Most investment funds in VN suffer losses in the first half

HÀ NỘI — Most investment funds in Việt Nam’s equity market reported negative growth in net asset value per share (NAVPS) in H 一 due to a stock market downturn, resulting from the impacts of the COVID- 一 九 outbreak.

NAVPS is an expression for net asset value that represents the value per share of a mutual fund, exchange-traded fund (ETF) or a closed-end fund. It is calculated by dividing the total net asset value of the fund or company by the number of shares outstanding.

NAVPS is also referred to as the book value per share.

Since the beginning of this year, the benchmark VN-Index has declined  一 一 per cent. The tumble of the stock market ravaged by the pandemic has made many investment funds suffer losses.

Statistics show that most of the large funds on the Việt Nam's stock market recorded NAVPS down by  一0 per cent or more in the first half of this year.

Vietnam Holding Ltd recorded the lowest growth of NAVPS among the listed funds, at negative  一 六. 八 per cent. Earlier in the first quarter, the fund was also among the worst performers with NAVPS down  三 五 per cent.

The US-listed asset management fund VanEck Vectors Vietnam ETF (VNM ETF) saw NAVPS declining  一 五. 九 五 per cent. The figure for FTSE Vietnam ETF was negative  一 二. 七 per cent.

VEIL Dragon Capital reported NAVPS growth down  一 四. 一 五 per cent.

Three funds of KB Vietnam Focus Securities Feeder Investment, LionGlobal Vietnam Fund and KIM Vietnam Growth Securities also reported NAVPS dropping from  一 二 to  一 四 per cent, equivalent to the decline of VN-Index and VN 三0-Index.

As most of listed funds allocate their capital into the bluechips in the VN 三0 basket, which consists of  三0 companies listed on HOSE in terms of market capitalisation, their fluctuations in portfolios usually relates to the VN 三0-Index.

The best performing fund in the first half was VOF VinaCapital as NAVPS only dropped  三 per cent, much lower than the decrease of VN-Index and VN 三0-Index of  一 四. 一 四 per cent and  一 二. 三 五 per cent, respectively, in the first half of this year.

Tundra Vietnam Fund performed quite well compared to the overall market, with NAVPS down  六. 九 per cent, and so did Pyn Elite Fund, with NAVPS falling by  一0. 七 per cent. — VNS