DCIP Monthly Update – July 2022
As of 29 July 2022, the net asset value of DCIP Fund units (NAV/Unit) was VND 10,020.57 VND/ unit, increased by 0.55% compared to end of June 2022 and 3.7% Ytd. For July 2022 and Ytd, DCIP outperformed its internal reference index (the average 3months deposit rates of the 4 biggest banks, at competitive level of 3.38%pa.) which increased 0.27% and 1.96% for the same periods respectively.
During the month, thanks to sustainable new subscription the fund had increased the portion of listed bonds by bought 3 listed and 2 certificate of consumer finance company. At end of July, the exposure on corporate bonds was at 51%Total Assets (reduced from 63%TA due to rising new subscriptions), 41% TA in cash and bank deposits (increased from 23%TA) and 8% TA in certificate of deposits (slightly downed from 14%NAV).
The corporate bonds are selected based on methodologies and procedures which can help to find good issuers and good bonds. All of the bonds’ issuers are listed companies that having good credit and also risk management. The bonds’ documents are carefully reviewed before disbursement. DCIP has no bond related to Tan Hoang Minh group or other unhealthy issuers.
With the target to maintain Fund’s high liquidity and comparatively good return, DCIP will maintain high exposure in liquid corporate bonds and short-term instruments. The CDs and bank deposits portion will be reduced accordingly when new corporate investments are added and vise versa. The priority is liquidity of the portfolio.
