According to the November 2025 report by Finnish investment fund PYN Elite Fund, the VN-Index rose by more than 3% in November, mainly driven by Vingroup stocks. If the increase from this group is excluded, the overall market actually fell by 1.2%. Investor sentiment was more cautious, and liquidity also decreased.
Interest rate-sensitive sectors such as banks and securities firms are under significant pressure amid continued increases in overnight interest rates while year-end credit demand outpaces deposit growth.
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| Performance of PYN Elite Fund. |
Under the influence of market conditions, PYN Elite Fund recorded negative performance for the third consecutive month. The fund's performance decreased by 5.8% in November, mainly due to the performance of Sacombank 's STB stock. The investment fund stated that the postponement of the VAMC capital auction at Sacombank to the first half of 2026 disappointed investors. Simultaneously, the bank used the sudden recovery of bad debts to increase provisions. While this strengthens the balance sheet, it will result in lower short-term profits than investors expected.
STB is currently the stock with the highest weighting in PYN Elite Fund's portfolio, at 17.2%.
Conversely, this November,FPT was named the stock of the month by a Finnish investment fund.
It's worth remembering that in March 2025, after taking profits on technology stocks like FPT and CMG, this investment fund stated that technology stocks were overvalued and warned of the risk of a tech bubble, comparing the situation at that time to the dot-com bubble of 2000.
In fact, FPT shares have been declining since March, and to date, the share price is still fluctuating around 100,000 VND/share, unable to regain the peak reached in late 2024-2025.
When naming this technology stock, PYN Elite Fund stated that the fund divested from FPT in 2024 at its peak price, but continued to monitor the company and recently re-held the stock. From 2024 to the present, FPT's price has fallen by approximately 30%, mainly due to a weakening volume of IT contracts amid uncertainty related to tariffs and investor concerns about potential disruptions from GenAI.
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| PYN Elite Fund is once again aggressively buying FPT shares. |
However, recent indicators have shown positive signs. FPT's backlog has recovered since July and maintained its upward momentum, increasing 22% year-on-year in the first 10 months of the year. Backlogs typically convert into revenue within 6-9 months, so current forecasts still seem quite cautious. Nevertheless, with continued recovery in demand from the US and Asian markets, FPT has the potential to exceed low expectations and dispel market skepticism, according to PYN Elite Fund.
FPT shares have been heavily bought by this investment fund in November. In October, FPT was not yet in the top holdings of PYN Elite's portfolio; however, it now accounts for 10.7% of the portfolio, second only to STB.
With a decline of 5.78%, November was the fund's lowest-performing month so far this year, bringing the cumulative 11-month performance down to 14.11%.
Nevertheless, PYN Elite Fund still has a positive outlook on the prospects of the Vietnamese stock market. Recently, this investment fund attracted attention by raising its long-term target for the VN-Index from 2,500 points to 3,200 points.
“According to market consensus, the outlook for earnings over the next 6 and 12 months remains very positive. The market could return to an uptrend at any time,” affirmed Petri Deryng, founder of PYN Elite Fund.
Source: https://baodautu.vn/hieu-suat-di-lui-3-thang-lien-tuc-pyn-elite-fund-quay-lai-khen-fpt-d452422.html
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