Gates Foundation Trust expands ownership in Vietnam's top jewelry maker PNJ

The Gates Foundation Trust of billionaire Bill Gates has sharply increased its presence at Vietnam's leading jewelry maker Phu Nhuan Jewelry JSC (HoSE: PNJ) to a 0.2436% stake, holding a total of 831,137 shares.

Compared with late February, its stake in the jeweler surged nearly 3.5-fold on March 10, according to the company.

PNJ said on March 16 that a group of affiliated foreign investors had raised their total holdings to more than 20.47 million shares on the day. The transaction lifted their ownership from 5.9873% to 6.0010% of charter capital.

Alongside Gates Foundation Trust, members of Dragon Capital also maintain sizeable stakes. Vietnam Enterprise Investments Limited (VEIL) is the largest shareholder in the group, holding more than 8.05 million shares, equivalent to a 2.3601% stake.

Other entities include Norges Bank, which holds a 1.2065% stake, Hanoi Investments Holdings Limited with 0.9868%, and Amersham Industries Limited with 0.5228% of charter capital.

In the latest adjustment that lifted the group’s ownership above 6%, Samsung Vietnam Securities Master Investment Trust directly purchased 46,700 shares.

Based on PNJ’s closing price of VND114,200 ($4.34) per share on Friday, the market value of Dragon Capital’s holdings is estimated at around VND2.34 trillion ($88.93 million). The Gates Foundation Trust’s stake alone is valued at roughly VND95 billion ($3.61 million).

The increase came after PNJ reported strong 2025 results, with consolidated net profit rising 33.87% year-on-year to around VND2.83 trillion ($107.56 million). At the parent company, net profit climbed 43.82% to over VND2.68 trillion.

The growth was mainly driven by improved gross margins in the jewelry retail segment and higher recoveries from the disposal of repurchased goods amid volatile gold prices. Tight control of operating costs also helped the jeweler boost net profit.

Since November 2025, PNJ has revised its buyback policy for pre-owned products, shifting from purchases based on original invoice prices to market-based pricing, including items from other manufacturers.

PNJ is also rolling out strategic steps to expand its ecosystem and strengthen its intrinsic capabilities. Its board of directors has approved a capital contribution to establish An Tin Asset Solutions JSC in the financial services sector, with charter capital of VND50 billion ($1.9 million), of which PNJ will hold a 65% stake.

The company has raised charter capital at its manufacturing subsidiary PNJP to VND1 trillion ($38 million) using retained earnings.

In the stock market, PNJ is preparing to issue nearly 170.6 million bonus shares to shareholders at a 2:1 ratio in order to lift charter capital from VND3.41 trillion ($129.6 million) to about VND5.12 trillion.

The company has a track record of paying annual cash dividends at a 20% rate, while bonus share issuance has only resumed after a three-year hiatus, the last being a 3:1 stock bonus in late 2022.

At the same time, the senior leadership is set for a change, with Phan Quoc Cong to formally assume the role of CEO from April 3, 2026, replacing Le Tri Thong.

The Bill & Melinda Gates Foundation Trust manages the financial resources of the Bill & Melinda Gates Foundation (BMGF), a charitable organization funded by Bill Gates, founder of Microsoft, and his former wife Melinda Gates.

The BMGF Trust has been investing indirectly in Vietnam for some time, particularly in the stock market through Vietnam Enterprise Investments Limited - the largest investment fund in Vietnam’s stock market, managed by Dragon Capital.