SSI Sustainable Competitive Advantage Fund

SSI Sustainable Competitive Advantage Fund Financial statements For the financial year ended 31 December 2020

SSI Sustainable Competitive Advantage Fund

CONTENTS Page General information 1 - 2 Report of Management of the Fund Management Company 3 Report of the Fund Management Company 4 - 11 Report of the Supervisory Bank 12 Independent auditors’ report 13 - 14 Income statement 15 Statement of financial position 16 - 17 Statement of changes in net asset value, trading of fund units 18 Statement of investment portfolio 19 - 20 Cash flow statement 21 - 22 Notes to the financial statements 23 - 54

SSI Sustainable Competitive Advantage Fund GENERAL INFORMATION

1

THE FUND

SSI Sustainable Competitive Advantage Fund (“the Fund” or “SSI-SCA”) was established on 26 September 2014 with Establishment License No. 15/GCN-UBCK dated 26 September 2014 as an open-ended fund, accordingly, the Fund has no limit in operating time.

The Fund's initial chartered capital (capital mobilized during the initial public offering of fund units) defined in the Establishment of Public Fund License is VND111,922,428,800. According to this license, the Fund is authorized to issue 11,192,242.88 units of the Fund to the public at a par value of VND10,000 per unit during the initial public offering. During the operation period of the Fund, the Fund is authorized to issue and repurchase its fund units with a par value of VND10,000 per unit. The fund unit price of the subsequent issuances is determined by the net asset value per fund unit calculated at the Fund's transaction date, plus the issuance fee (if any). The repurchase price of a fund unit is determined by the net asset value per fund unit calculated at the Fund's transaction date minus the acquisition cost (if any). As at 31 December 2020, the Fund’s contributed capital was VND 232,198,515,600 at par value, equivalent to 23,219,851.56 fund units.

Fund Management Company The Fund is managed by SSI Asset Management Company Limited ("the Fund Management Company" or “the Company”). The Fund Management Company was established in Vietnam in accordance with the Business License No. 19/UBCK-GP dated 3 August 2007, the first amendment No. 12/GPDC-UBCK dated 27 July 2011 and the second amendment No. 38/GPDC-UBCK dated 26 December 2013 of the State Securities Commission. The Fund Management Company is 100% owned by SSI Securities Corporation. The principal activities of the company are fund management, portfolio management and investment advisory. The Fund Management Company’s head office is located at 5th Floor, 1C Ngo Quyen Building, Ly Thai To Ward, Hoan Kiem District, Ha Noi.

The Company’s Chairman Mr. Nguyen Duy Hung was appointed as Chairman of the Company in accordance with Decision No. 55/2020/QD-HDQT dated 26 May 2020 of the Board of Directors of SSI Securities Corporation. The Company’s legal representative The legal representative of the Company during the year and at the date of the financial statement is Ms. Le Thi Le Hang, title: Chief Executive Officer of the Company.

Supervisory Bank Standard Chartered Bank (Vietnam) Limited has been appointed as the Supervisory Bank of the Fund for the financial year ended 31 December 2020.

SSI Sustainable Competitive Advantage Fund GENERAL INFORMATION (continued)

2

BOARD OF REPRESENTATIVES The members of the Board of Representatives during the year and as at the date of the financial statements are:

Name Title Date of appointment

Mr. Tri Nguyen Pham Chair man Appointed on 26 September 2014

Mr. Nguyen Khac Hai Independent member Appointed on 27 May 2020

Mr. Nguyen Manh Hung Independent member Dismissed on 26 May 2020

Ms. Tran Thi Thanh Y Independent member Appointed on 26 September 2014

Ms. Le Thi Le Hang Member Appointed on 26 September 2014 AUDITOR The auditor of the Fund is Ernst & Young Vietnam Limited.

SSI Sustainable Competitive Advantage Fund REPORT OF MANAGEMENT OF THE FUND MANAGEMENT COMPANY

3

Management of SSI Asset Management Company Limited (“the Fund Management Company”) is pleased to present this report and the financial statements of the Fund for the financial year ended 31 December 2020. RESPONSIBILITY OF THE MANAGEMENT OF THE FUND MANAGEMENT COMPANY IN RESPECT OF THE FINANCIAL STATEMENTS

Management of the Fund Management Company is responsible for the financial statements of each financial year which give a true and fair view of the financial position and investment position of the Fund and of the results of its operations, its changes in net asset value, trading of fund units and its cash flows for the year. In preparing those financial statements, Management of the Fund Management Company is required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue its business.

Management of the Fund Management Company is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Fund and to ensure that the accounting records comply with the applied accounting system. It is also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Management of the Fund Management Company confirmed that it has complied with the above requirements in preparing the accompanying financial statements. STATEMENT OF MANAGEMENT OF THE FUND MANAGEMENT COMPANY Management of the Fund Management Company does hereby stated that, in its opinion, the accompanying financial statements give a true and fair view of the financial position and investment position of the Fund as at 31 December 2020 and of the results of its operations, its changes in net assets, trading of fund units and its cash flows for the financial year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System applicable to open-ended funds and other statutory requirements relevant to preparation and presentation of financial statements. Ms. Le Thi Le Hang Chief Executive Officer Hanoi, Vietnam 29 March 2021

SSI Sustainable Competitive Advantage Fund REPORT OF THE FUND MANAGEMENT COMPANY

4

1. GENERAL INFORMATION

1.1 Name of the Fund: SSI Sustainable Competitive Advantage Fund (“SSI-SCA”)

1.2 Investment objectives

The Fund pursues long-term capital appreciation and regular return through investment in companies with sustainable competitive advantages and fixed income assets.

