remained around 1.5% on average—stable, but less attractive as deposit rates trend upward.
Equity open-end funds faced a challenging quarter, with an average return of -1.7%. A sharp correction in March, when the sector fell by -7.8%, dragged overall performance down as the VN-Index dropped as much as 10.95% from a prior stretch of gains.
Balanced funds also declined slightly, down -0.7%, mainly due to weakness in stock holdings.
Despite generally weak performance, cash flows returned to open-end funds. In March 2026, most funds with large NAVs recorded net inflows, signaling investor confidence gradually recovering after the adjustment.
Against the backdrop of weaker results across categories, two funds distributed on Fundmart platform at TCInvest stood out as contrarian performers: Techcom’s Small and Mid Cap Equity Fund (TCSME), an equity open-end fund, and Techcom’s Flexible Balanced Fund (TCFF), a balanced fund.
From the beginning of the year to 20/04/2026, TCSME posted +12.7% and TCFF gained +8.3%, placing them among the top performers on Fundmart—contrasting with the market’s overall level.
As a stock open-end fund, TCSME does not rely solely on market growth. Instead, it aims to generate profits through sector selection and flexible management. The fund’s approach emphasizes selecting industries in a growth cycle rather than chasing short-term trends, focusing on sectors with long-term prospects and attractive valuations such as infrastructure, finance, and real estate—areas expected to rebound when cash flow returns.
According to an investment analyst at Techcom Capital: “What truly differentiates TCSME is its ability to quickly adapt in a volatile market. When the VN-Index adjusted strongly in March, the fund did not get trapped in the existing holdings but shifted sectors at the right time, secured profits, and rebalanced the portfolio.”
The combination of long-term investment thinking and flexible operations is presented as a way to manage risk while leveraging volatility to improve performance. In the Vietnamese market’s upgrade trajectory toward September 2026—along with rising new capital and a positive outlook for core sectors—TCSME is expected to maintain its advantage due to its adaptability.
TCFF follows a different strategy centered on balance and discipline. The fund uses a 50/50 allocation between bonds and stocks. The bond portion is described as a cushion that helps maintain cash flow and reduce volatility when equities weaken, while the equity portion is intended to drive growth and support performance when markets recover.
Beyond asset allocation, TCFF is described as maintaining investment discipline in portfolio selection. Bond holdings prioritize reputable issuers to control credit risk and support stable cash flow. Equity holdings are selective, focusing on firms with solid fundamentals and reasonable valuations, while avoiding momentum-chasing in overheated markets.
Overall, the article frames TCFF’s performance as reflecting a disciplined investment strategy aimed at stability and sustainable long-term efficiency.
The prominence of TCSME and TCFF in Q1 2026 is presented as a shared lesson from a highly divergent market: superior returns can come from fund-management capability—TCSME through flexibility and rapid market response, and TCFF through a balanced structure and disciplined investing. Two distinct strategies, but both resulting in performance that outpaced the market.
The TCSME and TCFF funds, managed by Techcom Capital, are currently distributed on Fundmart. Fundmart gathers 31 funds from 14 leading asset managers, accounting for nearly 55% of domestic open-end fund NAV, with over 180,000 weekly visits and about 45,000 investors holding fund certificates.
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