DCDS – 11/2023
In a reversal from October’s notable downturn, VNIndex staged an impressive recovery in November, surging by 6.4% compared to the preceding month’s close. This resurgence was fueled by encouraging economic indicators, including the State Bank of Vietnam’s halt in bond withdrawal from November 9. Furthermore, the Ministry of Finance’s proposal for an ongoing 2% VAT reduction in the initial half of 2024 and Federal Reserve Chairman Powell’s statement added to the positive sentiment. Over the first 11 months of 2023, VN-Index exhibited a robust 8.6% growth, outshining regional indices such as Thailand’s SET (-17.3%), the Philippines’ PCOMP (-5.2%), and Indonesia’s JCI (+3.4%).
DCDS Fund mirrored this positive trend, achieving a substantial growth of 12.7% in November, surpassing VNIndex’s 6.3% increase during the same period. Across the initial 11 months of the year, the Fund demonstrated an operational performance of +22.4%, a remarkable outperformance against VNIndex by 13.7% (+8.6%). Notable contributors to the fund’s overall ascent included PDR (+29.4%), DXG (+20%), VND (+27%), NKG (+31.2%), HSG (+26%), and DGC (+20%). As we approach 2024, sustained low-interest rate expectations, endeavors to stimulate credit growth, and robust government-led public investments are anticipated to foster an even more resilient economic recovery. The Fund strategically aims to enhance its exposure to real estate sectors, foreseeing a pronounced rebound in 2024, particularly with the enactment of new legislation on housing, business, and land, poised to exert positive influences on the market.