1.3 Investment performance

According to the Fund’s financial statements at the end of 2020, change in net asset value (NAV) of the Fund was 16% compared with NAV at the end of 2018. Change in NAV/Fund Unit was 18.6% compared with NAV/Fund unit at the end of 2019.

1.4 Fund’s investment policies and strategies

The Fund shall apply active investment strategy, focusing on listed securities of companies with sustainable competitive advantages, high market share, good corporate governance, healthy financial conditions, good capabilities of operation in disadvantageous market conditions and attractive valuation compared with the potential growth in the future of the company. The Fund also invests in fixed income assets with good credit quality, to ensures capital recovery and income for the Fund.

1.5 Fund Classification: Open-ended fund

1.6 Investment recommendation period of the Fund: Unlimited

1.7 Short-term risk level: Medium

1.8 Time of commencement of operation of the Fund: 26 September 2014

1.9 Size of the Fund at reporting date

As at 31 December 2020, NAV of the Fund is 498,709,731,424 VND and the number of Fund Unit is 23,219,851.56 units.

1.10 Fund reference index: not applicable

1.11 Profit distribution policy

The Fund shall distribute profit when:

• The Fund fulfills or has financial capability to fulfill its taxation obligations and other financial obligations regulated by the applicable law

• The Fund has established sufficient provisions as regulated by the Fund Charter;

• After finishing the profit distribution, the Fund is still able to fulfill its obligations of debts, other payments that are due.

Profit distribution will be sourced from retained earning of the Fund. Profit distribution to be carried out based on the proposal of Fund Management Company and must be approved by the annual General Investors’ Meeting or the Board Fund Representatives (if authorized).

Profit distribution may be in cash or in fund unit.

1.12 Actual profit distribution per fund unit:

The Fund did not distribute profit during the year.

SSI Sustainable Competitive Advantage Fund REPORT OF THE FUND MANAGEMENT COMPANY (continued)

5

2. PERFORMANCE INDICATORS 2.1 Fund’s asset structure

31 December 2020 31 December 2019

Securities portfolio 81.5% 98.9% Other assets 18.5% 1.1%

100% 100%

2.2 Operation indicators

2020 VND

2019 VND

Net Asset Value of the Fund (NAV) 498,709,731,424 429,857,988,851 Total number of outstanding Fund units 23,219,851.56 23,736,629.11 NAV/Fund unit 21,477.73 18,109.47 The highest NAV/Fund unit in the reporting period 21,477.73 19,355.12 The lowest NAV/Fund unit in the reporting period 12,593.19 16,896.37 Closing price of Fund unit in the reporting period Not applicable Not applicable The highest closing price of Fund unit in the reporting period Not applicable Not applicable The lowest closing price of Fund unit in the reporting period Not applicable Not applicable Total growth rate (%)/Fund unit 18.6% 3.9% - Capital growth rate (%)/Fund unit

(change due to price fluctuation) Not applicable Not applicable - Income growth rate (%)/Fund unit

(based on the realized profits) Not applicable Not applicable Gross distribution per Fund unit - - Net distribution per Fund unit - - Ex – date of distribution Not applicable Not applicable Operation expense/Average NAV during the period (%) 2.52% 2.32% Turnover of investment portfolio during the period (%) 75.46% 46.66%

2.3 Growth rate over period

Period

Total growth of NAV/fund unit

Annual growth of NAV/fund unit

1 year 18.6% 18.6% 3 years 8.4% 2.7% Since establishment 114.8% 13.0% Growth of benchmark Not applicable Not applicable

* Formula: Annual growth rate (%)/Fund unit for period = √(1 + 𝑟1) ∗ (1 + 𝑟2) ∗ (1 + 𝑟𝑛)𝑛

-1

2.4 Annual growth rate

Period 2020 2019

Growth rate (%) per/Fund unit 18.6% 3.9%


6

3. MARKET OVERVIEW

Macroeconomics: Economic current and outlook In 2020, the spread of Coronavirus pushed the world economy into the greatest downturn since the 2007-2009 Global Financial Crisis. Economic growth has decreased in most countries compared to the same period previous year, especially in the Q1 and the Q2/2020 (at the peak of the pandemic). However, the containment of the pandemic along with expansion of Fiscal and Monetary Policy has showed its positive effects. The economy has recovered since the 3rd quarter of 2020 and is predicted to continue doing so over 2021.

Vietnam GDP Growth

Source: SSI

The quality of growth is also relatively stable, reflected in low inflation indicators, stable exchange rates, low interest rates, increased import-export and increased foreign exchange reserves... Especially in 2020, the public private sector became a bright spot, contributing to economic growth when the disbursed capital recorded a sharp increase over the same period. Specifically, inflation is well controlled, CPI in 2020 will increase by 3.23%. Export is estimated to grow by 6.5% with a record trade surplus of 19.1 billion USD. Credit growth ~ 11%, deposit interest rates fell by a record 2-3 points at all terms. Public investment disbursement reached 164.73 trillion VND, + 34.5% YoY. GDP growth in Q4 / 2020 is 4.5% YoY, in our opinion, which is a very positive signal. If maintained, it can create momentum for 2021 to achieve GDP growth of between 6.5% and 7% based on low comparability in 2020.

