PYN Elite sees returns down 1.7% in October, first time since May

Finland-based PYN Elite Fund has said it recorded returns of negative 1.7% month-on-month in October, the first decline since May this year.

Meanwhile, the benchmark VN-Index retreated by 1.8% last month as sentiment weakened due to a stronger U.S. dollar, which led to a VND depreciation of 2.8% month-on-month against the greenback, wrote Lan Nguyen from the PYN Elite portfolio team.

Its best movers during the month were airport developer ACV (13.7%), Vietnam Airlines (10.5%), and Sacombank (5.5%). Meanwhile, the worst performers were Orient Commercial Bank (-5.4%), Vietcap Securities (-5.6%), and Sao Mai Corp (-5.9%).

The fund’s top holdings were Sacombank with 20% of its portfolio, ACV (9.7%), TPBank (9.7%), MBBank (9.4%), and VietinBank (6.2%).

As of October 31, its net asset value was €476.5 million ($511 million), while assets under management totaled €815.2 million ($874.12 million).

According to Lan Nguyen, Q3 earnings showed a solid recovery trend. Total net profit of HoSE-listed companies was up 28% year-on-year, while earnings of PYN Elite’s core holdings rose 30%.

The fund added that Vietcap (HoSE: VCI) recently completed a private placement of 144 million shares, in which PYN Elite participated by taking 15% of the allocation with an “attractive discount.”

Vietcap is one of Vietnam’s leading brokers, currently ranking fourth in brokerage market share (6.8% in Q3/2024). It has long maintained the top position in institutional brokerage with a market share of circa 30%, backed by outstanding capabilities in research and investment banking, PYN Elite said.

PYN Elite added that Vietcap is poised to benefit should Vietnam get upgraded to an emerging market by FTSE in Q3/2025, especially after the removal of pre-funding requirements earlier this month. Its strength also lies in proprietary trading, with listed and unlisted portfolios consistently delivering superior performance.