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Fund objective

As Vietnam’s first actively-managed, open-ended UCITS fund, VEF offers broad exposure to the country’s public equity markets, plus a closely-regulated investment with daily liquidity. It seeks medium to long-term capital appreciation through a diversified range of small, midcap and blue chip stocks from key sectors that contribute to Vietnam’s economic growth.

Investment strategy

The Fund’s investment strategy is to invest in public securities with good growth potential and some closed-end funds to gain exposure to stocks that have reached their foreign ownership limit. VEF integrates ESG and sustainable practices into its investment approach and is classified as Article 8 under the EU Sustainable Finance Disclosure Regulation (SFDR). This means that it does not engage in leverage, hedging or arbitrage techniques.

Key facts

Investment manager
Dragon Capital Management (HK) Limited
Share class
A
Assets class
Equity
Fund launch date
30 September 2013
Fund structure
Sub-fund of DC Developing Markets Strategies plc
Domicile
Ireland
Denominate currency
US Dollar(USD)
Bloomberg code
VIETNAM ID
ISIN code
IE00BD5HPH84
Reuters code
LP68206089
Minimum Investment
N.A.
SPDR Classification
Article 8
Management Fee
Flat 2.00%
Investment manager
Dragon Capital Management (HK) Limited
Share class
B
Assets class
Equity
Fund launch date
30 September 2013
Fund structure
Sub-fund of DC Developing Markets Strategies plc
Domicile
Ireland
Denominate currency
Euro (EUR)
Bloomberg code
VIETEUR ID
ISIN code
IE00BV8WVB25
Reuters code
LP68311935
Minimum Investment
EUR1,000,000
SPDR Classification
Article 8
Management Fee
Flat 1.50%
Investment manager
Dragon Capital Management (HK) Limited
Share class
C
Assets class
Equity
Fund launch date
30 September 2013
Fund structure
Sub-fund of DC Developing Markets Strategies plc
Domicile
Ireland
Denominate currency
British Pound (GBP)
Bloomberg code
VIETGPB ID
ISIN Code
IE000LEKRJK0
Minimum Investment
GBP1,000,000
Reuters Code
Article 8
Management Fee
Flat 2.00%

Portfolio manager

  • Vu Phuong Mai

    Vu Phuong Mai

    Portfolio Manager

    15 years

    years in industry

    5 years

    managing this fund

Key facts

Investment manager
Dragon Capital Management (HK) Limited
Share class
A
Assets class
Equity
Fund launch date
30 September 2013
Fund structure
Sub-fund of DC Developing Markets Strategies plc
Domicile
Ireland
Denominate currency
US Dollar(USD)
Bloomberg code
VIETNAM ID
ISIN code
IE00BD5HPH84
Reuters code
LP68206089
Minimum Investment
N.A.
SPDR Classification
Article 8
Management Fee
Flat 2.00%
Investment manager
Dragon Capital Management (HK) Limited
Share class
B
Assets class
Equity
Fund launch date
30 September 2013
Fund structure
Sub-fund of DC Developing Markets Strategies plc
Domicile
Ireland
Denominate currency
Euro (EUR)
Bloomberg code
VIETEUR ID
ISIN code
IE00BV8WVB25
Reuters code
LP68311935
Minimum Investment
EUR1,000,000
SPDR Classification
Article 8
Management Fee
Flat 1.50%
Investment manager
Dragon Capital Management (HK) Limited
Share class
C
Assets class
Equity
Fund launch date
30 September 2013
Fund structure
Sub-fund of DC Developing Markets Strategies plc
Domicile
Ireland
Denominate currency
British Pound (GBP)
Bloomberg code
VIETGPB ID
ISIN Code
IE000LEKRJK0
Minimum Investment
GBP1,000,000
Reuters Code
Article 8
Management Fee
Flat 2.00%