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Jan

-15

Ap

r-15

Jul-1

5

Oct-

15

Jan

-16

Ap

r-16

Jul-1

6

Oct-

16

Jan

-17

Ap

r-17

Jul-1

7

Oct-

17

Jan

-18

Ap

r-18

Jul-1

8

Oct-

18

Jan

-19

Ap

r-19

Jul-1

9

Oct-

19

Jan

-20

Ap

r-20

Jul-2

0

Oct-

20

GDP growth Agriculture, forestry and fishery

Industry and construction Services


7

3. MARKET OVERVIEW (continued)

Stock market Since the end of January 2020, COVID-19 has affected Vietnam's stock market. In just two months, the index fell 33.5%, to its lowest level in three years. However, Vietnam's stock market has recovered rapidly in the remaining 9 months of 2020 with an increase of 69.6% since the bottom of March 2020, recording a growth of 14.9% compared to the end of 2019.

VN-Index movements and matched liquidity

Source: FiinPro, SSIAM

The strong recovery of the market and low interest rates stimulated a strong cash flow into the securities investment channel. December 2020 saw a record number of newly opened securities accounts with 63,446 accounts, mostly from individual investors. With the strong participation of new investors, the liquidity was pushed to a record high, with the matching trading value on HOSE continuously reaching over 11,000 billion dong/session in the last months of the year. In addition to individual investors, the proprietary trading sector of securities companies also had the second consecutive year of net buying. Thereby also affirms the positive sentiment of domestic investors towards Vietnam's stock market.

4. FUND’S OPERATION INDICATORS IN DETAILS 4.1 Fund’s operation data in details

1 year to the reporting date

(%)

3 year to the reporting date

(%)

Since establishment

(%)

Income growth rate/Fund unit Not applicable Not applicable Not applicable Capital growth rate/Fund unit Not applicable Not applicable Not applicable Total growth rate/Fund unit 18.6% 8.4% 114.8% Annual growth rate (*)/Fund unit 18.6% 2.7% 13.0% Growth rate of component securities Not applicable Not applicable Not applicable Change in market price per Fund unit Not applicable Not applicable Not applicable

● Capital, Total Growth, Annual Growth: Based on growth of net asset value (NAV) per unit of fund certificate;

● The figures presented must be based on the results of the financial statements that have

been reviewed or audited.

600

700

800

900

1000

1100

1200

0

2000

4000

6000

8000

10000

12000

14000

16000

2/1

22/1

18/2 9/3

27/3

17/4

11/5

29/5

18/6 8/7

28/7

17/8 7/9

25/9

15/1

0

4/11

24/1

1

14/1

2

GT khớp lệnh (tỷ đồng) VN-Index (trục phải)


8

4. FUND’S OPERATION INDICATORS IN DETAILS (continued) 4.1 Fund’s operation data in details (continued)

Monthly growth chart of the Fund since establishment:

* Fund establishment date: September 26, 2014

Change in net asset value

31 December 2020 VND

31 December 2019 VND Variance rate

Net asset value (NAV) of the Fund 498,709,731,424 429,857,988,851 16.0% Net asset value (NAV) per Fund unit 21,477.73 18,109.47 18.6%

4.2 Summary of investors holding fund units at the reporting date

Holding scale (units)

Number of holding investors Holding unit Percentage

Below 5,000 602 900,487.06 3.9% From 5,000 to below 10,000 128 898,739.72 3.9% From 10,000 to below 50,000 106 2,367,928.14 10.2% From 50,000 to below 500,000 27 3,078,587.52 13.2%

Above 500.000 4 15,974,109.12 68.8%

Total 867 23,219,851.56 100.0%

Note: Closing data as at 31/12/2020. 5. IMPLICIT EXPENSES AND DISCOUNTS

To limit conflicts of interests and ensure the accuracy of the Fund's expense items, the Company has stipulated that all employees of the Company are not allowed to receive cash discounts and may not make implicit expenses when performing the Fund's transactions with partners providing services to Fund’s. During the reporting year, the Fund does not incur cash discounts or implicit expenses related to the Fund’s transactions with its service providers. There are no implicit expenses and discounts during the operation of the Fund.


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6. MARKET PROSPECTS

Economic recovery after the COVID epidemic is forecast to be a global trend in 2021. For

Vietnam, it is estimated that GDP will grow by 6.5-7% (higher than the 6% target set by the

Government) with key drivers:

• The impact of the V-pattern globally could help Vietnam grow higher, as Vietnam has

become a more important center in the global manufacturing ecosystem. In the fourth

quarter of 2020, the Industrial Production Index (IPP) increased by 6.3% over the same

period (December +9.5% over the same period), while the manufacturing sector achieved

significant growth at 9% over the same period. This confirmed that a production recovery

had returned to the level prior to Covid's outbreak.

• Stronger impact from Free Trade Agreements such as CPTPP, EVFTA or RCEP.

• When public investment growth returns to normal, FDI may return to a leading role. The

story of strong public investment growth (more than 40% over the same period) is only

possible in 2020, that is, the last year of a 5-year period. In 2021, we forecast that the

growth of public investment disbursement will hardly continue the strong growth

momentum. However, FDI inflows are expected to surge again once the Covid-19 is under

control. Through our discussions with local listed industrial park companies, many

companies reported that their clients have delayed their plans to invest in Vietnam this

year due to travel restrictions. However, registered FDI inflows in 2020 only decrease -

8.7% over the same period (total registered FDI capital is about 21 billion USD in absolute

value, about 2 billion USD lower than in 2019). This makes prospects for a promising year

2021 in terms of FDI inflows.

