Macro/ Strategy

In 2024, the value investment portfolio continued to record a positive return of +21.0% YTD, outperforming the VN-Index's +14.3% YTD. This marks the second consecutive year the portfolio has achieved a return exceeding 20% per annum (FY2023: +25.7% compared to the VN-Index's +14.1%).

In early 2025, shortly after the VN-Index surpassed the 1,300, market sharply reversed due to the US reciprocal tariff. Market risk rose, following the total 200-point lost in 4 sessions, seeing a session with more than 400 stocks hit the floor price. This presents an opportunity to seek for value stocks being deeply discounted compared to their intrinsic value. The chosen stocks of value portfolio all possess strong fundamentals, positive business results, and having long-term growth prospects, and are currently deeply discounted.

In this update, we add PNJ and MSN because of (1) their leading positions in their respective industries; (2) strong financial potential; (3) the retail sector maintaining positive growth in 2025; and (4) attractive valuations as the stocks are currently facing deep discounts due to fund portfolio restructuring.