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

grafiek vietnam apr

The Fundmanger writes

The TCM Vietnam High Dividend Fund lost 1.55% during the month of May. The fund outperformed its benchmark ETF by 0.8%.The absence of the big real estate names in the portfolio provided most of the positive contribution. 

At the end of the month our holding in Vietnam Phoenix Fund announced a buy back of 13% of the outstanding shares. The current market valuation of the Phoenix fund is around 0.16 US$ per share, the buy back is completed at the NAV of the fund 0.3375. If the Phoenix fund is able to liquidate all the remaining assets against the current NAV of US$ of 0.3373 the TCM Vietnam fund might see a 6% upwards potential as a whole. 
The month of May ended with a low average daily traded value of US$ 155 million, the lackluster sentiment didn't inspire investors. Although more and more the results of the trade war seem to point in the direction of a positive turn out for Vietnam. 

The trade deficit amounted to US$ 1.3 billion, mainly due to high import growth +8.3% (exports +7.5%). The rise in import can be linked to the steep rise of committed FDI (+69%). As we have seen in the past a strong growth in FDI leads in the short term to a deficit on the trading account due to imports of machinery and equipment. This might be one of the first signals that production lines are moved from China to Vietnam, since more than 40% of the FDI was coming from Chinese companies. The fund currently holds 35 positions across a number of sectors. Consumer Staples and Basic Materials are the main themes weighting 18.55% and 16.91% respectively. Within these sectors we currently find the most high dividend stocks which meet our criteria. The weighting on 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 benchmark indices.


Latest factsheet
Factsheet Vietnam 2019-05

Factsheets archive
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)
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 2017-12 (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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