Three VFM funds post nearly 260b dong net disbursement in Q3

As of September 30, 2011, the total cash of VF1, VF4 and VFA was about 200 billion dong, down 56% from June 30, 2011 due to these funds boosted disbursements on listed shares.
Vietnam Fund Management Joint Stock Co (VFM) has recently reported the operation of its funds in Q3, including five funds namely VF1, VF2, VF3, VF4, and VFA. Of which, three closed-end investment funds are listing shares of Hochiminh Stock Exchange (HoSE) namely VF1, VF4 and VFA.

The total net assets value (NAV) of these three funds as of September 30 reached nearly 2.326 trillion dong, down 2.5% against June 30 (nearly 2.386 trillion dong).

VF1-Vietnam Securities Investment Fund

The fund with a chartered capital of one trillion dong was established on May 20, 2004 and has a lifespan of 10 years. The fund aims to invest in listed and unlisted shares, debt securities and other monetary instruments.

As of September 30, the fund’s NAV reached over 1.59 trillion dong, down 3.5% from the end of Q2 while the VN Index slipped only 1.1% and HNX Index dropped 4% in the quarter.

The NAV on fund certificate of VF1 as of September 30 reached 15,906 dong while the closing price of VF1 on the stock market on the same day was 8,900 dong per unit. Thus, the fund’s NAV as of September 30 was higher than its market value by 78.7%.

In Q3, VF1′s disbursement on some listed shares increased its investment in listed shares to 79.5% of NAV from 70.8% of NAV by the end of Q2 and its investment ratio in unlisted shares increased to 12.4% of NAV from 11.5% previously.

VF1′s net disbursement reduced its cash from 16.2% of NAV in late Q2 to 6.5% of NAV in late Q3, down 163.65 billion dong from 267 billion dong to 103.4 billion dong.

Ending Q3, the fund’s listed shares decreased 4.6% from Q2, higher than the fall of VN Index and HNX Index meanwhile its unlisted shares increased 3.4% from the end of Q2.

In five sectors with high investment ratio (accounting for 71.1% of its NAV), infrastructure-real estate accounted for the biggest ratio (24.6% of NAV) but the NAV decreased 9.7% from the end of Q2 and materials and mining sector (23% of NAV) and the NAV also fell 1.5% from previous quarter.

The fund’s total disbursement value in Q3 reached 240.1 billion dong mainly in two sectors of materials and mining (80.7 billion dong) and public facilities (34.4 billion dong).

VF4-Vietnam Blue-chips Investment Fund

The fund with a chartered capital of 806.5 billion dong was established on February 28, 2008 and has operation duration of 10 years. The fund’s goal is to invest in equitisation of enterprises.

As of September 30, the fund’s NAV reached 548.2 billion dong, rising 0.9% from June 30 while both VN Index and HNX Index declined in Q3.

The NAV on fund certificate of VF4 as of September 30 reached 6,798 dong; the closing price of VF4 on the same day was 3,900 dong per unit. Thus, the NAV was higher than its market value by 74.3% as of September 30, 2011.

In the quarter, the fund’s cash decreased from 17.5% NAV (June 30) to 5.4% NAV (September 30), or down 65.4 billion dong from 95 billion dong to 29.6 billion dong.

VF4 has disbursed in some shares in sectors such as energy, material, mining, retail and banking sector. Therefore, the fund’s listed share ratio increased from 78.6% (June 30) to 90.5% (September 30).

The fund’s portfolio included materials-mining (24.3% NAV), down 0.5% in the quarter, infrastructure-real estate (12.8% NAV), down 8.6%, and retail (9.3% NAV), up 4.7% in the quarter.

VFA-Vietnam Active Fund

The fund with a chartered capital of 240.4 billion dong was set up on April 2, 2010 for a lifespan of five years. The fund’s investment objective is to catch the medium and long term tendency of the stock market.

As of September 30, the fund’s NAV reached 187.1 billion dong, down 3.7% from the end of Q2 while VN Index and HNX Index fell 1.1% and 4% in Q3 respectively.

The NAV on fund certificate as of September 30 was 7,781 dong and the closing price of VF1 on stock market on the same day was 4,600 dong per unit, thus, the fund’s NAV was higher than its market price by 69.1%.

In the quarter, the fund’s cash and other assets decreased from 96.9 billion dong in the end of Q2 to 67.9 billion dong in Q3, down 29 billion dong.

VFA’s disbursement in listed shares on HoSE increased its listed share investment portfolio from 25.8% NAV (June 30) to 35.7% NAV (September 30). – Source: Vietbiz24.com

Tags: vietnam stock, Vietnam stock market, VNindex