Many funds have reduced cash ratio in June 2025 - Photo: QUANG DINH
Fiingroup - a company specializing in financial data on the stock market - has just released a report on the activities of investment funds in Vietnam.
Specifically, according to the report in June 2025, 25/34 open-end equity funds reduced their cash ratio, a sharp increase compared to 19/35 funds in the previous month.
Of which, VESAF and VMEEF funds have strongly reduced their cash ratio. In addition, VFMVSF and DCDS continued to reduce their cash ratio for the third consecutive month.
Regarding fund portfolio fluctuations, Fiingroup said HPG is the stock with the strongest net buying volume (by volume), and at the same time, the most funds participated in net buying with 56 units.
On the contrary, VIC and VHM were net sold due to the reduction in weighting in the restructuring period of Q2-2025. In addition, up to 6/14 bank stocks in the VN30 index such as STB, BID, ACB , VIB, HDB and TCB were also strongly net sold.
Although the VN-Index increased sharply in June, in the first 6 months of this year, only 16/63 equity funds recorded outstanding performance compared to the same period in 2024, mainly from foreign passive funds such as VanEck Vietnam ETF and Fubon FTSE Vietnam ETF, which benefited significantly from the strong upward trend of the VND/USD exchange rate.
On the contrary, the cumulative performance of open-end and closed-end funds in the first 6 months of 2025 has not yet caught up with the high growth rate of the same period last year.
The main reason was pointed out to be the negative performance of the market in the first quarter of 2025, along with strong adjustment pressure in April when the VN-Index decreased by -6.2% amid increasing concerns about tariff risks.
Regardless of positive or negative performance, Fiingroup said capital flows will still be under strong withdrawal pressure in the equity fund group in the first half of 2025.
Specifically, the capital withdrawal trend continues with a net withdrawal value in the second quarter of 2025 of more than VND 6,800 billion, bringing the total net withdrawal scale to VND 12,500 billion in the first half of 2025, equivalent to the same period in 2024.
The entire net withdrawal value in the first 6 months of this year was concentrated in the equity fund group (more than 12,700 billion VND). In the second quarter of 2025 alone, this group recorded a net withdrawal of nearly 6,500 billion VND, marking the sixth consecutive quarter of net withdrawal - the longest withdrawal streak since 2022.
Notably, some funds began to see net capital inflows again in the first half of July, including VanEck Vietnam ETF (VND 658 billion) and ETF DCVFMVN DIAMOND (VND 359 billion).
STB is the stock that PYN Elite sold heavily in June.
In June 2025, the ETF passive fund group had a net withdrawal of more than VND 1,100 billion, nearly three times higher than the previous month and mainly foreign cash flow.
Fubon FTSE Vietnam ETF led with a net withdrawal value of nearly VND458 billion, followed by DCVFMVN30, Xtrackers FTSE Vietnam and DCVFMVN Diamond. For the closed-end fund group (VEIL and VOF), cash flow continued to be negative in June, with a net withdrawal value of nearly VND800 billion, equivalent to the net withdrawal scale in May. The top portfolios in these funds were VHM, FPT , MBB, VPB.
For open-end funds, the net withdrawal scale in June 2025 decreased by 26% compared to the previous month, in which net withdrawal decreased sharply in PYN Elite fund and DC Dynamic Securities fund (DCDS). STB was the stock that PYN Elite sold strongly in June, but this fund also increased its holdings in OCB , MBB, VCI, VIX, MWG, HVN.
Source: https://tuoitre.vn/lo-dien-co-phieu-56-quy-cung-mua-rong-5-ma-ngan-hang-chiu-ap-luc-xa-manh-20250724210135056.htm
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