Stocks Dragon Capital Vietnam funds hold the most

DCDE and DCDS - funds managed by Dragon Capital Vietnam - restructured their portfolios in January, cutting exposure to stocks that had already met return expectations in 2025 and reallocating capital to sectors seen as benefiting from policy support and offering stronger growth prospects in 2026.

Vietnam’s stock market began 2026 on a positive note after a prolonged consolidation around the 1,780-point level. The VN-Index closed January at 1,829 points, up 2.5% from the previous month.

Early gains were led by insurance, oil and gas, and state-owned banking stocks, before broadening across sectors following the issuance of the Politburo's Resolution 79 on the development of the state-owned economic sector.

Both the funds reported gains in January.

The DC Dividend Focus Equity (DCDE) saw its net asset value per unit rise 4.8%, outperforming the VN-Index by 2.3 percentage points.

DCDE's performance followed a portfolio reshuffle that reduced exposure to residential real estate (4.1%) and securities stocks (9%), while increasing allocations to sectors with stronger fundamentals, including energy (13.1%) and retail (11.1%).

The fund also lowered its cash holdings to raise market exposure as it identified medium- and long-term investment opportunities.

Within DCDE’s portfolio, shares of Vinh Hoan Corp (VHC) rose 15.3% during the month. The fund said it would continue to prioritize companies with solid financial positions, sustainable earnings quality, and the ability to maintain stable dividend policies.

DCDE is also considering a dividend payout this year, following distributions in the past two years, with details expected to be finalized around April, subject to regulatory approvals and business performance.

Meanwhile, the DC Dynamic Securities (DCDS) posted a 1.6% gain in January, lagging the broader market due to its lower exposure to stocks that benefited most from state policy support like như VCB (up 22.6% in January), BID (up 38.6%), GVR (up 52.1%), and GAS (up 61.6%). Several of those large-cap names recorded sharp gains during the month.

The fund said its holdings in more market-sensitive stocks, like VGI of Viettel Global Investment Joint Stock Company (+74.2%) and PVS of PetroVietnam Technical Services Corporation (PTSC) (+32.4%), contributed the bulk of its overall performance.

In January, DCDS also reduced exposure to stocks that had already achieved targeted growth in 2025, reallocating capital to names with stronger policy backing and more favorable growth prospects in 2026.

DCDS said it expects the market to remain broadly positive despite potential short-term volatility ahead of the Lunar New Year holiday. Investor sentiment is likely to be supported by solid Q4 earnings and clearer business plans for 2026, alongside continued macroeconomic policies aimed at supporting growth.

“If in 2025 market gains were driven mainly by a small group of large-cap stocks, growth in 2026 is expected to be more balanced and broad-based, focusing on sectors with clearly improving profit fundamentals,” the fund said, adding it would maintain a reasonable cash position and remain flexible in reallocating capital to high-growth sectors.