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Portfolio Management
Investment ReportGroup 3
L/O/G/O
Contents
Contents 1
Group Profile
Contents 2Contents 3
Contents 4
Contents 5
Investment Policy
Investment Environment
Selectivity and Diversification
Portfolio performance
INVESTMENT POLICY
• Investments should out-perform the risk-free rate• Pay attention to high quality growth companies
out-perform over the long time or those which are being speculated by large-sized funds
Investment policy
Investment criteria• Prefer growth and maturity stage companies with a strong track record
of a successful history starting or managing• Companies have solid market position in industry • Large capital market• Positive revenue and EAT
Exit Strategy• Sell stock when:
• Its price is higher beyond than the real value • The price of stock excesses the supporting line• Company’s bad news is public
INVESTMENT ENVIRONMENT
Stock market at the end of 2013 reached good status because of many contributed factors:• Satisfactory results of financial reports in the third quarter • Having higher income and optimistic mind, investors often spend more
money in funds than the rest of year• Participation of foreign individual investors or charismatic funds• Positive renovation policies of government
MANAGERS’RISKThe risk assumed by an investor that her investment might
underperform simply because of mistakes committed by the fund
manager whose decisions and actions may divert from the investors'
wishes or reduce the value of an investment portfolio.=> Before investing to any fresh investment, spend some time looking
into the background of the people who manage it.
INVESTORS’ RISKHowever, international investors have voiced concerns that the investment climate has deteriorated. Problems include:1. Corruption2. Weak legal infrastructure3. Financial instability
Vietnam market
Strong
Semi-stron
g form
Weak form
GROUP PROFILESymbol Full name Follower
HAG HAGL JOINT STOCK COMPANY Nguyễn Thị Ngọc Trâm
ITA TAN TAO INVESTMENT INDUSTRIAL JSC Lê Ngọc Thùy Dung
GAS PETROVIETNAM GAS CORPORATION
Đặng Thụy Hồng NgọcVIC VINGROUP JOINT STOCK COMPANY
DIG DEVELOPMENT INVESTMENT CONSTRUCTION JSC
Mai Thanh LâmHQC HOANG QUAN CONSULTING - TRADING - SERVICE REAL
ESTATE CORPORATION
VLF VINH LONG CEREAL AND FOOD CORPORATION
Lương Bảo HoàngOGC OCEAN GROUP JOINT STOCK COMPANY
KMR MIRAE JOINT STOCK COMPANY
Nguyễn Quỳnh Mỹ NgônVNH VIET NHAT SEAFOOD CORPORATION
MSN MASAN GROUP CORPORATIONNguyễn Lê Phạm Duy
PGC PETROLIMEX GAS CORPORATION - JSC
PORTFOLIO OVERVIEWPORTFOLIO GROUP 3
Capital 100,000 (million VND)
First transaction date 13/11/2013
Exit date 03/12/2103
Duration 14 days
Securities Company FPT
Transaction Fee 0.15%
9%
16%
5%
4%5%
9%6%4%
11%
12%
10%
10%
HAGITAGASVICDIGHQCVLFOGCKMRVNHMSNPGC
41.7%
8.3%
25.0%
8.3%
8.3%
8.3%
Real Estate Natural Gas DistributionFood-Beverage-Tobacco Finance Services and Related ActivitiesApparel-Leather and Allied Products Retail Trade
Distribution of each industry in number of companies invested
43.21%
5.01%
27.35%
4.38%
10.50%
9.55%
Distribution of each industry in capital invested
SECTOR FOCUS
The recovery of real estate
• The real estate market has improved significantly since early 2013 thanks to the government’s determination and actions.
