Ha Trang Nguyen

Regulation is a crucial consideration for private fund managers in today's complex landscape https://lnkd.in/gNYAvKsT Download our free SPV Global Outlook 2024 report and learn how private market managers worldwide are not only complying with but leveraging new regulations. #privatemarkets #SPV #dealmaking

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Ata Second Equity Fund (AAV) return beats 95% of its local competitors in the last 5 years: Translated to USD, annualized return of 33% p.a. vs BIST100 TR of 19% p.a. Ata Equity Fund (AAV) continues to perform well. In May, our monthly return in Turkish Lira was 9,4% versus 3,5% in BIST-100 Total Return Index. Year-to-Date, our return is 53,9% in Turkish Lira vs 41,7% in BIST-100 Total Return. In the last 5 years, we rank in the top 5% of all local Turkish stock funds in the Bloomberg universe. Turkish stocks continue to perform well thanks to increasing confidence in new monetary policy which will help bring down inflation rate from as high as 75% to around 40% by year-end. We believe that increasing foreign inflows to Turkish bonds and stocks will continue to improve Turkish Central Bank’s reserves. Our Fund is well-diversified with 35-40 stocks with a tilt for quality growth stocks such as banks and holdings.   Thanks to recent stability in the Turkish Lira exchange rate, our performance in USD terms is stronger in the last 3-5 years than 12 years when Turkish markets went through various macro crises, causing Lira to devalue many times.   Annualized Returns in USD terms:   Last 3 years: Ata Equity Fund: 43,8% p.a. vs BIST-100 Total Return: 27,9% p.a., Alpha: 15,9% p.a. Last 5 years: Ata Equity Fund: 32,8% p.a. vs BIST-100 Total Return: 19,0% p.a., Alpha: 13,8% p.a. Since inception on 16 Nov 2012: Ata Equity Fund: 9,3% p.a. vs BIST-100 Total Return: 1,0% p.a., Alpha: 8,3% p.a.   Best regards from Istanbul, Mehmet Gerz Ata Asset Management: CEO & Fund Manager (AAV) [email protected]

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VN Index & macro: FX will likely determine short-term trends In this report, we present the following findings. Stronger GDP growth does not necessarily correlate with a higher VN Index, primarily due to the differing contributions of various sectors to the real economy compared to their impact on the market capitalization of the HSX. For example, while financials contributed only 5.6% to GDP in 3Q24, the sector accounts for nearly 46% of the HSX market capitalization, with banks alone representing 40% of the total. Similarly, the real estate sector comprises 13% of the HSX market capitalization but contributes only 3.3% to GDP from services, with an additional estimated 3.5% possibly coming from construction. One major factor contributing to the market's recent weakness has been continuous net selling by foreign investors, totaling USD2.7bn in 9M24. However, renewed interest from foreign investors – which previously accounted for over 20% of total market transactions, reflected by rising participation rate in HSX to 11.6% in September – can be attributed to Vietnam's impending upgrade to emerging market status. If Cir.68 is implemented effectively, it should address the two remaining criteria – the settlement cycle (DvP) & settlement costs associated with failed trades – allowing for an upgrade during the review periods in March or September next year. Based on event studies of nine EMs, while we expect the VN Index to perform positively before & after the upgrade, the magnitude of the rise may not be explosive. Regarding potential challenges for the VN Index in the short term, we analyze six factors: (1) the Vietnamese NA meetings, (2) the margin lending ratio, (3) SBV's interventions in open market operations (OMOs), (4) FX pressures, (5) the US interest rate cut cycles by the Fed, and (6) the results of the US presidential election. SBV’s recent interventions in the OMOs has been related to FX, which we believe is the most significant factor influencing stock market adjustments in the short term. Statistics reveal that the VNI declined in 11/12 months when the VND depreciated by more than 1% m/m (Figure 1). If Trump wins the US election, we will highly likely need to adjust our USD/VND exchange rate forecast for the end of the year upward, indicating a higher level of VND depreciation. Conversely, if Harris wins, we anticipate that the DXY will cool, allowing the USD/VND to gradually approach our forecast of 24,950 by year-end. We lean towards the scenario where Harris wins, based on the methodology of Professor Lichtman, who has accurately predicted 9 of the last 10 US elections.

