The figures beat the benchmark VN-Index’s November growth of 8.4 per cent and year-to-date gain of 4.4 per cent, the fund said in its monthly report.

Top investees in Pyn Elite Fund’s portfolio were Viet Nam Engine and Machinery Corporation (VEAM, UPCoM: VEA), Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank, HoSE: CTG), HCM City Development Joint Stock Commercial Bank (HDBank, HoSE: HDB) and Tien Phong Joint Stock Commercial Bank (TPBank, HoSE: TPB), which accounted for 9.03-10.24 per cent of the total.

November’s gain was attributed to the strong performance of TPB, VEA and CTG.

The three stocks rose 19.5 per cent, 14.7 per cent and 15.5 per cent, respectively, on a monthly basis.

The size of the fund at the end of November was 515 million euros or US$623 million. Ninety-two per cent of the figure was equities and the rest was cash.

VEAM is a holding company with a significant minority interest in Honda Viet Nam (30 per cent stake), Toyota Viet Nam (20 per cent stake) and Ford Viet Nam (25 per cent stake), the fund said.

“Through these three companies, VEAM gains exposure to Viet Nam’s motorcycle market – which is the world’s fourth-largest – as well as the rapidly expanding car market,” the fund said.

Honda has an almost monopoly in Viet Nam’s motorcycle market with approximately 80 per cent of market share while Toyota is among the three biggest car manufacturers in the country.

“We expect Toyota can secure the biggest market share in Viet Nam’s car market thanks to their superior capability and broad model lineup,” Pyn Elite said.

“Although VEAM’s net profit for January-September dropped 25 per cent on-year because of lower demand caused by the COVID-19 pandemic, we expect demand for motorcycles and cars will recover strongly next year as Vietnamese consumers are quickly regaining confidence in the economy.”

In addition, VEA also offers an excellent dividend yield of approximately 11 per cent, the fund said. — VNS