PYN Elite NAV lagged behind VN Index in April, but in May our NAV has again outperformed the index. Our bank stocks have been on a tailwind, and the heavily weighted housing developer Vinhomes has also picked up. Companies in the banking and real estate sectors are likely to publish good results also from the second quarter, so one could assume that their shares will hold the momentum for the next few months.
As we have already previously noted, the earnings outlook for the year 2021 looks bright for the Vietnamese listed companies. The latest corona waves have still held back some of the holdings we entered in low levels during the Covid discounts period, for example, airport operator ACV and mall operator VRE.