• In November, Vietnam had four new FDI projects in the fields of real estate with a total value of approximately $300 million
• The package of 30,000 billion VND for social housing projects of the State
No. ContentFirst 9 months of 2012 (billion VND)
First 9 months of 2013 (billion VND)
% Change
1 Revenue 5.068 11.600 129%
2 EBT 2.097 8.339 298%
3 EAT 1.474 6.051 311%
VINGROUP JSC
PORTFOLIO PERFORMANCE
VNInde
xHAG
ITA
GASVIC DIG
HQCVLF
OGCKM
RVNH
MSN PG
C
(1.50)
(1.00)
(0.50)
-
0.50
1.00
1.50
2.00
2.50
1.00 1.10
2.02
1.03
0.59
2.05
1.66
(1.37)
2.29
0.81
(0.60)
0.65
0.93
BetaBeta Weight
HAG 1.10 8.91%
ITA 2.02 16.42%
GAS 1.03 5.01%
VIC 0.59 3.97%
DIG 2.05 4.81%
HQC 1.66 9.09%
VLF -1.37 5.57%
OGC 2.29 4.38%
KMR 0.81 10.50%
VNH -0.60 11.82%
MSN 0.65 9.97%
PGC 0.93 9.55%
Portfolio 0.95 100.00%
PORTFOLIO PERFORMANCE
DIG GAS HAG HQC ITA KMR MSN OGC PGC VIC VLF VNH
12
.1
63
22
.4
7.2
6.3 8
.8
83
.5
11 12
66
.5
7 6.2
11
.7
64
.5
21
.5
7 6.7 1
0.5
82
.5
10
.9
12
.7
67
6.7 7.9
DIVESTMENT HISTORY
Investment Exit
PORTFOLIO PERFORMANCEPerformance
Period (days) 57
Total cycle
6.32 Investment (million VND)
100,000
Period performance 8.96%
Annual performance 56.6%
Performance summary
Top gainersVNH, KMR, ITA, PGC, GAS,
VIC
Total gains
11,425
Top losersHQC, HAG, VLF, DIG, OGC,
MSN
Total losses
(2,468)
Stock Gain/LossGain/Loss
(%)
HAG
(516.07) -2%
ITA
674.96 2%
GAS
261.75 2%
VIC
44.96 0%
DIG
(435.70) -4%
HQC
(368.07) -2%
VLF
(641.10) -5%
OGC
(132.85) -1%
KMR
3,365.63 13%
VNH
5,752.13 19%
MSN
(374.70) -1%
PGC
1,325.90 6%
PORTFOLIO PERFORMANCE
13/11 14/11 15/11 18/11 19/11 20/11 21/11 22/11 25/11 26/11 27/11 28/11 29/11 2/12 3/12
% Return of Portfolio
-0.0006
7
-0.0062
2
-0.0031
2
0.00807
0.00036
0.01902
-0.0041
4
-0.0055
8
0.02065
0.04245
0.06096
0.07793
0.07505
0.09205
0.08957
%VNIndex
0.00609636184857
428
0.00137849547065
772
0.000196966712625611
-0.00137686860739
573
-0.00157109190887
669
0.00533070088845
013
0.00178006329113
92
0.00417080436941
415
-0.00395647873392
681
0.00158510005944
127
-0.00355380059230
012
0.01037303012168
36
0.00682868045792
335
0.00362830074581
728
-0.00301446945337
621
-1.00%
1.00%
3.00%
5.00%
7.00%
9.00%
% Return of Portfolio %VNIndex
SELECTIVITY AND DIVERSIFICATION
based on SML
based on CML
SELECTIVITY AND DIVERSIFICATIONSelectivity = Actual Result – Theoretical result based on SML
Selectivity is 1.29%. It means that that the portfolio’s actual result is higher than its theoretical result based on SML.
Using the formula
(>0)
It shows that that portfolio generates higher profit than according to CAPM theory
Diversification = theoretical result based on SML - theoretical result based on CML
The difference between theoretical result based on SML and CML is due to the portfolio is not as diversified as the market. 18.595% is the contribution of diversification portfolio.
Thank You!Group 3
L/O/G/O
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