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PERFORMANCE OF INVESTMENT FUNDS IN VIETNAM   Performance Overview: In September 2024, 87% of equity funds (55 out of 61 funds) outperformed the VNINDEX, led by ETFs such as SSIAM VNFINLEAD and KIM GROWTH VN30 ETF, driven by portfolios focused on banking and securities sectors. However, overall performance declined compared to August due to less favorable market conditions. Bond funds maintained stable performance, with 17 out of 23 funds delivering returns higher than deposit rates, notably the Bao Viet Bond Investment Fund (BVBF). Capital Flows into the Stock Market via Funds: September 2024 marked a reversal, with net inflows exceeding VND 1.1 trillion after nine consecutive months of net outflows. The inflows primarily targeted open-end funds and bond funds, while ETFs and closed-end funds continued to experience net outflows. Notably, funds like TCBF attracted significant inflows, reflecting a shift in preference towards safer assets. View the Detailed Report:   English: https://lnkd.in/gsqy4uu6  Chinese Traditional: https://lnkd.in/gv8Ewvwz  Chinese Simplified: https://lnkd.in/gSDXqB4A    For the FiinPro-X trial or to receive monthly reports, don't hesitate to get in touch with [email protected].  Tel: +84 24 3562 6962 (ext.: 103)  Website: https://lnkd.in/g3kv2enZ 

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The YKVN team analyzes the current challenges facing Vietnam's securities markets, evaluating the implications of recent regulatory changes and proposed solutions. 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: • Vietnam's robust economic growth, political stability and accommodative monetary policies have set a strong foundation for capital market expansion, yet challenges like low market liquidity and recent violations in the real estate sector are impeding progress. • The State Securities Commission (SSC) aims to balance market development with risk management and investor protection, working towards upgrading Vietnam's status from a "frontier" to an "emerging" market by addressing issues such as pre-funding requirements and foreign ownership limits. • Proposed amendments to the 2019 Securities Law focus on enhancing disclosure requirements, increasing liabilities for advisors, and tightening regulations on private placements. However, some proposed amendments, like extending the lock-up period, are viewed as potentially counterproductive to market growth. • Over-regulation during a market downturn may hinder recovery, suggesting that policies should instead encourage investor engagement by relaxing foreign ownership limits, allowing high-quality securities to list, and streamlining regulatory approvals, while maintaining effective enforcement against violations. Read more: https://lnkd.in/gHx7N8ct

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iKIS: A leading trend-setting trading app for young investors 📣 KIS Securities Vietnam Joint Stock Company (KIS) launched its iKIS trading app on March 15, 2024. This new app features a user-friendly interface and a variety of features that provide investors with a convenient and innovative investment experience. iKIS makes it easy for investors to track and execute trades, from buying and selling stocks to managing their investment portfolios. iKIS is expected to create a new wave of user experience trends, anticipating the strong investment needs of young Vietnamese retail investors. 🔹 iKIS was designed and developed by a team of Korean technical experts and utilizes data from FiinGroup's API Datafeed service. After six months of design and refinement, this product has been well-received by users and has received many positive reviews. About KIS Vietnam: KIS Vietnam has a charter capital of VND 3,761 billion and is strongly supported by the KIS Group in Korea, with experience in the financial sector and a combination of foreign experts with a team of excellent employees with many years of experience in banking, auditing and the domestic capital market. KIS Vietnam focuses on developing management and risk management techniques to put the company in a leading position in all financial fields in Vietnam. About FiinGroup and API Datafeed service: Founded in 2008, FiinGroup is a leading provider of integrated financial data services, business information, industry research, credit rating reports and other data-based analysis services. API Datafeed is a service of FiinGroup, providing customers with a comprehensive, accurate, continuously updated and complete data input solution, suitable for all platforms/products supporting securities investment including websites, trading boards and applications, algorithmic trading for institutional/individual investors. 🔹Learn more at: https://lnkd.in/gz8uFnkh #FiinProX #FinancialData #VietnameseStockMarket #KoreanInvestment #Trusted #Prestigious #ExpertSystem #API #Datafeed #LongTermSupport

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The fund is anticipated to bring in over 150 billion baht into the capital market and should drive up the Thai Stock Market. Some quick facts: - It is a government-initiated fund aimed at promoting long-term investments among the Thai public while accelerating the development of the Thai capital market which has been dormant for a long period. - The fund currently holds net assets exceeding 300 billion baht, with the majority invested in listed equities and some in short-term bonds. - It is managed by Krungthai Asset Management and MFC Asset Management. - The public subscription is expected to open from September 16-20 for retail investors and September 18-20 for institutions. - Minimum returns will be 3-9% per year.