• Domestic consumption will recover from 2021.

• We pay attention to some economic restructuring activities such as: The first reform is that

investors need to pay attention to improving the business environment, in which many new

laws will take effect from the year of 2021 - such as the Investment Law, Enterprise Law,

Securities Law, Public Private Partnership (PPP) Law, Environmental Protection Law...

Second is the reform of State-owned Enterprises (SOEs), this is the last step when majority

of SOEs are privatized. In this final step, it is important that the Government clears

problems with corporate valuation and IPO/divestment procedures in order to re-initiate

SOE equitization/divestment in 2021.

• The interest rate level may increase slightly from the second quarter of 2021 when

economic activities are normal. However, in general, 2021 is still a year with low and

attractive interest rates compared to the period of 2019 and earlier.

In the context of a stable macroeconomic situation, with many prospects for recovery after the pandemic, low interest rates, the stock market is an attractive investment channel, attracting investors' capital flows. In addition, the positive medium and long-term outlook of Vietnam's stock market is also supported by the following factors:

• Attractive valuation compared to other countries in the region (P/E ~ 16 - 17 times) while

the best ROE is good

• Business results of businesses will have a strong recovery compared to the low

comparative background in 2020

• Continue to accelerate the equitization of SOEs in the period 2021 - 2025

• Applying a revised securities law, gradually progressing to satisfy the market upgrade

conditions.


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7. OTHER INFORMATION The Fund Managers

Mr. Bui Van Tot

Investment Director of SSI Fund Management Company Limited

(“SSIAM”)

Joining SSIAM in 2015, Mr. Tot is currently an Investment Director and in charge of fields related to the electricity and real estate industries. Mr. Tot has extensive experience in investment and analysis. Previously, he was the Finance Manager of AIESEC Vietnam and an analyst at FPT Securities Company. He holds a BA in International Business from Foreign Trade University, Ho Chi Minh City.

Mr. Nguyen Ba Huy

Investment Director

(“SSIAM”)

Mr. Huy has over 10 years of experience in investment analysis, including Deputy Investment Director (SSIAM); Director of Analysis (VNDIRECT); Investment Advisory Director (KIS); and Analyst (TVSI). He holds a Bachelor of Business English from Hanoi Foreign Trade University.

Board of Fund Representatives

Mr. Tri Nguyen Pham

President of Citadel Capital Advisors Independent member Chairman of the Board of Representatives

Mr. Tri Nguyen Pham has many years of experience in the field of financial analysis and banking. Mr. Tri Nguyen Pham was Vice-Chairman of Bitexco Vietnam from 2014 to 2017, previously, he served as Chief Executive Officer of Deutsche Bank AG, Ho Chi Minh City Branch from 2007 to 2014. Prior to that, he served as financial specialist and auditor in many international organizations including financial advisor for East Asia and Pacific region, Senior Auditor - Internal Auditing department, Senior Financial Officer – Capital Markets Operations, Treasury Finance Department at The World Bank, Senior Planning and Budgeting Officer - Controller’s and Budgeting Department of the International Finance Corporation (IFC).

Mr. Tri Nguyen Pham holds a Master of Business Administration (MBA) in Finance and Investment at the George Washington University (GWU), Washington DC, USA; Bachelor of Economics at the Catholic University of America, Washington DC, USA.


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7. OTHER INFORMATION (continued)

Board of Fund Representatives (continued)

Mr. Nguyen Khac Hai

Deputy General Director of Bamboo Airways Independent members

Before joining Bamboo Airways, he was Deputy General Director of PAN Group Joint Stock Company (“The Pan Group”). He used to be the Deputy General Manager in charge of compliance, business development, product development, operations, human resources and information technology at SSIAM Mr. Hai has many years of experience in legal consulting in the information technology and finance industry for HIPT, Vietcombank and SSIAM. Mr. Hai is a member of the Board of Directors of a number of listed companies. Mr. Hai holds a Bachelor of Business Law majoring in Business Law from Hanoi National Economics University, and a Master of Laws from Nagoya University, Japan.

Ms. Tran Thi Thanh Y

Director of Administration and Accountant of Regus Center (Vietnam) Limited Independent member

Ms. Tran Thanh Y has many years of experience in the field of accounting and auditing. She is currently the Chief of Administration and Accounting of Regus Center (Vietnam) Limited. She was previously the Head of Administration and Accounting of Keppel Land and Senior Auditor of KPMG Limited, a subsidiary of KPMG Global specializing in audit, tax and financial advisor services. Ms. Tran Thanh Y holds a Bachelor of Banking and Finance at the National Economics University, Certified Public Accountant (CPA) of the Ministry of Finance, Chief Accountant Certificate of the National Economics University, Certificate of Finance and Banking of ING Bank, Sonny, Cambridge University Press.

Ms. Le Thi Le Hang

CEO of SSIAM Member

Ms. Le Thi Le Hang has been CEO of SSIAM since 2010. She has many years of experience in investment management and analysis including over 8 years at W.P. Stewart, a New York–based asset management firm, 3 years as Managing Director and Head of Research & Investment Advisory Department, Assistant to Chairman and Head of Institutional Sales of SSI Securities Corporation. Ms. Le Thi Le Hang is currently Vice Chairman of Vietnam Fund Management Companies Club. Ms. Hang is member of Board of Directors of some listed companies. Ms. Hang holds a Master in Finance and BA in Accounting from American University, USA.


