VFMVF4 – 03/2016
In March 2016, VF4’s NAV per unit has increased by 1.2%, higher than the growth of 0.9% of our benchmark VN-Index, achieving 10,750.2 VND per fund unit. Since the beginning of this year, VF4 has surpassed VN-Index by 3%. The recovery of market is partially originated by the returning flow of foreign funds. Considering the current situation that market is in the accumulation phase, VF4 was disbursing and investing into new opportunities, reducing the cash proportion from 15.1% to 3.8% NAV. Last month, the two sectors Food & Beverage and Capital Goods have contributed the most into the growth of VF4 portfolio with 2 stocks VNM and BMP which had the price increased by 5% and 12% respectively. Both VNM and BMP are leaders in their industries with outstanding business performance and high growth potential in upcoming years. Besides, VNM’s plan to amend its business license, withdrawing from 7 foreign-restriction industries in order to prepare for opening foreign ownership limit as well as the ease of BMP to increase the foreign ownership of the company are the key factors making these 2 stocks attractive to investors.
Recently, VF4 has also actively sought out for opportunities from the State divestment and invest on stocks listed on UPCOM exchange. As at end of March, weighting of UPCOM stocks in VF4 portfolio is 2.1% of NAV.