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SGI Capital said a cash-flow misalignment is creating opportunities in companies with solid earnings and valuations the market has overlooked. In its April 2026 report on The Ballad Fund (TBLF), SGI Capital noted the fund continued to hold a high cash weighting, reaching 70.5%.
SGI Capital reported that TBLF maintained assets with more than half in cash from August last year through the present. The fund’s performance in April was 0.15%, while the VN-Index rose 10.73% over the same period.
Over the first four months of 2026, TBLF returned 3.05%, lagging the VN-Index’s 10.73%. SGI Capital attributed the underperformance mainly to the group of Vingroup stocks.
As of April 30, 2026, TBLF’s total assets were nearly VND 70 billion, almost unchanged from the end of March. NAV per fund certificate reached VND 11,294.
In terms of portfolio composition, the number of holdings stayed at 9 versus end-March. However, FPT appeared in the April portfolio with a weight of 3.24%. SGI Capital estimated TBLF held about 30,000 shares of FPT, valued at around VND 2.3 billion at the end of April.
SGI Capital said the accumulation of FPT followed a sharp decline in the stock since the start of the year. In the first four months, FPT fell about 21%. By the close of May 11, the decline widened to about 27%, as the shares dropped nearly 3% to around VND 70,000 per share, the lowest in roughly 28 months.
SGI Capital pointed to strong dispersion in market dynamics. It said Q1 2026 corporate results were very positive, with non-financials recording record profit growth of up to 77%. However, capital flows have concentrated on a group of large-cap stocks, while the rest of the market—despite positive earnings—has not attracted comparable attention.
SGI Capital also said that after the VN-Index rally, book-value-based valuations have moved toward the expensive range, while P/E valuations remain in a neutral zone. It added that overall valuations are skewed by the high valuations of the Vingroup group, which accounts for nearly one-third of market capitalization. Meanwhile, many stocks outside the group continue to look cheaper due to a lack of broad-based money flow.
“The divergence in cash flow has opened opportunities in companies with positive results and cheap valuations that the market has overlooked. A truly large opportunity with lower risk may only appear when the risks are fully reflected in overall valuations,” SGI emphasizes.
Source: Market Life, 05/11/2026 21:28 (GMT+7)
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