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Southeast Asia’s IPO market declined significantly in the first six months of 2024, with market capitalization plunging 71% to $5.8 billion, a report from Deloitte showed. The region saw only 67 initial public offerings in the first half, with that number falling by 21.2% compared to the same period a year ago. The amount raised from these IPOs dropped 53.3% year on year to $1.4 billion. https://lnkd.in/eN98VkpG

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Below is the valuable Feedback from Nguyễn Vĩnh Tùng, CFA, an alumnus of Vietnam Investment Nurturing Hub's Private Equity - Investment Banking Course for Deal-makers (Analyst Level, Cohort 5 and Associate Level, Cohort 2). We are grateful to Tùng for sharing his insights into his experience with the two training programs he attended at Vietnam Investment Nurturing Hub. The effective acquisition and successful application of practical skills from these programs into real-world work scenarios serve as a tremendous source of motivation for Vietnam Investment Nurturing Hub to continue our journey of nurturing a future generation of exceptional investment professionals in Vietnam. We extend our sincere appreciation to Nguyễn Vĩnh Tùng, CFA and all our alumni for their unwavering support. "I had the opportunity to learn from Mr. Vinh in both the Analyst and Associate courses. There were two aspects of the courses that I found particularly valuable: 👉 Financial Modeling Skills: This skill is not part of the CFA curriculum, and my previous work at the bank did not involve this level of financial modeling. As a result, I had not had the opportunity to apply these skills in a practical setting. However, Mr. Vinh's thorough and step-by-step instruction enabled me to develop and implement a financial forecasting model, including balance sheet and cash flow statements. With Mr. Vinh's guidance, I was able to apply these skills to build my own model, although I still need more practical experience to fully refine it. 👉 Financial Analysis Skills: I had gained some experience in analyzing and evaluating companies during my time at the bank. Mr. Vinh's course provided a structured and logical framework for the knowledge and skills related to financial analysis and valuation, and it also gave me new perspectives on how to analyze a company. I was particularly interested in the concept of key drivers, which are the fundamental factors that drive a company's growth. 🔶I feel very fortunate to have taken Mr. Vinh's courses, and I highly recommend them to others. I wish him continued good health and success in inspiring future students."

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"Do private firms (mis)learn from the stock market?" by Dong Yan is now published in Review of Finance, Volume 28, Issue 5. "Whether the stock market affects real efficiency through its role of producing and aggregating information has been a central question for financial economists. In this paper, I show that information contained in stock prices has real effects on private firms, a significant yet often overlooked part of the economy, even without listing their shares. Connecting to earlier work, notably Bond, Edmans, and Goldstein (2012) and Foucault and Frésard (2014), I hypothesize that stock prices reflect incremental information that managers can use to learn about industry prospects. Using large panel data for the United Kingdom, I find that private firms’ investment responds positively to the valuation of public firms in the same industry and to the noise in the price signal, measured by public peers’ unrelated minor-segment valuation. The sensitivity increases with price informativeness. Moreover, the reaction to noise is partially corrected in the subsequent year after observing realizations of fundamentals and can be mitigated if decision-makers possess more sophisticated knowledge about the stock market. My paper provides a novel empirical strategy that plausibly establishes the learning channel, by utilizing the unique features of private firms and a new measure of noise in the price signal. Drawing on the “faulty informant” hypothesis by Morck, Shleifer, and Vishny (1990), I predict the noise to affect private firms’ investment when they learn from stock prices but cannot perfectly filter out the noise. I measure noise for private firms by their public peers’ unrelated minor-segment valuation. Intuitively, as private firms are typically pure players while public firms often have multiple segments, this noise measure is ideal – it is unrelated to private firms’ investment opportunities, does not necessarily involve mis-valuation of public firms, and is difficult for decision-makers to filter out completely. Unlike public firms, private firms do not have their own stock prices, thereby less prone to concerns about passive reflection of firm-specific information into stock prices. Additionally, as private firms are mostly owned by their managers, they face fewer short-termism and other agency problems. Thus, this setup allows for a cleaner identification when inferring learning from private firms. " Keep reading the digest: https://lnkd.in/e2abJust Or dive into the full article: https://lnkd.in/eZFe-XP3 #reviewoffinance #finance

