Hanoi (VNS/VNA) – Most investment funds in Vietnam’s equity market reported negative growth in net asset value per share (NAVPS) in H1 due to a stock market downturn, resulting from the impacts of the COVID-19 outbreak.
NAVPS is an expression for net asset value that represents the value per share of a mutual fund, exchange-traded fund (ETF) or a closed-end fund. It is calculated by dividing the total net asset value of the fund or company by the number of shares outstanding.
NAVPS is also referred to as the book value per share.
Since the beginning of this year, the benchmark VN-Index has declined 11 percent. The tumble of the stock market ravaged by the pandemic has made many investment funds suffer losses.
Statistics show that most of the large funds on the Vietnam’s stock market recorded NAVPS down by 10 percent or more in the first half of this year.
Vietnam Holding Ltd recorded the lowest growth of NAVPS among the listed funds, at negative 16.8 percent. Earlier in the first quarter, the fund was also among the worst performers with NAVPS down 35 percent.
The US-listed asset management fund VanEck Vectors Vietnam ETF (VNM ETF) saw NAVPS declining 15.95 percent. The figure for FTSE Vietnam ETF was negative 12.7 percent.
VEIL Dragon Capital reported NAVPS growth down 14.15 percent.
Three funds of KB Vietnam Focus Securities Feeder Investment, LionGlobal Vietnam Fund and KIM Vietnam Growth Securities also reported NAVPS dropping from 12 to 14 percent, equivalent to the decline of VN-Index and VN30-Index.
As most of listed funds allocate their capital into the bluechips in the VN30 basket, which consists of 30 companies listed on HOSE in terms of market capitalisation, their fluctuations in portfolios usually relates to the VN30-Index.
The best performing fund in the first half was VOF VinaCapital as NAVPS only dropped 3 percent, much lower than the decrease of VN-Index and VN30-Index of 14.14 percent and 12.35 percent, respectively, in the first half of this year.
Tundra Vietnam Fund performed quite well compared to the overall market, with NAVPS down 6.9 percent, and so did Pyn Elite Fund, with NAVPS falling by 10.7 percent./.VNA
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