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7. OTHER INFORMATION (continued)

SSIAM’s Board of Management

Ms. Le Thi Le Hang

CEO of SSIAM

Please see the information of Board of Representatives.

Mr. Nguyen Phan Dung

Deputy CEO of SSIAM

Joined SSIAM in 2007, Mr. Nguyen Phan Dung is Deputy CEO in charge of investment advisory of SSIAM. He is also Investment Director of DSCAP-SSIAM and some whole investment portfolios.

Mr. Dung is member of Board of Directors of some unlisted companies. Mr. Dung has many years of experience in finance and investment in financial institutions such as ABN AMRO, Chicago Board of Trade and InterCall in USA. He holds a BA in Economics from Knox College, and a MBA from Loyola University, USA, where he is a member of the school's Beta Gamma Sigma program and also a member of the International Risk Management Association.

Ms. To Thuy Linh

Deputy CEO of SSIAM

Joined SSIAM in 2011, Ms. Linh is COO of SSIAM. Prior to that, she was Director of Product Development of SSIAM. She holds Bachelor of Commerce Degree, majoring in Finance and Accounting, from the University of Sydney, and Master of Commerce, majoring in Banking, from the University of New South Wales, Australia. Ms. Linh is also a member of Beta Gamma Sigma program, USA.

Ms. Le Thi Le Hang Chief Executive Officer Hanoi, Vietnam 29 March 2021


Report of the Supervisory Bank

13


Report of the Supervisory Bank

14

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Reference: 60758151/22075673

INDEPENDENT AUDITORS’ REPORT To: The Investors of

SSI Sustainable Competitive Advantage Fund We have audited the accompanying financial statements of SSI Sustainable Competitive Advantage Fund (“the Fund”), as prepared on 29 March 2021 and set out on pages 15 to 54, which comprise the statement of financial position and the statement of investment portfolio as at 31 December 2020, the income statement, the statement of changes in net asset value, trading of fund units, the cash flow statement for the financial year then ended and the notes thereto. Management of the Fund Management Company’s responsibility Management of the Fund Management Company is responsible for the preparation and fair presentation of the financial statements in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System applicable to open–ended funds and other statutory requirements relevant to the preparation and presentation of financial statements, and for such internal control as Management of the Fund Management Company determines is necessary to enable the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Fund’s financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund Management Company's preparation and fair presentation of financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund Management Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management of the Fund Management Company, as well as evaluating the overall presentation of financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion In our opinion, the financial statements give a true and fair view, in all material respects, of the financial position and investment position of the Fund as at 31 December 2020, and of the results of its operations, its changes in net asset value, trading of fund units and its cash flows for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System for open-end funds and other statutory requirements relevant to preparation and presentation of financial statements.

Ernst & Young Vietnam Limited

Dang Phuong Ha Tran Thi Thu Hien

Deputy Chief Executive Officer Auditor Audit Practicing Registration Certificate No: 2400-2018-004-1

Audit Practicing Registration Certificate No: 2487-2018-004-1

Hanoi, Vietnam 29 March 2021

SSI Sustainable Competitive Advantage Fund B01-QM

INCOME STATEMENT for the financial year ended 31 December 2020

15

No. ITEMS Note 2020 VND

2019 VND

1 I. INCOME FROM INVESTMENT

ACTIVITIES 83,818,013,720 22,773,896,018 02 1.1. Dividend income 5 8,156,082,853 8,526,723,118 03 1.2. Interest income 6 4,207,566,280 9,645,700 04 1.3. Gain from securities trading 7 3,358,817,655 12,913,181,823 05 1.4. Unrealized gain from revaluation of

investment 8 68,095,546,932 1,324,345,377

10 II. EXPENSES FROM INVESTMENT ACTIVITIES 9

1,265,676,848 557,985,355

11 2.1. Transaction expenses for securities trading 644,870,362 555,617,873

15 2.2. Other investment expenses 620,806,486 2,367,482

20 III. OPERATING EXPENSES FOR OPEN-ENDED FUND 8,700,371,743 8,819,339,689

20.1 3.1. Management fee 6,930,681,154 7,063,216,328 20.2 3.2. Custody fee 287,531,805 269,068,332 20.3 3.3. Supervisory fee 217,800,000 217,800,000 20.4 3.4. Open-ended fund administration fee 790,350,000 790,350,000 20.5 3.5. Transfer agent fees 132,000,000 132,000,000 20.8 3.6. Audit fee 60,000,000 66,000,000 20.10 3.7. Other operating expenses 10 282,008,784 280,905,029

23 IV. NET INCOME FROM INVESTMENT

ACTIVITIES 73,851,965,129 13,396,570,974

30 V. PROFIT BEFORE TAX 73,851,965,129 13,396,570,974 31 5.1. Realized profit 5,756,418,197 12,072,225,597 32 5.2. Unrealized profit 68,095,546,932 1,324,345,377

41 VI. PROFIT AFTER TAX 73,851,965,129 13,396,570,974

Preparer:

Approver:

Approver:

