Dragon Capital Vietfund Management (DCVFM) | Fund Factsheet

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DCBF_Monthly Update_Jan 2024

19/02/2024

As at 31 Jan 2024, the net asset value of DCBF Fund units (NAV/unit) was VND 25,509.7, an increase of 0.5% compared to end of Dec 2023. For the month, DCBF outperformed the average 12-month deposit rates of the four biggest banks, which rose by 0.4% over the same period. In January 2024, DCBF recorded a good inflow when the fund issued 3.93m new fund certificates (units) with a value of VND 99.9 bn and bought back 0.1m units with a value of VND 2.6bn, resulting in a net subscription value of VND 97.4 bn. The total net asset value and total assets of the Fund as at 31 Jan 2024 was VND 551.3bn and VND 581.6bn, respectively.

In Jan 2024, DCBF executed some transactions related to corporate bond (CB) and liquidated the Government bond (VGB) position, and thereby decreased exposure to CBs while increasing corporate bond position and cash and cash equivalent portion. As at 31 Jan 2024, CBs made up the largest portion of the DCBF portfolio (76.3% compared to 69.7% as at end of Dec 2023); of which 29% for tenors less than 1 year), followed by cash and bank deposits combined (17.7% compared to 14.0% as at end of Dec 2023), and CDs (6.0% compared to 7.4% as at end of Dec 2023). The average remaining maturity of the portfolio is about 1.4 years. The current portfolio has a good reinvestment rate and is expected to remain stable in the coming months.