PYN Elite down 4.9% in October

The VN-Index reached a new ATH of 1,766 on Oct 16th, following Q3’s 8.23% GDP growth and FTSE’s decision to upgrade Vietnam to EM status (effective September 2026). It then retreated sharply under profit-taking pressure, closing the month down 1.3% MoM. PYN Elite -4.9% MoM, driven by corrections in banks and financials. Q3 earnings were upbeat: total net profit of Vietnamese listed companies +30% YoY. On Oct 26th, Vietnam and the US announced a Trade Framework Agreement, paving the way for deeper bilateral ties and tariff reductions. The 10th National Assembly session, which commenced on Oct 20th and will run for 50 days, will discuss and pass a US$300 billion public investment plan for 2026–2030, along with 49 Draft Laws and 4 Resolutions to resolve legal bottlenecks in key sectors such as real estate and public investment.

Monthly review

Important information regarding the text and the Fund

The attached publication is marketing material and should not be regarded as a recommendation to subscribe or redeem units of the PYN Elite Fund. Before subscribing please familiarize yourself with the Key Information Document, the Prospectus and the Rules of the Fund. The material presented in this text is based on PYN Fund Management’s view of markets and investment opportunities. PYN Elite Fund (non-UCITS) invests its assets in a highly allocated manner in frontier markets and in a small number of companies. This investment approach involves a larger risk of volatility compared to ordinary broadly diversified equity investments. The value of an investment may decline substantially in unfavorable market conditions or due to an individual unsuccessful investment. It is entirely possible that the estimates of economic development or a company’s business performance presented in this presentation will not be realized as presented and they involve material uncertainties. This publication is not meant to be read or distributed in Vietnam.

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