1Qu u T Chng Khon Vit Nam - VF1 Bo Co Thng Nin 2015
QU U T CHNG KHON VIT NAM
BO CO THNG NIN 2015
Bo Co Thng Nin 2015 Qu u T Chng Khon Vit Nam - VF1 2
MC LC
VF1 1
Danh mc cc ch vit tt 3
Thng tin tm tt v qu 4
im ti chnh ni bt 6
Pht biu ca Tng Gim c 6
THO LUN BAN IU HNH QU 7
Mi trng u t nm 2015 8
Bo co hot ng qu VF1 nm 2015 10
Trin vng nm 2016 13
DANH MC U T IN HNH 15
GII THIU BAN I DIN QU 26
CNG TY C PHN QUN L QU U T VIT NAM (VFM) 28
Gii thiu cng ty v hot ng 29
Danh sch i l phn phi v thnh vin lp qu 30
BO CO TI CHNH TM TT 32
BO CO TI CHNH TM TT CA QU 13
3Qu u T Chng Khon Vit Nam - VF1 Bo Co Thng Nin 2015
DANH MC CC CH VIT TT
CCQ : Chng ch qu
C phiu OTC : C phiu cha nim yt
Cng ty CP/CTCP : Cng ty C phn
Cng ty VFM : Cng ty c phn Qun l Qu u t Vit Nam
CPI : Ch s gi tiu dng
GDP : Tng thu nhp quc doanh
HNX-Index : Ch s HNX-Index
NAV : Gi tr ti sn rng
Qu u t VF1/VFMVF1 : Qu u t Chng khon Vit Nam
SGDCK H Ni/HNX : S Giao dch Chng khon H Ni
SGDCK Tp.HCM/HSX/HOSE : S Giao dch Chng khon Tp.HCM
Tp.HCM : Thnh ph H Ch Minh
TTCK : Th trng chng khon
TTCP : Tri phiu Chnh ph
UBCKNN : y ban Chng khon Nh nc
UBND Tp.HCM : y ban Nhn dn Thnh ph H Ch Minh
USD : la M
VN-Index : Ch s VN-Index
Bo Co Thng Nin 2015 Qu u T Chng Khon Vit Nam - VF1 4
THNG TIN TM TT V QU
Tn qu QU U T CHNG KHON VIT NAM
M giao dch VFMVF1
Loi hnh qu Qu m
Mc tiu u tTm kim li nhun di hn t tng trng vn gc v thu nhp thng qua vic u t vo danh mc cn bng v a dng gm cc loi chng khon vn, tri phiu chuyn i, chng khon n trn th trng Vit Nam.
Tin t ng Vit Nam (VN)
Ngy bt u hot ng 20/05/2004
Ngy chuyn i sang qu m 08/10/2013
Cng ty QLQ Cng ty CP Qun l qu u t Vit Nam (VFM)
Ngn hng gim st Standard Chartered Bank (Vietnam)
i l chuyn nhng Trung tm lu k chng khon Vit Nam (VSD)
i l phn phi ABS, HSC, KIS, FPTS, MSBS, SBS, SSI, VDSC, VCSC, VCBS, VND, VSC, VFM
Cc loi ph
Ph qun l Ti a 2%/NAV/nm
Ph pht hnh T 0,2% n 1% ty vo tng gi tr ng k mua
Ph mua li T 0% n 1,5% cn c vo thi gian nm gi CCQ k t ngy mua
Ph chuyn i 0% cho s lng ng k bt k
Gi tr t mua ti thiu 1 triu ng
S d ti thiu trn ti khon 100 CCQ
Tn sut giao dch Hng ngy (ngy T)
Hn np lnh giao dch Trc 10g30 ti 1 ngy trc ngy giao dch (ngy T-1)
Phn phi li nhun Ti tc u t
Mc ri ro Trung bnh
Mc tham chiu nh gi kt qu u t 80% da trn VN-Index v 20% da trn li sut ca TPCP k hn 1 nm
5Qu u T Chng Khon Vit Nam - VF1 Bo Co Thng Nin 2015
IM TI CHNH NI BT
