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 rose almost by 6% in November. The TCM Vietnam High Dividend Fund added 8.5% during the month (both returns measured in euro). The major attributors to the outperformance were CMC JSC (building materials) + 130%, Hai An Transport + 32% and Sao Tao Food (sea food) +24%. Especially the performance of CMC JSC was remarkable. After an investor announced to buy up to 50% of the company the stock price went limit up (+7%) for days in a row. We sold the position in two steps, as we considered the valuation to be quite rich.   
Foreign investors continued to be net sellers in November, with a net outflow of $137.5 million (2020 net outflow $702.2 million). But, since November 18, 2020, foreign investors have bought stocks in the net amount of $32.7 million, reflecting renewed foreign interest in Vietnam’s market. 

At the end of the year the outlook for the Vietnamese stock market looks quite good. Vietnam’s domestic economy continues to grow thanks to the government’s effective control of Covid-19. This together with signs of returning interest in Vietnam’s market from foreign investors. And also the weight of Vietnamese stock in the FM 100 index will increase as it takes over the place of Kuwait which is upgraded to the Emerging Markets status. Although the fund has a strong focus on midcap stocks we also expect that the above described development will favor some of our large cap holdings, like HPG and VNM. This together with the compelling valuation of our midcaps (and the rotation from large to midcap stocks which is currently taking place) provides a promising start for 2021. 

On the 15th of November, the Regional Comprehensive Economic Partnership (RCEP) was signed at the ASEAN summit, covering ten countries of ASEAN and another five countries with whom ASEAN has pre-existing free trade agreements: Australia, China, Japan, Korea, and New Zealand. Although the ratification process will take some time, the signing marked a significant milestone for regional trade. The RCEP covers a market of 2.3 billion people and $26.2 trillion in global output. The treaty affects about 30 percent of the population worldwide and over a quarter of total world exports.


Latest factsheet
Factsheet Vietnam 2020-11

Factsheets archive
Factsheet Vietnam 2020-10
Factsheet Vietnam 2020-09
Factsheet Vietnam 2020-08
Factsheet Vietnam 2020-07
Factsheet Vietnam 2020-06
Factsheet Vietnam 2020-05
Factsheet Vietnam 2020-04
Factsheet Vietnam 2020-03
Factsheet Vietnam 2020-02
Factsheet Vietnam 2020-01
Factsheet Vietnam 2019-12
Factsheet Vietnam 2019-11

Additional information
outlook 2020 frontier markets
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 2020
Semi-annual report 2020 (Trustus)
financial report 2019 (Caceis)
Annual report 2019 (Trustus)
Annual report 2019
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)
Conflict of interest policy 2020-04 (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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