Restructuring the portfolio in the fourth quarter, which stocks will the VNDiamond index add or remove?

The HoSE-Index, VNX-Index and investment indices including VNDiamond, VNFIN Lead and VNFIN Select will restructure their portfolios for the fourth quarter of 2025 this month. In particular, the VNDiamond Index will announce the results of the fourth quarter periodic portfolio review on October 20, 2025, effective November 3, 2025.

Based on the closing figures as of September 30, 2025, stock analyst groups have made estimates for the upcoming change.

Accordingly, SSI believes thatVIB shares may be removed from the VNDiamond index because they do not satisfy the criteria for the FOL coefficient (the coefficient between the current foreign investor holding ratio and the adjusted maximum ownership ratio). In particular, the shares must be in the Top 25 shares with the highest FOL coefficient in 2 consecutive periods. VIB has adjusted the maximum foreign investor ownership ratio from 20.5% to 4.99% from July 1, 2024, causing VIB's FOL coefficient to decrease to 25%, lower than the minimum required threshold of 65% for stocks already in the index basket. In the second quarter of 2025 review period, VIB was also placed in the pending removal basket, so it is not eligible to be retained in the index in this period.

CTD shares can increase the weight in the index basket. This stock was included in the basket for the first time in the previous period and satisfies all the conditions in this period. Therefore, the stock is included in the maintenance basket.

SSI estimates that no new stocks will be added to the VNDiamond index. If so, the new portfolio will consist of 18 stocks, with 9 stocks belonging to the banking group and 9 non-banking stocks. Of these, 9 banking stocks will be subject to the maximum weighting for the entire industry group of 40%.

Currently, there are 6 ETFs on the market using VNDiamond as a reference, including DCVFMVN Diamond, MAFM VNDiamond, BVFVN Diamond, KIM Growth Diamond, ABF VNDiamond and a newly listed ETF, VFCVN Diamond, with a total net asset value of about VND 13,800 billion as of September 30, 2025.

The DCVFMVN Diamond fund alone currently has a total asset value of approximately VND13,200 billion. Since the beginning of the year, the total net asset value has increased by 4.7%, the estimated number of fund certificates has decreased by 8.4% to 345 million units, so NAV/fund unit has increased by +14.2%. The fund's net capital withdrawal value since the beginning of the year is - VND1,000 billion. It is estimated that DCVFMVN Diamond will buy the most fromACB (7 million shares), FPT (4 million shares) and CTD (1.5 million shares) and sell the banking group including TCB, TPB and MBB.

Meanwhile, according to MBS's forecast, VIB shares will be officially eliminated due to not meeting the FOL criteria after being on the waiting list for elimination and CTD shares will have their weight increased to 100% due to meeting the criteria to stay on the list after being included in the index basket for the first time. However, MBS believes that STB shares will be added to replace VIB because STB has fully met the criteria.