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BCG ENERGY TO BE TRADED ON UPCOM UNDER THE STOCK SYMBOL BGE The Vietnam Securities Depository and Clearing Corporation (VSDC) has recently issued a securities registration certificate and assigned the ticker code BGE to BCG Energy, one of the key subsidiaries of Bamboo Capital Group (HoSE: BCG) focused on renewable energy. BCG Energy has registered 730 million shares, totaling a registered value of VND 7.3 trillion. As of June 18, the VSDC will begin holding the registered shares. Previously, on May 20, the State Securities Commission had approved BCG Energy’s public registration filing. Currently, Bamboo Capital Group has four listed companies trading shares, including Bamboo Capital (HoSE: BCG), Tracodi (HoSE: TCD), Tien Giang Pharmaceutical - Tipharco (HNX: DTG), and BCG Land (UPCoM: BCR). This number will increase once BCG Energy officially trades on UPCoM under the code BGE. Founded in 2017, BCG Energy now holds a charter capital of VND 7.3 trillion, nearly VND 10 trillion in owner's equity, and total assets approaching VND 20 trillion. BCG Energy operates approximately 600 MW of solar power and ranks among Vietnam's top three renewable energy companies. BCG Energy currently maintains a portfolio of nearly 1 GW approved under the Power Development Plan VIII, with an outlook extending to 2030. Recently, BCG Energy has recorded continual positive revenue growth and has been chosen for strategic partnerships by major international conglomerates such as SP Group, Sembcorp, SK Group, Hanwha Group, and Leader Energy Group when investing in Vietnam. For more details, see the comments section below ⬇️ ‐‐---‐-------------------------------------- BAMBOO CAPITAL GROUP - BRIDGING DIFFERENCES, CREATING VALUE 📍 Headquarters: 27C Quoc Huong, Thao Dien Ward, Thu Duc City, Ho Chi Minh City. ☎️ Hotline: (028) 62 680 680 🌐 Website: https://bamboocap.com.vn

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BCG ENERGY TOBE TRADED ON UPCOM UNDER THE STOCK SYMBOL BGE The Vietnam Securities Depository and Clearing Corporation (VSDC) has recently issued a securities registration certificate and assigned the ticker code BGE to BCG Energy, one of the key subsidiaries of Bamboo Capital Group (HoSE: BCG) focused on renewable energy. BCG Energy has registered 730 million shares, totaling a registered value of VND 7.3 trillion. As of June 18, the VSDC will begin holding the registered shares. Previously, on May 20, the State Securities Commission had approved BCG Energy’s public registration filing. Currently, Bamboo Capital Group has four listed companies trading shares, including Bamboo Capital (HoSE: BCG), Tracodi (HoSE: TCD), Tien Giang Pharmaceutical - Tipharco (HNX: DTG), and BCG Land (UPCoM: BCR). This number will increase once BCG Energy officially trades on UPCoM under the code BGE. Founded in 2017, BCG Energy now holds a charter capital of VND 7.3 trillion, nearly VND 10 trillion in owner's equity, and total assets approaching VND 20 trillion. BCG Energy operates approximately 600 MW of solar power and ranks among Vietnam's top three renewable energy companies. BCG Energy currently maintains a portfolio of nearly 1 GW approved under the Power Development Plan VIII, with an outlook extending to 2030. Recently, BCG Energy has recorded continual positive revenue growth and has been chosen for strategic partnerships by major international conglomerates such as SP Group, Sembcorp, SK Group, Hanwha Group, and Leader Energy Group when investing in Vietnam. For more details, see the comments section below ⬇️ ‐‐---‐-------------------------------------- BCG ENERGY JSC - MEMBER OF BAMBOO CAPITAL GROUP 📍 Headquarters: 27C Quoc Huong, Thao Dien Ward, Thu Duc City, Ho Chi Minh City. ☎️ Hotline: (028) 62 680 680 🌐 Website: https://bcgenergy.com.vn/

