Liechtenstein-domiciled Lumen Vietnam Fund sees NAV up 6.73%
The Lumen Vietnam Fund, an open-end investment fund incorporated in Liechtenstein, reported a performance of 4.49% from May 1-16 in U.S. dollars, bringing its year-to-date to 6.73%.
For comparison reasons, the MSCI Frontier Markets Index was positive at 2.7% month to date and yielded +1.6% year to date in the same period, according to VietNam Holding Asset Management (VNHAM), the advisor of the fund.

Lumen Vietnam Fund's performance. Source: VietNam Holding Asset Management (VNHAM).
As of May 16, the fund’s net asset value (NAV) was $317.36 million.
In the first half of May 2024, the Lumen Vietnam Fund attributed its performance to its strategic allocation in small- and mid-cap stocks and stock picking in various sectors, including consumer discretionary, industrials, energy, information technology, materials, and consumer staples.
The 10 largest invested companies are FPT Corp (FPT), Vinamilk (VNM), Masan Group (MSN), Mobile World (MWG), Petrolimex (PLX), Sacombank (STB), Hoa Phat Group (HPG), VietinBank (CTG), Baoviet Holdings (BVH), and Vincom Retail (VRE), all listed on the Ho Chi Minh Stock Exchange. They account for a combined 44.6% of the fund’s NAV.
In terms of sectors, financials account for the largest weight, at 20.73%, followed by liquidity (18.15%), consumer (non-cyclical, 13.2%), and real estate (11.97%).
As of May 16, equities made up 81.85% of the fund’s NAV and cash the rest at 18.15%.
In its monthly report, VNHAM forecasts banking earnings to grow 12-16% year-on-year in 2024, driven by 12-14% credit growth and a slight improvement in both net interest margin (NIM) and provision expense.

The headquarters of VietinBank, part of Lumen Vietnam Fund's portfolio, in Hanoi. Photo courtesy of Vietnam News Agency.
Banking earnings are forecast to increase single-digit quarter-on-quarter on the back of stronger credit growth and NIM improvement, implying earnings growth of 15-20% year-on-year in Q2/2024 and Q3/2024, and given the low base of 2023.
Regarding the real estate market, VNHAM anticipates that this year will continue to experience limited supply in the residential property sector, mainly due to supply-side factors.
The land bank for the affordable segment, which is expected to recover first, remains limited. Meanwhile, inventories in other segments, such as hospitality and high-end properties, have struggled to attract buyers. The mismatch between supply and demand is still happening, but is expected to be softer than last year.
It expects most companies to register positive earnings growth in 2024, primarily due to the low base of 2023. However, these earnings will still be modest compared with last year, indicating a gradual recovery in the property market.
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