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VOF provides access to a high-conviction portfolio made up of public and private companies that benefit from the rapid development of Vietnam’s domestic economy, across all sectors.

These businesses have strong brands, scale, distribution, wide moat, coupled with strong management teams and sustainable practices. We typically invest in 25-30 companies at any given time.

Investment Philosophy

top 10 holdings

As of 31 July 2026

1.

holdings_vinhomes

VHM

Vinhomes

With disciplined execution and land bank quality, well-placed to capitalise on urban housing shortage and growth in middle-income demand

Real Estate

NAV: 7.7%

2.

Gemalink - deep sea port

GMD

Gemadept

Leading port and logistics operator with major infrastructure expansions to significantly boost container throughput capacity and capture increasing trade flow with Vietnam

Industrials

NAV: 7.0%

3.

MWG

Mobile World

Top retail and omni-channel platform leveraging scale and integrated logistics to benefit from Vietnam’s transition to modern trade

Consumer Discretionary

NAV: 6.5%

4.

MBB Employees

MBB

MB Bank

Strong retail and corporate franchises with leading digital platform, provides leverage to expanding credit and financial services demand

Financials

NAV: 5.6%

5.

holdings_khangdien

KDH

Khang Dien House

Combines a premium urban land bank, disciplined balance sheet, and proven delivery capability, supporting resilient long-term returns

Real Estate

NAV: 5.6%

6.

holdings_hoaphat

HPG

Hoa Phat Group

Dominant market share in construction steel and integrated model drive strong cash flow with upside from infrastructure spending and real estate recovery

Materials

NAV: 5.2%

7.

KDC

KIDO Group

Leading manufacturer of confectioneries and cooking oils

Consumer Staples

NAV: 4.8%

8.

ACB Branch

ACB

Asia Commercial Bank

Bank with strong asset quality and franchise strength is positioned to capture SME-led credit growth amid focus on private sector

Financials

NAV: 4.5%

9.

holdings_thucuc

Private

Thu Cuc Hospital

Leading private hospital in Hanoi, specialising in outpatient and corporate medical services

Healthcare

NAV: 4.4%

10.

Vietinbank Branch

CTG

Vietinbank

State-owned bank combines scale, strong corporate lending franchise and a private-bank mindset focused on efficiency and returns

Financials

NAV: 3.4%

sector allocation

As of 31 July 2026

Financials

28.8%

Consumer Staples

4.8%

Real Estate

24.4%

Healthcare

4.4%

Consumer Discretionary

10.3%

Energy

1.5%

Industrials

10.3%

Information Technology

0.0%

Materials

7.8%

Cash & Others

7.9%

Asset Class Allocation

As of 31 July 2026

Listed Equity Portfolio by Entry Method

Asset Class Allocation

79.7%

Listed Equity

12.5%

Private Equity

7.9%

Cash & Others

chart-divider

Listed Equity Portfolio by Entry Method

Privately Negotiated

57%

Purchased on Market

43%

Most of our investments, whether in public and private companies, are made through a privately negotiated process using the principles of private equity. VOF’s permanent capital structure allows us to own companies throughout their entire growth cycle, from private to public, if their growth justifies it.

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