Top 10 holdings*

Investee company % of NAV Sector Description
Vinamilk (VNM) 12.7% Food & beverage Leading dairy company with dominant market share.
Hoa Phat Group 11.6% Construction materials Largest steel manufacturer.
Airports Corporation of Vietnam (ACV) 5.9% Infrastructure Vietnam’s airport operator and developer.
Phu Nhuan Jewelry (PNJ) 5.5% Consumer discretionary The largest jewelry manufacturer and distributor in Vietnam.
Khang Dien House (KDH) 5.2% Real estate projects Leading developer of townhouses in D9, HCMC.
Quang Ngai Sugar JSC (QNS) 4.6% Food & beverage Vietnam’s largest producer of soy milk.
Eximbank (EIB) 3.4% Financial services Top ten commercial bank.
Coteccons (CTD) 3.2% Real estate & construction Leading construction company
VietJet Air (VJC) 2.3% Industrials International low-cost airline
Novaland (NVL) 2.2% Real estate Leading real estate developer
Total 56.7%

*Capital market equities; as of 31 August 2017