Stock fund withdraws most in more than 2 years, still diligently 'collecting' a series of codes

MBB, HVN, ACV, OCB, HDB, HPG, STB... are the stocks that funds bought the most net last August.

Stock funds withdrew strongly in the month VN-Index increased sharply - Photo: QUANG DINH

Fiingroup's recently updated report said that August 2025 recorded a strong wave of capital withdrawals in the equity fund group.

Which fund is under net selling pressure?

According to statistics, 47/74 funds (including open-ended funds, closed-ended funds and ETFs) were net withdrawn, with a total value of up to VND8,500 billion. Of which, the ETF and open-ended fund groups accounted for the largest proportion.

In contrast, the remaining 27 funds recorded a modest net purchase of only about VND793 billion, not enough to compensate. As a result, the entire group of equity funds recorded a negative cash flow of VND7,600 billion, the highest level since August 2023 and even exceeding the net withdrawal record of July 2024.

Capital withdrawal pressure was concentrated in Fubon FTSE Vietnam ETF, K Vietnam Equity, VEIL. Notably, two ETFs managed by Dragon Capital - DCVFMVN30 (E1VFVN30) and DCVFMVN Diamond (FUEVFVND) - also suffered significant net withdrawals.

The main reason is the reduction in ownership by Thai investors through depository receipts (DR). In August, Thai investors sold VND 643.7 billion of DR based on E1VFVN30 fund certificates and VND 938.4 billion of DR from FUEVFVND fund certificates, accounting for 87% and 84% of the total net withdrawal of the two funds, respectively.

The top portfolios that these funds sold off were concentrated in large-cap stocks, including banks (ACB , VCB, TCB) and retail (MWG).

Group of stocks bought most strongly by funds in August

Also according to the report, in August 2025, MBB stock became the focus of capital attraction when it was bought the most by funds in terms of volume, and recorded 45 funds participating in buying - the highest number in the market, a strong reversal compared to the net selling status in July.

The main driving force came from the PYN Elite fund, when it increased its holdings to 11.8%, along with the active participation of many ETF funds. In the banking group,OCB , HDB, and STB codes were also significantly net bought. In particular, STB stood out when PYN Elite increased its holdings from 18% to 18.8%, while ETF funds closely following VN30 increased their purchases because this stock was increased in the basket.

Not only banks, ACV also entered the top 10 net buyers, mainly thanks to capital flows from PYN Elite and VLGF long-term growth fund. Oil and gas stocks were supported by strong demand from VESAF.

TCB and ACB continue to be net sold

On the other hand, large-cap banks continued to face selling pressure. TCB led in net selling volume for the third consecutive month and had the most funds participating.

The group of stocks with the strongest net sales

The selling pressure was concentrated from open-end funds such as K-Vietnam, VFMVSF, VESAF, VMEEF and closed-end fund VEIL. Except for VFMVSF, the remaining three funds recorded strong net withdrawals in August. In addition, the ETF group referenced by the VNDiamond index also net sold TCB because this stock had a reduced proportion in the restructuring period of Q3-2025.

After two consecutive months of net buying, SSI shares returned to the group of heavily sold shares. The selling pressure mainly came from open-end funds (VFMVSF, UVEEF, VMEEF) and foreign ETFs such as Fubon FTSE Vietnam and Global X MSCI Vietnam.

In the last two years, the stock fund group has had a net withdrawal of nearly 65,000 billion VND, equivalent to 45% of the total net selling value through order matching by foreign investors in the same period.

This shows that capital withdrawal pressure is still increasing, despite recent positive developments in the domestic stock market.

In contrast to equity funds, bond funds maintained a steady capital inflow trend, with a cumulative value of more than VND13,000 billion. Although this figure is modest compared to the net withdrawal scale of equity funds, it clearly reflects investors' preference for more stable and less risky products.

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BINH KHANH

Source: https://tuoitre.vn/quy-co-phieu-rut-rong-manh-nhat-hon-2-nam-van-miet-mai-gom-mot-loat-ma-2025091810470558.htm