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𝗧𝗘𝗖𝗛𝗖𝗢𝗠𝗕𝗔𝗡𝗞 𝘅 𝗩𝗶𝗻𝗜𝗗 𝗕𝗥𝗜𝗡𝗚𝗦 𝗖𝗢𝗠𝗣𝗥𝗘𝗛𝗘𝗡𝗦𝗜𝗩𝗘 𝗖𝗢𝗥𝗣𝗢𝗥𝗔𝗧𝗘 𝗧𝗥𝗘𝗔𝗦𝗨𝗥𝗬 𝗠𝗔𝗡𝗔𝗚𝗘𝗠𝗘𝗡𝗧 𝗦𝗢𝗟𝗨𝗧𝗜𝗢𝗡 𝗧𝗢 𝗖𝗙𝗢 𝗦𝗨𝗠𝗠𝗜𝗧 𝗩𝗜𝗘𝗧𝗡𝗔𝗠 𝟮𝟬𝟮𝟰 📊    Recently, 𝗖𝗙𝗢 𝗦𝘂𝗺𝗺𝗶𝘁 𝗩𝗶𝗲𝘁𝗻𝗮𝗺 𝟮𝟬𝟮𝟰 by CFO Vietnam was held in Ho Chi Minh City, gathering over 300 participants, including top financial experts, CEOs, CFOs, auditors, and tax consultants from top corporates. The event aimed to build quality relationships and connect to develop the financial landscape of businesses in Vietnam. At the conference, Techcombank, in collaboration with its strategic partner VinID, introduced 𝗖-𝗖𝗮𝘀𝗵 - 𝗔𝗱𝘃𝗮𝗻𝗰𝗲𝗱 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻, which helps businesses easily manage centralized corporate cash flow. Moreover, visitors also had the opportunity to directly experience the convenience and superiority of the C-Cash platform and listen to in-depth consultations on the solution's benefits at Techcombank's modern experience booth. Additionally, during the panel discussion session on the topic "Harnessing the Power of AI for Strategic Decision-Making in a Data-Driven World", Mr. Vishnu Bhan - 𝗧𝗲𝗰𝗵𝗰𝗼𝗺𝗯𝗮𝗻𝗸'𝘀 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿, shared: "𝑇𝑖𝑚𝑒 𝑖𝑠 𝑚𝑜𝑛𝑒𝑦. 𝐼𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑑𝑎𝑡𝑎 𝑡𝑜 𝑎𝑛𝑎𝑙𝑦𝑧𝑒 𝑏𝑢𝑡 𝑖𝑡'𝑠 𝑠𝑙𝑜𝑤, 𝑦𝑜𝑢 𝑤𝑖𝑙𝑙 𝑚𝑖𝑠𝑠 𝑡ℎ𝑒 𝑜𝑝𝑝𝑜𝑟𝑡𝑢𝑛𝑖𝑡𝑦 𝑡𝑜 𝑚𝑎𝑘𝑒 𝑡𝑖𝑚𝑒𝑙𝑦 𝑑𝑒𝑐𝑖𝑠𝑖𝑜𝑛𝑠. 𝐵𝑢𝑠𝑖𝑛𝑒𝑠𝑠𝑒𝑠 𝑛𝑒𝑒𝑑 𝑎 𝑝𝑙𝑎𝑡𝑓𝑜𝑟𝑚 𝑡𝑜 𝑎𝑔𝑔𝑟𝑒𝑔𝑎𝑡𝑒 𝑑𝑎𝑡𝑎 𝑎𝑛𝑑 𝑝𝑟𝑜𝑣𝑖𝑑𝑒 𝑖𝑛-𝑑𝑒𝑝𝑡ℎ 𝑎𝑛𝑎𝑙𝑦𝑠𝑖𝑠, 𝑎𝑛𝑑 𝑓𝑜𝑟𝑒𝑐𝑎𝑠𝑡𝑠. 𝑇ℎ𝑎𝑡'𝑠 𝑤ℎ𝑦 𝐶-𝐶𝑎𝑠ℎ 𝑤𝑎𝑠 𝑑𝑒𝑣𝑒𝑙𝑜𝑝𝑒𝑑 𝑡𝑜 𝑎𝑑𝑑𝑟𝑒𝑠𝑠 𝑡ℎ𝑖𝑠 𝑖𝑠𝑠𝑢𝑒." Techcombank's presence at the conference once again affirms its commitment to enabling businesses to grow and succeed with insightful solutions and accompanying businesses to elevate their own greatness. #Techcombank #BeGreater #VuotTroiHonMoiNgay #CCash #GiaiPhapQuanTriNguonVon #AdvancedTreasuryManagementSolutio

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