Foreign fund Pyn Elite Fund has just announced its May performance report with investment performance reaching 4.97%, surpassing the 4.3% of VN-Index, thanks to the leadership of technology and aviation stocks.
According to the fund, Vietnam’s tech industry is moving up the value chain and becoming increasingly important. A series of notable events have taken place, including Nvidia signing a partnership with FPT and visiting CMG’s data center; Infosys co-founder Narayana Murthy visiting Vietnam to meet with the government and FPT; US-based Marvell Technology announcing a new design center in Da Nang and other plans in Ho Chi Minh City; Chinese tech giant Victory Group will build a high-precision PCB manufacturing plant; and Alibaba plans to build a data center in Vietnam.
On the macro front, industrial production growth increased by 8.91TP3M, maintaining an accelerating trend and the highest since September 2022. Exports increased by 15.81TP3M in May. Imports also increased by 29.91TP3M, indicating that manufacturers remain optimistic about order demand in the coming month. The PMI remained positive at 50.3. Retail sales increased by 9.51TP3M to a six-month high, with accommodation and food service revenue increasing by 171TP3M year-on-year while tourism revenue also increased by 341TP3M year-on-year. International arrivals reached 7.6 million, up 651TP3M year-on-year.
Pyn Elite Fund is one of the largest foreign funds in the Vietnamese stock market with assets under management of up to 780 million EUR (~25,200 billion VND) at the end of May. The cumulative investment performance from the beginning of 2024 to the end of May of this foreign fund reached 11,09%.
The fund's top 10 largest investments had some notable changes when the weight of the "giant" ACV increased sharply from 7.9% at the end of April to 9% at the end of May, ranking 2nd in the Pyn Elite Fund portfolio. The corresponding holding value is about 70 million EUR (~2,200 billion VND).
It is estimated that this foreign fund holds about 21 million ACV shares as of the end of May. This stock has increased by 14% since the beginning of June and promises to continue to "carry" the performance of Pyn Elite Fund.
FPT shares climbed to the top 8 largest investments in the fund's portfolio at the end of May with a weight of 4.8%, equivalent to a value of about 37 million EUR (~1,200 billion VND). This result partly comes from the sharp increase in FPT's market price in the past month, but does not rule out the possibility that Pyn Elite Fund has bought more recently.
Holding many stocks with positive trends gives Pyn Elite Fund more confidence. In a recent letter to investors, fund manager Petri Deryng expressed his expectation of better and clearer business recovery results of listed companies in 2024.
This person believes that the target of VN-Index reaching 1,400-1,500 points this year is only "moderate" and projects that the 1,700 point level can be achieved by the end of 2024.
Source: CafeF