Tng trng ly k t khi hot ng (20/05/2004 = 100)
Tng trng trong nm 2015 (01/01/2015 = 100)
Gi tr ti sn rng 2015 2014NAV (t ng) 646,7 877,1 S lng ccq (triu ccq) 27,4 42,2 NAV/ccq (ng) 23.599,0 20.768,8 NAV/ccq cao nht 52-tun (ng) 24.660,0 23.917,2 NAV/ccq thp nht 52-tun (ng) 19.846,4 18.988,7 T l chi ph hot ng (%) 2,2 2,2 Tc vng quay danh mc u t (%) 92,8 71,3 Tng trng NAV/ccq trong nm (%) 13,6 9,0 Tng trng ch s th trng trong nm (%):
VN-Index 6,1 8,1 HNX -Index (3,6) 22,3
31/122014
31/122014
31/12015
31/12015
31/32015
31/32015
29/22015
29/22015
30/42015
30/42015
31/52015
31/52015
30/62015
30/62015
31/72015
31/72015
31/82015
31/82015
30/92015
30/92015
31/102015
31/102015
30/112015
30/112015
31/122015
31/122015
90
80
120
110
100
130
VF1 VF1VF1-Benchmark VF1-BenchmarkVN-Index VN-Index
400
300
200
100
0
500
600
Thng k ch s c bn VF1 Top 50 th trng
P/E 11,4 12,5 P/B 2,0 1,8 T sut c tc (%) 3,4 3,8 Tng trng li nhun sau thu 2015E (%) 24,3 7,0 Tng trng li nhun sau thu 2016F (%) 19,6 10,7 Tng trng EPS 2015 (%) 12,0 (5,3)Tng trng EPS 2016F (%) 14,5 8,0 Tng n/Vn Ch s hu (khng tnh ngnh Ngn hng) 0,5 1,2
S lng c phiu 20 50,0 S lng ngnh 8 21 S lng m mi mua 11 n/a S lng m thanh l ton b 20 n/a
%NAV bnh qun/c phiu 4,0 n/a Gi tr vn ha bnh qun/c phiu (t ) 29.042,6 26.601,1
Tng NAV top 10 ang nm gi (%) 57,8 n/a T trng trong VN-Index (%) 50,8 72,6
Bo Co Thng Nin 2015 Qu u T Chng Khon Vit Nam - VF1 6
PHT BIU CA TNG GIM C
Knh tha Qu nh u t,
Trong nm 2015, ngnh Qun l qu chng kin mt nm hot ng tng i khi sc xen ln nhng thun li v kh khn. im sng ca ngnh qun l qu c ghi nhn di hai gc : S lng qu mi c thnh lp tng hn v kt qu kinh doanh nhn chung cng tt hn. Cc qu do VFM ang qun l u nm trong nhm dn u v kt qu tng trng NAV trn th trng.
Trong nm va qua, VFM cng tin hnh nhng bc chun b cn thit c tnh chin lc chun b nm bt nhng c hi tt cho giai on 2016 tr i. Mt trong nhng trng tm ca chin lc l lm cho qu m ph bin v gn gi hn vi nh u t trong v ngoi nc, nht l nh u t c nhn sn phm qu m tr thnh mt knh u t c tn nhim bn cnh cc la chn u t truyn thng khc.
Bn cnh vic phi hp cc c quan nh nc nhm hon chnh v chun ha v c cu, khung php l, chnh sch nhm thc y s phc hi kinh t nm 2016, cng ty Qun l qu VFM quyt tm y mnh vic trin khai cc nh hng chin lc ra trong i hi 2015, cng c v nng cao cht lng hot ng theo hng hin i, a dng, vi s mnh mang li li ch tt nht v nim tin vo VFM cho nh u t.
