The objective of VFMVF1 is to seek long-term earnings from equity growth and income through investing into a balanced and diversified portfolio, including equity, convertible and debt securities in Vietnam. The Fund normally invests approximately 80% of its NAV in equity and 20% in fixed income and cash. The targeting investments are growth stocks among large and midsized market capitalization stocks. The manager will apply a bottom-up approach to pick stocks in consideration of business model, long-term earning, asset value, cash flow potential and quality of management. The Fund may from time to time change the weight of equity and fixed-income investments at around +/-10% NAV from the targeted allocation to get an optimal asset mix in consideration of changes in economic market conditions.

At the end of April, the NAV per share of DCDS decreased by 10.1% compared to the previous month due to the strong selling pressure from the market. The DCDS benchmark also fell 6.8% over the same period. Some stocks in the Fund's portfolio still managed to grow in the context of volatile market such as HAH (+21.2%), VHC (+9.7%). Hai An Transport and Stevedoring Joint Stock Company (“HAH”) is among the top growth stocks in DCDS’s portfolio. Regarding business results in 1Q2022, HAH earned VND652.4bn in revenue (+81.7% yoy), of which revenue from ship operation increased 2 times over the same period last year and reached VND635.5bn. HAH received 207.2% growth in NPAT, reaching VND262.7bn and completing 47.8% of full year guidance. Currently, DCDS holds approx. 1.5% NAV of HAH shares in its portfolio. At the end of April, DCDS held 8% of NAV as cash, besides 10.6% fixed-income securities. In the coming time, the Fund will continue to focus on sectors with sustainable growth prospects such as Banking, Real Estate and Materials.