Finnish investment fund PYN Elite posted its biggest loss in September — 13.19% — since March 2020 as the Vietnamese stock market tumbled amid global headwinds.
In the year to date the VN-Index lost 30.9% while PYN lost 28.65%.
“Vietnamese stocks are already cheap, but they can of course decline further due to weak global sentiment,” the fund’s portfolio manager and board member Petri Deryng said.
Vietnam’s healthy economy and sustainable earnings outlook would push the market quickly back up once the turbulence subsides, he forecast.
“After a heavy storm, there is sunshine.”
The fund’s top holdings are now VHM of property giant Vinhomes (17.1% of its net asset value), CTG of state-owned lender VietinBank (16.4%), and VRE of retail real estate arm Vincom Retail (10.2%).
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