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 4-5% per annum.

The risk profile is high, due to investments being channelled into frontier markets in Vietnam. The benchmark of the fund is the FTSE Vietnam Index (Total Return). The relationship between global financial markets and the Vietnamese markets is low, because the latter are less sensitive to international developments. 

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

2018 the year of the rotation?
The first month of the new year didn’t provide us with a lot of new developments. Large caps remained the favorite destination of new inflows in Vietnam. The value gap between small/midcaps and the large caps keeps growing. Good news from the economic department; the Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI) rose to the highest level since April 2017, indicating solid conditions in the manufacturing sector. The business activity index stood at 53.4 in January, up from 52.5 in December. A reading above 50 indicates economic expansion, while a reading below 50 points indicates contraction. Vietnam’s PMI has stayed above 50 for more than two years now.
According to IHS Markit, which compiles the survey, the Vietnamese manufacturing sector made a strong start to 2018, registering sharp increases in output, new orders and employment. According to the report, firms made further efforts to expand their operating capacity in January, taking on extra staff at a sharp pace. In fact, the rate of job creation was at a 16-month high.
The TPP trade agreement also appears to be back on the agenda, resulting in optimism that the economy will continue to grow as the year progresses. The most important aspect to keep an eye on is the inflation, the higher costs of basic materials might well lead to higher inflation down the road.
Despite the weaker Dong the fund was up 2.4% in euro, the large caps caused the benchmark to perform extremely well with a return of more than 9%. The rotation to mid and small caps, which we expect to see in the coming year, hasn’t started yet. The fund currently holds 51 positions across a number of sectors. Consumer Goods and Basic Materials are the main themes weighting 19.5% and 18.3%. Within these sectors we currently find the most high dividend stocks that meet our criteria. The weighting of a sector in the fund depends mainly on the relative attractiveness of a stock/sector versus other stocks/sectors. The fund allocation can therefore deviate strongly from the Vietnamese benchmark indices.


Latest factsheet
Factsheet Vietnam 2018-01

Factsheets archive
Factsheet Vietnam 2017-12
Factsheet Vietnam 2017-11
Factsheet Vietnam 2017-10
Factsheet Vietnam 2017-09
Factsheet Vietnam 2017-08
Factsheet Vietnam 2017-07
Factsheet Vietnam 2017-06
Factsheet Vietnam 2017-05
Factsheet Vietnam 2017-04
Factsheet Vietnam 2017-03
Factsheet Vietnam 2017-02
Factsheet Vietnam 2017-01

Additional information
information sheet fundmanagement 2016-07
Citywire AAA ranking 2014-01

Legal information
Key Investor Information Document
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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