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Vietnam, December 22 – Hà Nội – Many investment funds have recorded big losses in 2022, but are restructuring their portfolios in anticipation of long-term opportunities.
In the year Despite the gain in November 2022, the net loss since the start of 2022 for Dragon Capital Fund Group’s largest fund was still greater than the decline in the VN-Index. Although it registered a return rate of 2 percent in November, in the first 11 months of this year, VEIL has a negative rate of return of 37.35 percent, which is higher than the 35.3 percent decline of the VN-Index.
VEIL launched a net sale from late September to early November, raising its funding from US$14.2 million to nearly US$200 million.
After pushing its cash ratio to a record 13.81 percent in the second week of November, above $198 million, since Dec. 1, 2022, VEIL’s cash ratio has fallen to just 5.62 percent. This indicates that the currency has been actively distributed since the market was in the early stages of recovery after the drop in mid-November.
From November 10 to December 1, 2022, VEIL is estimated to have committed over $123 million, making it the most active net buyout investment fund in the market.
One of the notable transactions was the purchase of 9.75 million Khang Điền House (KDH) shares by VL of Khang Điền Housing Trading and Investment Joint Stock Company, bringing its holdings to 10.75 million shares. It net bought 50,000 DGC shares in Đức Giang Chemical Group Joint Stock Company, increasing its ownership to 7.17%.
In contrast, since early 2022, VEIL has continuously sold HPG shares from Hoa Fat Group Joint Stock Company. In the year As of November 3, HPG is no longer in the fund’s top 10 investments. However, at last report, HPG returned to the top 10 in the portfolio and accounted for 4.01% of the total net asset value (NAV) of nearly $1.4 billion.
As of December 1, 2022, the banking group still holds the largest share of VEIL’s portfolio, at 33.98 percent, followed by real estate (20.83 percent) and food and beverage (9.14 percent).
According to PYN Elite’s latest report, 2022 is a tougher year than predicted. On December 15, VN-Index was down 29.8% and PYN Elite’s rate of return was negative 24.7%. The decline of Vietnam’s stock market does not go with other ASEAN markets, so there will be a chance to go back.
“Confidence in the market has improved. We expect the VN-Index to keep pace with Vietnam’s economic growth. Among ASEAN countries, Vietnam has the highest prospects for economic growth and corporate profits,” PN Elite said.
Foreign investors took the opportunity to buy Vietnamese stocks when prices fell sharply. In the year In November 2022 alone, this group bought a net worth of $685 million.
“Thanks to the new investment flow and the strengthening of the euro, we have the opportunity to buy shares with cash reserves below. We have built a new position with the banking group, which now covers 9% of the fund’s portfolio,” said PYN Elite. As of the end of November 2022, PYN Elite’s net Net Asset Value (NAV) was 671.4 million euros.
While we are optimistic about Việt Nam’s economic prospects, there are some sectors that face more challenges in 2023, such as real estate and related industries, including construction and building materials. Tighter monetary policy will reduce demand for real estate in the short term, although the economic outlook is bright, AFC Vietnam Fund said.
AFC Vietnam Fund has a large share in the portfolio is insurance, the insurance group has a lot of cash, which will benefit from the environment of rising interest rates. In particular, an environment with high interest rates will have a positive effect on the profits of insurance companies, because interest on deposits can contribute up to 80 percent of the profits of these businesses. In addition, the tourism industry is the beneficiary group as the number of international visitors increases and China reopens.
AFC Vietnam Fund’s net asset value (NAV) grew positively by 1.3% in November 2022, reaching USD 51.5 million. In 11 months, NAV decreased by 23.5 percent, VN-index decreased by 35.3 percent.
At the end of October, the AFC Vietnam fund’s liquidity was 2.7 percent.
Speaking about the investment opportunities in the near future, AFC Vietnam Fund stated that Việt Nam is one of the fastest growing economies in the world and the GDP will increase by 8 percent in 2022 and 6 percent in 2023. However, the recent decline in the stock market has brought the market valuation to an attractive level, AFC Vietnam Fund said. VNS
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