Chng ti rt mong tip tc nhn c s tin tng v ng hnh t qu nh u t trong nm mi c phc v v p ng nhu cu u t ca qu v.Trn trng,
TRN THANH TN Tng Gim c
THO LUN BAN IU HNH QU
Bo Co Thng Nin 2015 Qu u T Chng Khon Vit Nam - VF1 8
Kinh t v m 2015: Tng trng t ni lc
Nm 2015 ng li vi mc tng trng GDP c nm t 6,68%, cao hn mc tiu ra v nh du s phc hi r rt ca nn kinh t Vit Nam. i cng vi mc tng trng cao l s n nh kinh t v m. Tng trng v n nh th hin qua cc ch s: lm pht c nm ch tng 0,63%, tng trng tn dng t 17,29% v li sut cho vay tip tc gim, vn u t nc ngoi ng k 22,76 t USD (tng 12,5% so vi nm 2014) v gii ngn t 14,5 t USD (tng 17,5% so vi nm 2014). Ch s sn xut cng nghip v tiu dng tng trng r rt vi mc tng trng ln lt l 9,8% (cao hn 2% so vi k hoch nm) v 9,5%. Trong , tng mc bn l hng ha v dch v tng 8,4% sau khi iu chnh cho lm pht, cao hn mc 8,1% ca nm 2014. Tng trng xut nhp khu t mc tt (tng ng tng 7,9% v 12% so vi nm trc) vi mc thm ht thng mi 3,54 t USD tng ng 2,2% kim ngch xut khu. Cn cn thanh ton tng th dng trong nm 2015.
Tuy tnh hnh kinh t trong nc c cc thay i lc quan xut pht t ni lc, cc bin ng ca kinh t th gii li c cc nh hng mnh m ti cc yu t ca kinh t Vit Nam. Vic iu chnh t gi ng Nhn dn t, tng trng chm li v ci t kinh t ti Trung Quc, tng li sut c bn ti M, bin ng gim gi du m v s suy gim gi cc nguyn liu phc v sn xut l cc tc nhn chnh nh hng ti vic iu chnh t gi gia ng VND v USD, iu chnh k hoch huy ng v chi tiu ngn sch, tng trng xut khu thp hn k hoch. Cc bin ng ny t s iu chnh cc chnh sch kinh t v m ca Chnh ph Vit Nam vo mt tnh hung mi ph hp vi mi trng kinh t th gii thay i. Cc i sch c B ti chnh v Ngn hng Nh nc Vit nam ch ng a ra trong qu IV 2015 v u nm 2016 hn ch cc tc ng tiu cc ca bin ng kinh t th gii ti Vit Nam.
So snh li sut v lm pht, li sut thc (%)
PDI v d tr ngoi hi (T USD)
2009 2010 2011 2012 2013 2014 2015F 11M2015
45
35
30
20
40
25
15
10
25
20
5
15
-
10
Tng trng GDP v bn l hng ha dch v qua cc qu 2013-2015
Q1FY2013
Q1FY2014
Q1FY2015
Q2FY2013
Q2FY2014
Q2FY2015
Q3FY2013
Q3FY2014
Q3FY2015
Q4FY2013
Q4FY2014
Q4FY2015
7.5%
6.5%
5.5%
7.0%
6.0%
5.0%
4.5%
10%
6%
4%
0%
8%
2%
-2%
-4%
GDP (Trc tri) Bn l hng ha dch v
Gii ngn FDI
T gi VND/USD v t l mt gi VND (2011-2015)
T l mt gi VND (%)
Li sut thc Li sut TPCP 2 nm
USD/VND (Trc tri)
Lm pht (YoY)
Mc mt gi bnh qun VND nm
01/012011
04/2011 04/2012 04/2013 04/2014 04/201508/2011 08/2012 08/2013 08/2014 08/201512/2011 12/2012 12/2013 12/2014
01/012012
01/012013
01/012014
01/012015
12%
8%
6%
2%
10%
4%
0%
-2%
23000
25
20
15
-15
10
-10
5
-5
0
22000
21000
19000
20000
18000
17000 -4%
FDI ng kD tr ngoi hi (Trc phi)
MI TRNG U T
9Qu u T Chng Khon Vit Nam - VF1 Bo Co Thng Nin 2015
Th trng chng khon 2015: Bin ng v phn ha mnh m
Nm 2015 l nm y bin ng vi th trng chng khon Vit Nam vi 3 t sng r rt v bin dao ng ca VN-Index ln ti xp x 130 im, tng ng 25%, t im cao nht ti im thp nht ca nm. Mc d VN-Index tng trng tt ln ti hn 17% t u nm ti thng 7, nhng li cng mt hn 20% t nh ngay trong thng 8 xung cn 511 im, hi phc li sau 2 thng ln trn 600 im v li gim li kt thc nm mc 579 im, ch tng 6,1% so vi u nm.
Cc giai on tng trng ca th trng chng khon n t tng trng ni ti ca nn kinh t cng