NAV performance

3 Months 1 Year 3 Years 5 Years 10 Years
VEF ? Info As of 13/02/2026 0.0 0.0 0.0 0.0 0.0
VNI TR$ ? Info As of 13/02/2026 13.6 43.2 67.0 56.5 249.9
-4 -3 -2 -1 YTD
VEF ? Info As of 13/02/2026 0.0 0.0 0.0 0.0 0.0
VNI TR$ ? Info As of 13/02/2026 -34.1 11.1 8.8 38.8 3.6

Historical prices

Top 10 holdings

As of 30/01/2026

Company Sector Weight VNI Weight
MBBank ? Largest private commercial bank by assets with the highest number of e-bank users Financials – Banks 8.1% 2.6%
Vietinbank ? Vietnam’s second-largest bank, with highest growth among the Big-4 state-owned banks Financials – Banks 7.8% 3.5%
BIDV ? Vietnam’s largest state-owned commercial bank in terms of assets Financials – Banks 6.7% 4.4%
Vinhomes ? Largest property developer in Vietnam with projects across Tier-1 and Tier-2 cities Real Estate 5.3% 5.1%
Vingroup ? Vietnam’s leading private listed conglomerate with diverse and synergistic ecosystem Real Estate 5.2% 12.7%
Mobile World ? Top CE & phone retailer with promising grocery chain BHX a key driver for future growth Consumer Discretionary 5.1% 1.6%
Techcombank ? Leading bank for the affluent, best in class in optimizing COF through digital innovations Financials – Banks 4.5% 3.0%
Vietcombank ? Top state-owned commercial bank with strong fundamentals and risk management Financials – Banks 4.2% 6.9%
VIETCAP Securities Financials – Financial Services 3.8% 0.4%
VPBank ? Commercial bank with 60% of consumer lending sector and largest customer base Financials – Banks 3.6% 2.6%

Asset allocations by sector

As of 30/01/2026

Hover over any segment to see more details
Asset Class Weight VNI Weight

Sectors follow GICS level 1 classifications, with Financials reported at level 2

Portfolio characteristics

As of 31/01/2026

3 Years 5 Years Since inception (2013)
Correlation 92.2 90.3 86.5
Annualised Alpha % -1.2 -0.8 0.8
Beta 1.1 1.0 1.0
Annual volatility % 20.2 22.4 21.2
Sharpe ratio 0.5 0.3 0.5
Annual tracking error % 5.4 7.0 7.8
Average annual return % 15.8 10.4 12.4

All calculations based on NAVps monthly data in USD. Reference benchmark is VNINDEX total returns in USD.

Our approach

Dragon Capital seeks to optimise risk-adjusted performance by integrating ESG factors at every stage of the investment process; from pre-investment screening through to post investment monitoring and active shareholder engagement.

ESG team

Pham Nguyen Vinh

Pham Nguyen Vinh

Head of Corporate Communications

Dr. Nguyen Nhat Ha Chi

Dr. Nguyen Nhat Ha Chi

ESG Manager

Our ESG management system

A six-step process

Initial Screening

Refrain from investing in or financing companies and activities on Dragon Capital’s exclusion list.

Esg Slide 001x2

E&S Risk Rating

Assign risk scores to each company.

ESG Slide 2

Governance Rating

Assess the investee company’s governance practices and identify opportunities for systematic improvement.

Esg Slide 03

Investment Decision

Results of ESG rating are presented to Investment Committee for making decision on investment.

Esg Slide 04

Portfolio Management

Monitors the ESG factors periodically at the portfolio level. Regularly review the portfolio to evaluate an increase or decrease of positions.

Esg Slide 05

Monitoring & Reporting

Document all findings from the screening. Monitor closely investee companies and engage immediately on ESG issues.

Esg Slide 06

ESG documents

Download key documents

Documents Year
VEF SFDR – Article 8 – Website Disclosure 2023 Download VEF SFDR – Article 8 – Website Disclosure
Dragon Capital Responsible Investment Report 2024 2024 Download Dragon Capital Responsible Investment Report 2024
Dragon Capital Responsible Investment Policy 2024 2024 Download Dragon Capital Responsible Investment Policy 2024

No documents found.

Please try a different search term or year.

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