Here you can find information about the top holdings in the PYN Elite portfolio. The numbers are updated monthly. Altogether, we hold approximately 30 names in PYN Elite Portfolio. The following portfolio data was updated on the 10th of May 2024.


Portfolio weight 15.0%

Sacombank is the 6th largest bank by loans, and 4th largest by branches. Thanks to its large network and affluent customer base, its bancassurance performance ranks top 3. Sacombank has been bearing a large burden of non-performing assets (NPA) inherited from the financial crisis a decade ago. It finished booking provisions for these NPAs in 2023, and its growth and profitability will return to normal in the coming years. Sacombank plans to auction 32.3% of STB shares which are currently used as collateral for the debt at VAMC, which can bring significant recovery gains for shareholders. 

ACV – Airports of Vietnam

Portfolio weight 9.1%

ACV manages eight international and thirteen domestic airports in Vietnam. In the balance sheet, there is a huge valuation difference, because the investments made by the company are still at the acquisition prices. The Covid-19 crisis enabled us to enter the stock at low levels. In upcoming years ACV will apply for HOSE-listing, and air traffic is expected to surpass pre-Covid peak soon.

HDB logo

HDB – HD Bank

Portfolio weight 8.4%

A medium-sized bank focusing on general banking, consumer credit, and SME-financing. In steering position is Madam Thao, the richest Lady in Vietnam, the founder of the airline company VietJet. High-quality bank and modest valuation. Prudent style to manage risks. By participating in the takeover of 0-dong banks, HDB could potentially secure a credit growth quota double the industry average and a higher foreign ownership limit from SBV.

CTG – Vietinbank

Portfolio weight 8.4%

CTG is the largest bank when measured by the number of branches and the second-largest by balance sheet in Vietnam. The major shareholders are the State Bank of Vietnam and MUFG Bank, the largest bank in Japan. Stock’s rerating is on its way and will continue to boost the valuation. Bank-assurance fees will add also profitability in 2023.


Portfolio weight 7.2%

MBB is the 5th largest bank by balance sheet and has a full-fledged banking platform including retail/SME lending, insurance, and brokerage. MBB gained 26m new customers in the past 3 years, the fastest in Vietnam and other ASEAN countries, thanks to its superior digital platform and creative marketing campaigns. It is on track to be the No. 1 bank in Vietnam by the number of customers.

TPB – TP Bank

Portfolio weight 6.1%

A small-sized bank, a pioneer in digital services. A key market share in car financing. Very popular among young customers. Major shareholders also include Japan’s Softbank and Vietnam’s leading information technology company FPT. Can grow loan and fee income fast. The biggest challenge for the bank is the risk of unpredictable events.


Portfolio weight 5.0%

DNSE is a commission-free online broker led by a tech-savvy management team. Thanks to advanced product offerings, it has seen significant growth since its inception. Currently, one out of every three new brokerage accounts opened in Vietnam is with DNSE. Their distinctive social media channel Bò và Gấu (Bull & Bear) has successfully built brand awareness and customer’ engagement.



Portfolio weight 4.1%

CMG is Vietnam’s second-largest listed IT services provider, with 30% owned by its founders, 30% owned by Samsung and 8% by PYN Elite. Like its larger peer FPT, CMG has telecom, software outsourcing and private university business. CMG started Software Outsourcing in 2018 with 500 employees. The headcount has grown by 5-fold with good profitability. It also plans to increase enrollment by 7X within the next 5 years with a new campus in central Hanoi. 


Portfolio weight 3.6%

SHS is the fourth-largest broker firm in Vietnam by shareholder equity. The broker has a good track record in proprietary investment and mid-size investment banking deals, thanks to its well-connected management and close relationship with a major bank and a conglomerate group. SHS conducted two right issuances two years ago, currently, it is debt-free.


Vinh Hoan

Portfolio weight 3.5%

VHC is Vietnam’s largest fish exporter focused on pangasius fillets. VHC has been developing its circular economy model to maximize the value of the fish, with the outcome varying from simple frozen fillets to supplements. Under the transparent and innovative guidance from the management team, VHC has been gaining market share and holding the No.1 position since 2010.


VEA – Vietnam Engine and Agricultural Machinery

Portfolio weight 3.3%

Listed holding company. The business consists of manufacturing cars and mopeds with Ford, Toyota, and Honda joint ventures. The company is net cash and pays an excellent dividend, the dividend yield is now 10 percent. Maintaining growth is the biggest challenge. Car penetration is still very low in Vietnam and offers potential, but the moped business has limitations.

All revenue and net profit growth figures CAGR % 2018-2023
All revenue, net profit and market value figures in millions of EUR


7th May 2024

We have become aware in recent weeks of an ongoing fraud in Vietnam. This fraud involves the illegal use of the names ‘PYN’ or ‘PYN Elite,’ or variations thereof, in attempts to scam money from individuals through false or fake companies, mobile apps, websites, or social media.