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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The Fundmanger writes

The VN-Index, Vietnam’s main bourse, declined by 2.6% in November (-1.5% in euro). The correction was broad-based as prices of 250 tickers out of a total of 377 tickers fell. The index performance was driven by consumer stocks such as Sabeco (-13.0%), Vinamilk (-6.5%) and Mobile World (-12.5%) which contributed to almost half of the negative index performance. Vingroup (VIC, -2.7%) and banking stocks were also among the main decliners as this sector gave up 2.7%. Some of the worst performers were Vietcombank and Vietinbank, which were down 2.7% and 7.0%. The disappointing performance of the stock market was driven by investors’ weak sentiment, originating again from the trade dispute between the US and China and increasing uncertainty about global economy. SAB stocks fell after Heineken announced to sell (a part of) its strategic stake. The market fears that Heineken wants to sell all of its SAB shares. The company has limited opportunity to become a strategic investor as Thaibev successfully bought a 53.6% stake in SAB back in 2017. The TCM Vietnam High Dividend Fund outperformed the broader market indices by almost 2.5% (in euro). Especially the underweight of the large cap names and the banking sector led to the strong performance. The most spectacular news came from the retail merger between Masan and Vingroup. Both companies will put together their retail activities, where also our holding in Masan Consumer will be brought into a new entity. The initial reaction was positive for the share price, but after a few days the price was back at the pre announcement level. During the first 11 months, imports rose by 7.4% y/y, reaching $232bn, while exports went up by 7.8% y/y, hitting $241bn. Hence, Vietnam’s trade surplus reached $9.1bn ytd. Mobile phones, along with textiles and garments as well as electrical products, continued to be the main export drivers, accounting for 30% of total exports. A sharp increase of pork prices due to the African swine fever was responsible for the CPI hike. The CPI rose 0.96%, the highest monthly increase in years. With the holidays approaching, we may not have seen the peek just yet. A sharp increase, although the CPI rose only 2.6% year on year which allows the SBV to retain its accommodative monetary policy stand. The fund currently holds 32 positions across a number of sectors. Consumer Staples and Materials are the main themes weighting 20.4% and 17.4% respectively. Within these sectors we currently find the most high dividend stocks which meet our criteria.


Latest factsheet
Factsheet Vietnam 2019-11

Factsheets archive
Factsheet Vietnam 2019-10
Factsheet Vietnam 2019-09
Factsheet Vietnam 2019-08
Factsheet Vietnam 2019-07
Factsheet Vietnam 2019-06
Factsheet Vietnam 2019-05
Factsheet Vietnam 2019-04
Factsheet Vietnam 2019-03
Factsheet Vietnam 2019-02
Factsheet Vietnam 2019-01
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)
Financial report 2018 (Caceis)
Semi-annual report 2019
Semi-annual report 2019 (Trustus)
Annual report 2018 (Trustus)
Annual report 2018
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)
Conflict of interest policy 2019-04 (Trustus)
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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