About

Holdings

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.

top 10 holdings

As of 31 December 2025

1.

KDH

Khang Dien House

Leading townhouse and condominium developer in Ho Chi Minh City

Real Estate

NAV: 9.6%

2.

HPG

Hoa Phat Group

The largest steelmaker plays pivotal role in supporting housing and infrastructure development

Materials

NAV: 8.9%

3.

ACB

Asia Commercial Bank

Leading bank focused on affluent retail and SME banking

Financials

NAV: 7.8%

4.

CTG

Vietinbank

One of the largest state owned commercial banks

Financials

NAV: 7.5%

5.

VHM

Vinhomes

The largest real estate developer with focus on mega high-rise projects

Real Estate

NAV: 6.1%

6.

MBB

MB Bank

Leading bank with one of the largest retail customer base

Financials

NAV: 5.5%

7.

FPT

FPT Corporation

The largest IT company, focused on software outsourcing, internet services and education

IT

NAV: 4.8%

8.

MWG

Mobile World

Leading consumer electronics and grocery retailer

Consumer Discretionary

NAV: 4.7%

9.

PNJ

Phu Nhuan Jewelry

Leading branded jewelry producer and retailer

Consumer Discretionary

NAV: 4.4%

10.

Private

Thu Cuc Hospital

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

Healthcare

NAV: 3.9%

sector allocation

As of 31 December 2025

Financials

29.9%

Industrials

4.6%

Real Estate

25.4%

Healthcare

4.5%

Materials

12.2%

Consumer Staples

2.7%

Consumer Discretionary

11.2%

Energy

0.7%

Information Technology

4.8%

Cash & Others

3.1%

Asset Class Allocation

As of 31 December 2025

Listed Equity Portfolio by Entry Method

Asset Class Allocation

84.9%

Listed Equity

10.9%

Private Equity

3.1%

Cash & Others

Listed Equity Portfolio by Entry Method

Privately Negotiated

79%

Purchase of Stock Market

21%

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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