Dragon Capital Vietfund Management (DCVFM) | Fund Factsheet

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VFMVFB – 09/2017


VFMBFB continued its outstanding investment performance in Q3 2017 with net asset value per share
(NAVPS) increased 5.65% compared to 5.07% in Quarter 2 2017. NAVPS on September 30, 2017 reached
VND15,659.51 (30/6/2017 at VND14,821.76). NAVPS of VFB fund went up by 13.32% compared to the
beginning of the year and 15.11% against the same period of last year. In Q3 2017, NAVPS growth in July was the best (5.59% compared to June 2017) before falling in August (-0.96% over the previous month) and bounding back in September (+ 1.03% compared to August). Growth in Q3 2017 was mainly
attributed from the appreciation of investment assets that had been invested by the fund whereas the yields on 15-year, 20-year and 30-year bonds fell significantly (with a corresponding reduction of 40, 49 and 84 basis points) in the third quarter (the fund maintained high proportion on long-term bonds in Q3). In the context of bond yields falling sharply and bottoming up in the quarter, the fund has liquidated some investments in long-term Government bonds to realize profit to meet investors redemptions. In addition, the fund also invested in corporate bonds and increased investment in certificates of deposit in August and September. Divestments and new investments made in the third quarter enhanced total assets turnover (12 months) to 307.6% compared to 217.1% at the end of June. Unrealized and realized profit from investment asset appreciation in the first 9 months of 2017 has contributed VND13.5 billion and VND10.3 billion respectively to the operating profit. The balance of the VND34.2 billion operating profit of the fund in the first nine months was derived from interest income on deposits and investment

As of the end of September 2017, the proportion of bonds and certificates of deposit in the portfolio was respectively 43.15% and 52.16% of the fund's net asset value. The proportion of deposits in the portfolio as of 30/9/2017 was 8.84%.

In the fourth quarter of 2017, VFB will continue to invest in Government bonds and increase the
proportion of investment in corporate bonds. The fund management board also actively preserves the
fund's performance in the first nine months of 2017 and does the necessary preparations for 2018.