The total net asset value (NAV) of the two funds was US$85.1 million on June 4. — Photo cafef.vn
HÀ NỘI — PXP Vietnam Asset Management has said it would close two funds and transfer them for US$85 million.
The two funds are PXP Vietnam Emerging Equity Fund (PXP VEEF) and PXP Vietnam Smaller Companies Fund (PXP VSCF).
The two funds have been active for 16 years.
PXP Vietnam Asset Management is looking for buyers for the two funds’ portfolios and the company will not seek to launch a new Việt Nam-focused fund.
The company has not decided when the funds will be closed and the names of the buyers remain confidential, CEO and CIO Kevin Snowball told Việt Nam News.
The total net asset value (NAV) of the two funds was US$85.1 million on June 4. PXP VEEF has declined by a total 2.3 per cent year-to-date and PXP VSCF has fallen total 9.74 per cent year-to-date.
In May 2020, the benchmark VN-Index on the Hồ Chí Minh Stock Exchange was up more than 13.3 per cent. It had lost a total of 8 per cent since the beginning of the year as of June 4.
PXP VEEF was launched on November 3, 2005.
The fund has invested in 25 Vietnamese companies, which account for 93.7 per cent of the fund’s portfolio.
The companies including 22 listed ones.
Financials, materials, information and technology, and consumer staples are the four main targeted sectors.
Top 10 holdings of the fund include tech group FPT Corporation (FPT), HCM City Securities (HCM), steel maker Hòa Phát (HPG), dairy firm Vinamilk (VNM), and Đà Nẵng Rubber JSC (DRC).
FPT, HCM, HPG and VNM are the four biggest investees, accounting for 17.6 per cent, 17.3 per cent, 16.7 per cent and 13.3 per cent of the portfolio, respectively.
PXP VSCF was initiated on December 8, 2015.
The fund invests in 23 local companies, focusing on mid-cap companies in the consumer discretionary, materials, industrials, financials, consumer staples, and real estate sectors.
The investees account for 97.5 per cent of the fund’s portfolio. Top 10 holdings include Đông Hải Bến Tre JSC (DHC), Vĩnh Hoàn Corporation (VHC), Nam Long Group (NLG), Power Construction JSC No 1 (PC1) and Taseco Air Services (AST). — VNS