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At the 2026 annual investor meeting, Vietcombank Fund Management Company (VCBF) reported that its open-end funds outperformed their benchmarks in Q1 2026, despite market fluctuations.
VCBF Equity Stock Fund (VCBF-BCF) returned 0.3% in Q1 2026, while the VN100 index fell 7.9%. The fund’s net asset value (NAV) reached VND 1,521 billion, up more than 20% from late 2025.
During the quarter, VCBF-BCF increased positions in MBB, MSN and HPG; initiated new positions in GAS and SSI; exited VIC completely since January; and reduced weights in STB, PNJ and HCM.
Growth Equity Fund (VCBF-MGF) gained 5.3% as the VN70 index fell 1%. NAV stood at VND 987 billion, up 14% from end-2025.
VCBF-MGF added weights in CTD, DGW and MBB; repurchased FOX and SSI; and increased SSI while reducing holdings in BVH, HCM and STB.
Balanced Strategic Fund (VCBF-TBF) rose 1.3% in Q1, outperforming its benchmark which fell 2.6%. NAV reached VND 767 billion, up 20% versus end-2025. The portfolio allocation was about 59% in equities, with the remainder in income-generating assets.
Active Income Fund (VCBF-AIF) increased 1.4%, beating the VN-Index’s 7.6% decline. NAV reached VND 496 billion, up 27.5% from end-2025, with cash rising to 5.2%.
AIF was established in February 2025, targeting companies with high and sustainable dividend yields to generate stable income. In Q1 2026, the fund increased weights to high-dividend stocks including ACB, BWE, DPR, PHR, GAS, TCB and VPB; exited VIC; and trimmed STB, PNJ and HCM.
Bond Fund (VCBF-FIF) earned 3% in Q1 2026, compared with 1% for its benchmark. About 60% of NAV was invested in corporate bonds for most of the quarter.
Questions at the AGM focused on portfolio changes, particularly the sale of VIC while maintaining a high weight in FPT.
Nhân said VCBF maintains a long-term investment stance toward FPT. The fund’s weight in FPT fell from about 6% at end-2024 to around 4% at BCF (with MGF slightly lower). The reduction was attributed mainly to no additional purchases while cash inflows were large.
He noted that the global tech sector is influenced by macroeconomic and political uncertainty and that the impact of AI remains unclear. Despite this, he said FPT continues to grow faster than many large Indian tech firms in software exports. He added that valuation remains attractive, with a forward P/E of around 12x, supported by ample cash. VCBF views FPT as a high-quality long-term investment due to strong governance and stable growth prospects.
Nguyen Duy Anh, Portfolio Management Director, explained that VCBF had held VIC for a long time, including during the recent rally. He said VCBF previously believed downside risk was relatively low compared with growth potential if VinFast succeeded.
However, he said valuations have become quite high. VinFast’s market capitalization was cited at about USD 64 billion, equivalent to around 12.5% of Vietnam’s GDP. Using a P/E around 20x would require VinFast to generate more than USD 3 billion in annual profits to justify the current valuation.
Given this, VCBF stopped holding VIC. Nguyen Duy Anh said the fund could consider re-entry in the future if VinFast performs better, financing improves, and valuations become reasonable.
The stock-picking process was described as involving rigorous, month-long research, with a typical holding period of 3–5 years. Some holdings have remained since the fund’s inception.
For 2026, Nguyen Triệu Vinh, Deputy Director, Equity Investments, highlighted five growth sectors: banking, financial services (especially securities), modern retail, construction & materials, and green energy & green transportation.
On IPO opportunities, the funds said they consider each deal carefully. Large-cap IPOs may be suitable for BCF, TBF or AIF, while mid-cap growth stories may fit MGF better.
The IPO market was expected to be vibrant as Vietnam aims to upgrade MSCI by 2030. To achieve this, the market needs to be larger and include more listings, including potential participation from foreign-invested firms.
For MGF, the discussion noted that even if foreign passive funds allocate to large caps, MGF holdings such as MBB, ACB and STB could benefit from index inclusions (including FTSE or others) as upgrades occur. Investors also discussed the potential uplift from upgrades and which holdings may become blue chips.
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