Dragon Capital Vietfund Management (DCVFM) | Fund Factsheet

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VFMVFB – 07/2017


Net asset value per unit (NAV/Unit) of VFM increased significantly in July 2017. At 31 July 2017, NAV/ Unit YTD growth is 13.25% and increases 5.59% MoM in July at absolute value of 15,560.8 VND/unit. July is the month of the highest NAV/Unit growth for seven months of 2017. The growth is the result of investment in long tenor government bond (VGB) executed in last week of June 2017 and sharply decrease of bond yield, especially for long tenor (20-year and 30-year) bonds, on both primary and secondary markets in July. Winning yield for 30-year VGB issued on primary market decreased from 7.10% at 28 June 2017 to 6.22% at 26 July 2017. The growth of VFB’s NAV/Unit is higher than VFM internal benchmark (HNX Total Return 3-year Bond Index) in July 2017. At end of July 2017, VGB accounted for 56% total VFB NAV. Cash and bank deposit weight in the fund portfolio increased sharply to 32% total NAV (17% at end of June) due to large amount of new subscription to the fund in July.

Total NAV of the VFB also grew fast in July with VND 421.7 billion of NAV value at 31 July 2017, increased VND 101.1 billion versus end of June. In the month, new fund units with value of VND 80.83 billion are issued and value of redemption is VND3.98 billion. To 31 July 2017, total NAV of VFB increased 4.13 times higher than the value at 31 Dec 2016.

In the coming months, VFB hold its investment position in VGB and actively seeking actions to protect its performance result which achieved in 7 months of 2017. Besides, searching for opportunities to invest in corporate bonds and certificate of deposits is among the investment priorities.