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During April 2026, Vietnam’s VN-Index rose 11%, while the foreign Pyn Elite Fund recorded a 1% return, despite its portfolio including several notable stocks.
The fund highlighted FTSE’s official confirmation of upgrading Vietnam from frontier market to a secondary emerging market. The reclassification is scheduled to be implemented in four tranches, starting in September 2026 and completing by September 2027. Pyn Elite said this milestone, together with positive Q1 results, helped support the market.
The Q1 earnings season has largely concluded, with most listed companies reporting solid performance. Net profit across the market increased 36% year over year, while the fund’s core investments rose 41% year over year.
Pyn Elite’s core investment growth was led by HPG, MWG and KDH. However, the fund noted that the overall market still appears not fully rational, as corporate profits have not yet become a clear driver of stock prices.
As of the end of April, Pyn Elite Fund reported assets under management (AUM) of up to 905 million EUR (over 28,000 billion VND, approximately USD 1.06 billion). The fund’s top 10 holdings include three banks (STB, VIB, OCB), two securities firms (TCBS, SHS), two airlines (HVN, ACV), one technology company (FPT), one retailer (MWG) and one steel company (HPG). Compared with end-March, SHS replaced HDG in the top 10.
In April, Sacombank shares rose 8.5%, contributing significantly to the fund’s performance. By contrast, stocks including BVH, HDG and MIG declined by double digits, weighing on results.
For this report, Pyn Elite Fund selected Hoà Phát (HPG) as its “Stock of the Month.” The fund described HPG as a leading steel producer in Southeast Asia and one of the beneficiaries of Vietnam’s infrastructure expansion.
HPG’s full-year plan targets revenue up 35% and net profit up 42%. Based on strong Q1 growth, Pyn Elite expects the company to exceed these targets.
Pyn Elite said HPG is diversifying its production activities, including specialized steel rails for the North–South high-speed railway project, with a new plant expected to begin operations in 2027. The company will also expand further into real estate.
The fund pointed to the forthcoming master plan for the Red River city corridor project in Hanoi as a potential catalyst for HPG’s real estate segment, citing the project’s prime location and high expected value.
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