Pyn Elite Fund investment performance was negative for 3 consecutive months

The fact that all stocks in Pyn Elite Fund's investment portfolio decreased in price in October also caused the scale to shrink significantly.



The investment fund from Finland - Pyn Elite Fund has just announced its operating report for October 2023 with a negative investment performance of 10.53%, marking a series of 3 consecutive months of recording negative performance and also the first month of negative performance. "sadest" investment since February 2023.

With less positive results recently, Pyn Elite Fund's investment performance after the first 10 months of the year was only negative 6.85%.


In October, VN-Index decreased by 10.9%, the sharpest decrease since September 2022, Pyn Elite Fund's performance was slightly less bad at -10.5%. According to Pyn Elite Fund, the market has become gloomy due to the influence of exchange rates. The VND's devaluation of 3.7% compared to the USD in just 3 months has raised concerns that the State Bank will take actions to protect VND from fluctuations. FED's uncertain interest rate status.

In addition, the strong selling momentum was also triggered by investors' hedging actions when participating in the issuance of 250 million USD in bonds by Vingroup. In addition, the market also reacted less positively to the third quarter business results of some listed companies that were not as expected.

However, the core businesses that Pyn Elite Fund holds surprised by recovering well, total revenue increased by 24% over the same period in the first 9 months of the year, outperforming the 10% decrease in total revenue. Enter companies on the exchange.

As of October 31, 2023, the net asset value/ccq of PYN Elite Fund reached over 368.2 Euro. The portfolio size (AUM) reached nearly 644 million Euro, equivalent to about 16,700 billion VND, down approximately 1,800 billion compared to the end of September.


It's easy to see that the decrease in price of all stocks in Pyn Elite Fund's portfolio in October also caused the scale to shrink significantly. Top stocks that caused the fund to go negative include VCI, down 21%; Vingroup duo VRE and VHM decreased by 14.9% and 14.3% respectively, while HDB, despite recording the "best" performance, still decreased by 0.9%.

The top 10 largest investments in the portfolio remain unchanged compared to the end of September with 5 bank stocks (STB, CTG, TPB, MBB, HDB), VNFinLead ETF fund certificates simulating the financial group - where 90% are Bank stocks and a few other familiar names such as ACV, VRE, VHM...

Evaluating FPT specifically, Pyn Elite Fund said this is the leading technology corporation in Vietnam, currently having more than 27,000 engineering employees. In recent years, FPT has developed from a software outsourcing provider into a comprehensive IT service provider. Supported by its cost advantage, FPT benefits from the global megatrend of Digital Transformation (DX), with DX revenue soaring at a CAGR of 42% during FY18-22.

Regarding the macro situation, trade data marked the second month of positive growth after 8 months of decline with October export turnover increasing 5.9% and imports increasing 5.2% over the same period last year. last year, higher than the growth rate in September. Industrial production increased by 4.1% over the same period, the highest level since October 2022.

On the other hand, total newly registered FDI capital increased by 15% over the same period in 2022 to 25.8 billion USD in the first 10 months of the year, led by FDI in the manufacturing sector (+46% over the same period and accounting for 73% % of total FDI capital). Deposit interest rates in October continued to drop deeply, even lower than when Covid occurred. In October, the Government also proposed extending the VAT reduction program until June 2024.