Ms. Luong Thai Ha Accountant

Mr. Mai Huyen Ngoc Chief Accountant

Ms. Le Thi Le Hang Chief Executive Officer



STATEMENT OF FINANCIAL POSITION as at 31 December 2020

16

No. ITEMS Notes 31 December 2020

VND 31 December 2019

VND

I. ASSETS

110 1. Cash and cash equivalents 11 69,377,021,022 3,364,484,181 111 1.1 Cash at banks for the

operating activities of the Fund 69,377,021,022 3,364,484,181

120 2. Net Investments 12 431,001,512,150 426,935,748,200 121 2.1. Investments 431,001,512,150 426,935,748,200 130 3. Receivables 13 4,098,253,109 1,569,351,000 133 3.1. Interest and dividend

receivable 4,098,253,109 1,569,351,000 136 3.1.1.Accrued interest and

dividend 4,098,253,109 1,569,351,000 100 TOTAL ASSETS 504,476,786,281 431,869,583,381

II. LIABILITIES

312 1. Payables to purchase investment 51,365,000 -

313 2. Payables to distribution agencies 14 169,317,978 63,120,773

314 3. Tax and statutory obligations 15 50,502,571 32,754,365 316 4. Expenses payables 16 60,061,638 66,000,000 317 5. Payables for fund unit

subscription from investors 1,554,277,314 309,242,731 318 6. Payables for fund unit

redemption from investors 3,036,201,807 780,877,372 319 7. Open-ended fund

management fee payables 17 840,378,549 759,599,289 320 8. Other payables 4,950,000 -

300 TOTAL LIABILITIES 5,767,054,857 2,011,594,530

400 III. NET ASSET VALUE

DISTIBUTABLE TO HOLDERS OF FUND UNITS 498,709,731,424 429,857,988,851

411 1. Contributed capital of investors 18 232,198,515,600 237,366,291,100

412 1.1. Subscribed capital 596,748,966,900 548,204,479,100 413 1.2. Redeemed capital (364,550,451,300) (310,838,188,000) 414 2. Share premium 133,873,502,474 133,705,949,530 420 3. Undistributed earnings 19 132,637,713,350 58,785,748,221

430 IV. NET ASSET VALUE PER FUND

UNIT 20 21,477,73 18,109.47

440 V. DISTRIBUTED PROFIT TO INVESTORS - -


STATEMENT OF FINANCIAL POSITION (continued) as at 31 December 2020

17

VI. OFF-BALANCE SHEET ITEMS

Unit: fund units

No. ITEMS Notes 31 December 2020 31 December 2019

004 Number of outstanding fund units 21 23,219,851.56 23,736,629.11

Preparer:

Approver:

Approver:






STATEMENT OF CHANGES IN NET ASSET VALUE, TRADING OF FUND UNITS for the financial year ended 31 December 2020

18

No. ITEMS 2020 VND

2019 VND

I Beginning balance of the Fund’s Net Asset Value (“NAV”) 429,857,988,851 429,736,794,707

II Changes in NAV during the year (II = II.1) 73,851,965,129 13,396,570,974

In which: II.1 Changes in NAV due to market fluctuation and

the Fund’s operation in the year 73,851,965,129 13,396,570,974

III Changes in NAV due to the redemption and subscription of fund units (III = III.1 + III.2) (5,000,222,556) (13,275,376,830)

In which: III.1 Amount raised through additional offering of

fund units 87,135,171,204 190,656,381,802 III.2 Payment for redemptions of fund units (92,135,393,760) (203,931,758,632)

IV Ending balance of the Fund’s NAV (IV = I + II + III) 498,709,731,424 429,857,988,851

Preparer:

Approver:

Approver:






STATEMENT OF INVESTMENT PORTFOLIO as at 31 December 2020

19

No. ITEMS Quantity

Market price as at 31 December 2020

VND Total value

VND

Percentage of the

Fund’s total assets

I LISTED SHARES 381,001,512,150 75.54% 1 ACV 30,000 81,000 2,430,000,000 0.48% 2 BID 4,700 47,900 225,130,000 0.04% 3 CTG 6,200 34,550 214,210,000 0.04% 4 DBC 9 56,700 510,300 0.00% 5 DXG 903 15,950 14,402,850 0.00% 6 EIB 3,400 19,250 65,450,000 0.01% 7 FPT 680,801 59,100 40,235,339,100 7.98% 8 GAS 7,100 86,600 614,860,000 0.12% 9 GMD 150,000 32,600 4,890,000,000 0.97%

