Macro/ Strategy

Cumulatively from the beginning of 2026, the value investment portfolio temporarily recorded a negative return of -3.5% YTD due to the impact of the overall situation causing most stocks to be under correction pressure, currently lower than the VN-Index reference level (+2.2% YTD).

Positive contributions to portfolio performance include: VHM (+14.6% YTD) and ACB (+13.7% YTD). ACB shares were added in our most recent restructuring in March 2026 and recorded quite good performance. Conversely, the stocks with the lowest returns since the beginning of the year are PNJ (-36% YTD) due to legal information related to the former Director of P-Lab – a wholly owned subsidiary of PNJ; FPT (-28% YTD) fell under selling pressure from foreign investors, consistent with the general context where many large technology companies worldwide recorded unfavorable business results.

Although the market remains challenging, we remain steadfast in our belief that this is an opportunity to screen and hold value stocks that are deeply discounted from their intrinsic value. The stocks in our value portfolio all possess solid financial foundations, positive business results, long-term growth prospects, and attractive upside potential.

In this update, we removed PNJ from the portfolio due to risks related to governance, and do not add any new stocks.