Macro/ Strategy

In 2025, the value investment portfolio continued to record positive returns of +29.4% YTD, compared to the VN-Index's +43.1% YTD increase. This marks the third consecutive year the portfolio has achieved an annual return exceeding 20% (FY2023: +25.7% vs. VN-Index +14.1%; FY2024: +21.0% vs. VN-Index +14.3%).

Key contributors to the 2025 return include: VHM (+210% YTD) and VRE (+96.2% YTD), particularly as VinGroup-related stocks accounted for 51% of the VN-Index's total gains during the year. Furthermore, banking stocks showed robust price appreciation, such as MBB (+54.4% YoY) and TCB (+45.3% YoY). Conversely, FPT was the weakest performer in the past year (-26.4% YTD), aligning with global trends where major tech firms reported sub-optimal results, partly pressured by foreign net selling.

Amid complex geopolitical tensions between the US and Iran, which triggered a market correction starting in late February, many stocks experienced significant price drops. This presents an opportune moment to filter for value stocks trading at deep discounts relative to their intrinsic value. The stocks selected for the Value Portfolio all possess solid financial foundations, positive business results, long-term growth prospects, and attractive upside potential.

In this update, we remove GAS, POW, and GMD as their stock prices have reached target expectations. Concurrently, we add ACB and NLG based on: (1) leading industry positions; (2) robust financial strength; and (3) stock prices reaching attractive discount zones, opening investment opportunities with high expectations.