PYN Elite up 13.2% in July

VN-Index +9.2%, reaching a new ATH of 1,557 on July 28. PYN Elite outperformed with a 13.2% gain, led by banks and brokers. This spring, we doubled our brokerage exposure to 14% by adding VIX and SHS – both delivered stellar July returns of 114% and 78%, respectively. Market sentiment was buoyed by strong Q2 GDP growth and robust earnings: Our core holdings’ total net profit rose 32% YoY. Authorities proposed a plan to extend trading hours through lunch from Q1’26 and outlined a roadmap to launch CCP by Q1’27 – a key step toward enabling intraday trading. SSC reaffirmed confidence in Vietnam’s EM upgrade in October, citing positive feedback from FTSE on recent regulatory and technical improvements.

Macro: Vietnam’s Q2 GDP growth surged to 7.96% YoY, beating all forecasts. Government raised its 2025 GDP target to 8.3–8.5%, with a bold vision of ≥10% growth during 2026–2030. Key indicators exceeded expectations: PMI hit an 11-month high of 52.4, exports +16% YoY, retail sales +9.2% YoY and public investment disbursement +25.4% YoY. July marked several milestones, reflecting Vietnam’s most pro-business and reform-driven government in decades: The National Assembly passed Resolution 222 to establish International Financial Centers in HCMC and Da Nang with landmark incentives; bold revisions to the Land Law were proposed to unlock real estate bottlenecks; and PIT Law reforms aim to ease tax burdens and stimulate consumption. A sweeping administrative overhaul was also completed, reducing provinces from 63 to 34.

PYN Elite Stock of the month: VIX (VIX Securities)

Founded in 2007, VIX is now the 5th-largest brokerage firm by total equity. With core businesses in prop trading and margin lending, VIX has delivered a robust 5-year average. ROE of 19%. Known more as an investment powerhouse than a conventional broker, 2025 marked a milestone in VIX’s performance: Q2 Net profit surged 10.5x YoY to VND1,302 billion – the highest among listed brokers. Results were driven by exceptional prop trading returns, with key positions poised to sustain momentum in 2H25. We accumulated a 4.7% stake in March when the stock traded at a 40% P/B discount to peers, and the position has generated a 127% return in a 4-month period.

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.

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