10 HDB 12,705 23,750 301,743,750 0.06% 11 HPG 1,151,808 41,450 47,742,441,600 9.46% 12 IMP 340,800 56,300 19,187,040,000 3.80% 13 KDH 3,600 29,300 105,480,000 0.02% 14 MBB 576,000 23,000 13,248,000,000 2.63% 15 MSH 209,600 39,700 8,321,120,000 1.65% 16 MSN 6,600 88,900 586,740,000 0.12% 17 MWG 423,900 118,900 50,401,710,000 9.99% 18 NLG 6 29,500 177,000 0.00% 19 NVL 5,400 66,000 356,400,000 0.07% 20 PC1 721,300 22,250 16,048,925,000 3.18% 21 PHR 211,306 63,000 13,312,278,000 2.64% 22 PLX 309,400 54,600 16,893,240,000 3.35% 23 PNJ 4,100 81,000 332,100,000 0.07% 24 POW 3,100 13,600 42,160,000 0.01% 25 PTB 25,000 61,600 1,540,000,000 0.31% 26 PVS 150,000 17,800 2,670,000,000 0.53% 27 QNS 376,000 39,300 14,776,800,000 2.93% 28 REE 282,407 48,950 13,823,822,650 2.74% 29 ROS 3,300 2,530 8,349,000 0.00% 30 SAB 5,900 195,000 1,150,500,000 0.23% 31 SBT 5,900 20,950 123,605,000 0.02% 32 SCS 30,500 128,000 3,904,000,000 0.77% 33 STB 4,500 16,900 76,050,000 0.02% 34 STK 334,400 20,900 6,988,960,000 1.39% 35 TCB 763,800 31,500 24,059,700,000 4.77% 36 TCH 7,300 19,950 145,635,000 0.03% 37 TDM 742,000 27,350 20,293,700,000 4.02% 38 VCB 4,400 97,900 430,760,000 0.09% 39 VGG 200,000 42,900 8,580,000,000 1.70% 40 VHM 169,700 89,500 15,188,150,000 3.01% 41 VIC 4,000 108,200 432,800,000 0.09% 42 VIT 504,937 15,700 7,927,510,900 1.57% 43 VJC 6,700 125,000 837,500,000 0.17% 44 VNM 4,400 108,800 478,720,000 0.09% 45 VPB 5,500 32,500 178,750,000 0.04% 46 VRE 111,900 31,400 3,513,660,000 0.70% 47 VTP 168,692 108,500 18,303,082,000 3.63%

SSI Sustainable Competitive Advantage Fund B04g-QM

STATEMENT OF INVESTMENT PORTFOLIO (continued) as at 31 December 2020

20

ITEMS Quantity

Market value as at 31 December 2020

VND Total value

VND

Percentage of the Fund’s

total assets

II UNLISTED BOND 30,000,000,000 5.95%

1 BONDHDG/2020.02 300 100,000,000 30,000,000,000 5.95%

III CERTIFICATES OF DEPOSIT 20,000,000,000 3.96%

1

Deposit certificates have a term of more than 1 year 20,000 1,000,000 20,000,000,000 3.96%

IV OTHER ASSETS 4,098,253,109 0.81% 1 Dividend receivables 2,229,349,000 0.44% 2 Accrued interest from

Certificate of deposit 721,095,890 0.14% 3 Interest accrued from

bonds 1,147,808,219 0.23%

V CASH 69,377,021,022 13.74% 1 Cash at banks 69,377,021,022 13.74%

VI TOTAL INVESTMENT PORTFOLIO 504,476,786,281 100.00%

Preparer:

Approver:

Approver:






CASH FLOW STATEMENT for the financial year ended 31 December 2020

21

Code ITEMS Notes 2020 VND

2019 VND

I. Cash flows from investing activities

01 Profit before tax 73,851,965,129 13,396,570,974

02 Adjustment for increase in NAV from investing activities (68,035,546,932) (1,324,345,377)

03 Unrealized profit (68,095,546,932) (1,324,345,377) 04 Prepaid expenses 60,000,000 -

05 Profit from investing activities before changes in working capital 5,816,418,197 12,072,225,597

20 Decrease/(increase) in investments 64,029,782,982 (39,524,547,673) 06 Decrease in receivables from sale of

investment securities - 11,706,147,500 07 (Increase)/decrease in interest

receivables from investments (2,528,902,109) 1,109,692,200 08 Decrease in other receivables - 30,000,000,000 10 Increase payables to sellers 51,365,000 - 11 Increase in payables to distribution

agencies 121,362,285 25,421,234 13 Increase in tax and statutory

obligation payables (6,000,000) 6,000,000 14 Increase in payables for fund unit

subscription from investors 1,245,034,583 196,002,730 16 Decrease in other payables (60,988,362) (17,559,221) 17 Increase in payables for fund

management fees 80,779,260 2,162,039

19 Net cash flows from investment activities 68,748,851,836 15,575,544,406

II. Cash flows from financing activities 31 Proceeds from subscription of fund

units 87,135,171,204 190,656,381,802 32 Payments for redemption of fund units (89,871,486,199) (206,885,572,939)

30 Net cash flows used in financing activities (2,736,314,995) (16,229,191,137)

40 III. Decrease in cash and cash equivalents during the year 66,012,536,841 (653,646,731)


CASH FLOW STATEMENT (continued) for the financial year ended 31 December 2020

22

Code ITEMS Notes 2020 VND

2019 VND

50 IV. Cash and cash equivalents at the beginning of the year 3,364,484,181 4,018,130,912

51 Cash at banks at the beginning of the year 3,364,484,181 4,018,130,912

52 - Cash at bank for operation of the Fund 2,369,882,243 239,872,510

53 - Deposits of investors for fund unit trading 994,601,938 3,778,258,402

55 V. Cash and cash equivalents at the end of the year 11 69,377,021,022 3,364,484,181

56 Cash at banks at the end of the year 69,377,021,022 3,364,484,181 57 - Cash at bank for operation of the

Fund 66,826,100,333 2,369,882,243 58 - Deposits of investors for fund unit

trading 2,550,920,689 994,601,938

60 VI. Difference in cash and cash equivalents during the year 66,012,536,841 (653,646,731)

Preparer:

Approver:

Approver:






NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2020 and for financial year then ended

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1. THE FUND’S OPERATIONAL CHARACTERISTICS

