Fund profile

TCM Vietnam High Dividend Equity is a high dividend equity fund. At least half of the fund capital will be invested in listed shares on the exchanges of Ho Chi Minh City and Hanoi. At the most 20% of the fund can be invested in the Vietnamese OTC market. This depends on the liquidity of this market. The funds investment policy will be aimed at achieving capital growth as well as dividend pay outs. In principle, the fund will pay out dividend once a year with an expected dividend yield of approximately 4% per annum.

The risk profile is high, due to investments being channelled into frontier markets in Vietnam. The relationship between global financial markets and the Vietnamese markets is low, because the latter are less sensitive to international developments. 

To achieve its objective, the Fund invests 95% to 100% of its total assets through TCM Investment Funds Luxembourg in units of TCM Vietnam High Dividend Equity (Lux). The Fund qualifies as feeder-structure.

TCM has entered into an agreement with Sustainalytics for the screening of the portfolios of the TCM equity funds on ESG criteria (UN Global Compact and Controversial Weapons).

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Fund performance

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The Fundmanger writes

The TCM Vietnam High Dividend fund rose 4.9% during January, compared to the Ho Chi Minh Stock Index with a plus of 1.97% and the Vietnam ETF (+2.48%) a substantial outperformance. The main contributors to the performance were power stocks Pha Lai Thermal Power and Petrovietnam Nhon Trach 2 Power with gains of 24% and 17%. Other positive contributors were the textile sector with Song Hong Garment (+17%) and the building sector with Hatien 1 Cement (+13.9%). Partly the gains were a reaction to the selloff in December but also the US and China are getting closer to reaching an agreement over tariffs and the Federal Reserve indicated it will less aggressively increase interest rates. Trading was slow with the Lunar New Year holidays coming up. The negative contributors were mostly found in the small cap area, the decline of the Hanoi SE Equity Index with 1.28% was the result of the lackluster performance among these small caps.

One of our top three holdings FPT Corporation saw its net profit rise 35% versus a year ago. Most of the last caps like Vinamilk, Vingroup, Vinhomes and Masan produced positive earnings growth.
The Ministry of Trade reported a trade deficit of US 800 million in January. Although most macro data was on the positive side, this was a disappointing number. Exports decreased by 1.3% and imports increased by 3.1%. The drop in exports was mainly caused by the slowing mobile sales worldwide. The impact on the trade balance from the largest mobile phone exporter Samsung left its marks.

The fund currently holds 39 positions across a number of sectors. Basic Materials and Consumer Goods are the main themes with a weight of 22.49% and 17.59% respectively. Within these sectors we currently find the most high dividend stocks which meet our criteria. The weighting of a sector level depends mainly on the relative attractiveness of a stock/sector versus other stocks/sectors. The fund allocation can therefore deviate strongly from the Vietnamese indices.


Latest factsheet
Factsheet Vietnam 2019-01

Factsheets archive
Factsheet Vietnam 2018-12

Additional information
information sheet fundmanagement
outlook 2019 frontier markets
Citywire AAA ranking 2014-01

Legal information
Key Investor Information Document (only available in Dutch)
Semi-annual report 2018
Semi-annual report 2018 (Trustus)
Financial Report 2017 (Caceis)
Annual report 2017 (Trustus)
Annual report 2017
Prospectus (only available in Dutch)
Semi-annual report 2017
Financial-Report-2016 (Caceis)
Semi-annual report 2017 (Trustus)
Annual report 2016
Annual report 2016 (Trustus)
Change of conditions 2016-12
Conflict of interest policy 2017-12 (Trustus)
Annual report 2015 (Trustus)
Annual report 2015
Change of conditions 2015-11
Name change funds 2015-10
Certificate of Incorporation (Trustus)
Certificate of Incorporation


No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These documents may be obtained from the website or the address mentioned below. The manager of the fund has obtained a licence for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.

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