Pyn Elite expands holdings in Vietnamese market

Finnish investment fund Pyn Elite has acquired 2 million DBC shares of agricultural firm Dabaco Group JSC, raising its holding to 21.4 million shares, or 6.4%.

The transaction was made on December 27, 2024, the fund announced on December 30.

On the same day, Pyn Elite reported its purchase of 3.23 million HAX shares of Hang Xanh Motors Services Joint Stock Company. Following this transaction, the fund now holds 10.8 million HAX shares, or a 10.1% stake.

The fund also announced a plan to buy 2.56 million MIG shares of Military Insurance Corporation from a new offering to existing shareholders on January 8, 2025. After the transaction, Pyn Elite will hold 19.7 million MIG shares, maintaining a 9.92% stake.

Pyn Elite Fund manages over EUR800 million (approximately $827.4 million) in assets, with its portfolio primarily focusing on stocks such as STB of Sacombank (19.7%), ACV of Aviation Corporation of Vietnam (10%), MBB of MBBank (9.6%), and TPB of TPBank (9.4%).

The Finnish fund has maintained an optimistic outlook for the Vietnamese stock market, with a long-term target for the VN-Index (the benchmark index of the Ho Chi Minh Stock Exchange) at 2,500 points. This projection is based on strong earnings growth expected over the next 2-3 years for listed Vietnamese companies, as well as a VN-Index valuation with a P/E ratio of 16.

Another foreign fund, VinaCapital Fund Management Joint Stock Company (VCFM), on Friday announced that it had sold all 18,200 PVD shares of PV Drilling, a subsidiary of state-owned giant Petrovietnam.

Earlier, on Thursday, its subsidiary VinaCapital Modern Economy Equity Fund (VINACAPITAL-VMEEF) registered to purchase 1.5 million KDH shares of real estate developer Khang Dien Group.

At the end of Q3/2024, VCFM’s total assets reached VND305.1 billion ($12 million), an increase of more than 19.4% compared to the beginning of the year. One-third of its total assets (VND103.3 billion or $4.07 million) were cash and cash equivalents. The company also holds short-term financial investments worth VND40 billion ($1.58 million) in its member VinaCapital Dynamic Dividend Equity Fund.

Meanwhile, An Binh Fund Management JSC (ABF), a domestic investment fund, has announced two transactions involving the ABFVN DIAMOND Exchange-Traded Fund (ETF) (FUEABVND).

From December 4 to December 31, 2024, ABF sold 394,386 FUEABVND fund certificates out of the total 3 million units it had registered for sale. On January 2, 2025, ABF registered to purchase 600,000 units, with the transaction scheduled from January 7 to January 10, using a swap method. It currently holds 80.86% of FUEABVND’s capital.

Founded in late 2006, ABF is one of the first fund management companies in Vietnam. The company offers a wide range of services, including portfolio management; establishing and managing investment funds and securities investment companies; securities investment consulting; and other related financial advisory services.

As of September 30, 2024, ABF’s portfolio included an investment of over VND49.9 billion (approximately $1.97 million) in FUEABVND, accounting for nearly 76% of the total. In addition, it holds bonds issued by Vingroup, Vietnam’s largest private conglomerate, such as VIC124004 (worth VND16.7 billion or $658,000) and VIC124005 (worth VND2.7 billion or $106,380).