Top 10 holdings*

Investee company % of NAV Sector Description
Hoa Phat Group (HPG) 13.4% Construction materials Largest steel manufacturer
Vinamilk (VNM) 10.9% Food & beverage Leading dairy company with dominant market share
Airports Corporation of Vietnam (ACV) 9.0% Infrastructure Vietnam’s airport operator and developer
Khang Dien House (KDH) 6.3%% Real estate & construction Leading developer of townhouses in D9, HCMC
Phu Nhuan Jewelry (PNJ) 6.1% Consumer discretionary The largest jewelry manufacturer and distributor in Vietnam
Vietjet Air (VJC) 4.7% Industrials Vietnam’s leading low-cost airline
Quang Ngai Sugar (QNS) 3.2% Food & beverage Vietnam’s largest producer of soy milk
Eximbank (EIB) 3.1% Financial services Top ten commercial bank
Coteccons (CTD) 3.0% Real estate & construction Leading construction company
PetroVietnam Technical Services Corporation (PVS) 2.6% Mining, oil & gas Support services for oil & gas exploration, drilling
Total 62.4%

*Capital market equities; as of 31 December 2017