1.1 The fund’s information

SSI Sustainable Competitive Advantage Fund (“the Fund” or “SSI-SCA”) was established on 26 September 2014 with Establishment License No. 15/GCN-UBCK dated 26 September 2014 as an open-ended fund, accordingly, the Fund has no limit in operating time. The Fund's initial chartered capital (capital mobilized during the initial public offering of fund units) defined in the Establishment of Public Fund License is VND111,922,428,800. According to this license, the Fund is authorized to issue 11,192,242.88 units of the Fund to the public at a par value of VND10,000 per unit during the initial public offering. During the operation period of the Fund, the Fund is authorized to issue and repurchase its fund units with a par value of VND10,000 per unit. The Fund unit price of the subsequent issuances is determined by the Net Asset Value per fund unit calculated at the Fund's transaction date, plus the issuance fee (if any). The repurchase price of a fund unit is determined by the Net Asset Value per fund unit calculated at the Fund's transaction date minus the acquisition cost (if any). As at 31 December 2020, the Fund’s contributed capital was VND232,198,515,600 at par value, equivalent to 23,219,851.56 fund units. Fund Management Company SSI Sustainable Competitive Advantage Fund is managed by SSI Asset Management Company Limited ("the Fund Management Company" or “the Company”). SSI Asset Management Company Limited was established in Vietnam in accordance to the Business License No. 19/UBCK-GP dated 3 August 2007, the first amendment No.12/GPDC-UBCK dated 27 July 2011 and the second amendment No. 38/GPDC-UBCK dated 26 December 2013 of the State Securities Commission. The Fund Management Company is 100% owned by SSI Securities Corporation. The principal activities of the Company are fund management, investment portfolio management and investment advisory. The Fund Management Company’s head office is located on 5th Floor, 1C Ngo Quyen Building, Ly Thai To Ward, Hoan Kiem District, Hanoi. Supervisory Bank Standard Chartered Bank (Vietnam) Limited has been appointed as the Supervisory Bank of the Fund for the financial year ended 31 December 2020.


NOTES TO THE FINANCIAL STATEMENTS (continued) as at 31 December 2020 and for financial year then ended

24

1. THE FUND’S OPERATIONAL CHARACTERISTICS (continued)

1.2 The Fund’s main activities

Capital

The Fund's initial chartered capital is VND111,922,428,800, equivalent to 11,192,242.88 fund units which was raised through its initial public offering. As at 31 December 2020, the Fund’s contributed capital was VND232,198,515,600 at par value, equivalent to 23,219,851.56 fund units. Investment objectives The Fund's investment objective is to grow its long-term net asset value and generate a steady income for investors by investing in stocks of companies with sustainable competitive advantage and fixed income assets.

Net Asset Value valuation

Valuation date

Valuation date is the date to determine Net Asset Value of the Fund, including Fund Units Trading Date and other dates that Net Asset Value of the Fund is determined for reporting or other purposes.

Net Asset Value valuation

The Net Asset Value per fund unit is equal to the Net Asset Value of the Fund divided by the total number of fund units in circulation at the last trading date preceding the valuation date. Net Asset Value is the total market value of assets and investments held by the Fund less the Fund's liabilities as of the date preceding the valuation date. The Net Asset Value calculated for each Fund's trading day will be rounded down to two (02) decimal places. Fund unit trading frequency Fund units are traded daily, on business days from Monday to Friday. The Fund Management Company will inform the investors, the distribution agencies and the relevant service providers about specific transaction schedule when the transaction date is not a business day on the website of the Company.

25


1.2 The Fund’s main activities (continued)

Statutory investment restrictions

The Fund follows Circular No. 15/2016/TT-BTC dated 20 January 2016 issued by the Ministry of Finance amending and supplementing a number of articles of Circular No. 183/2011/TT-BTC guiding the establishment and management of open-ended funds issued by the Ministry of Finance. In particular, the Fund’s investment portfolio structure must comply with the investment restrictions as follows:

a. Except for the demand deposit of the Fund at the Supervisory Bank, the Fund is not allowed to invest more than forty-nine percent (49%) of the Fund’s total asset value in deposits, foreign currency; money market instruments including valuable papers and negotiable instruments according to the statutory requirement on banking;

b. The Fund is not allowed to invest more than thirty percent (30%) of the Fund’s total asset value on the following properties, which was released, by a related company or a related group of company, in which the value of securities derivatives are committed value of the contract determined according to prevailing regulation:

✓ Deposit at banks under the laws of banking;

✓ Foreign currency, money market instrument including valuable papers, transferable instrument under the laws of banking;

✓ Listed shares, transaction registered shares, listed bonds of issuers operating under the laws of Vietnam;

✓ Shares, bonds preparing for listed and traded by issuer operating under the laws of Vietnam; corporate bonds to be issued by a listed organization that has payment guarantee by credit institutions or issued organization's commitment to repurchase;

✓ Derivative securities listed and traded on the Stock Exchange, in order to prevent risks.

c. The Fund is not allowed to invest more than twenty percent (20%) of the Fund’s total asset value in securities circulated of an issuer; including valuable papers, transferable instruments, bonds (except for Government bonds) and shares with voting rights, preferred stock with no voting rights and convertible bonds;

d. The Fund is not allowed to invest in more than ten percent (10%) of the total securities in circulation of a single issuer; except for Government Bonds;

e. The Fund is not allowed to invest more than ten percent (10%) of the Fund’s total asset value in shares and bonds to be listed or registered for subscription of the issuers operating under the laws of Vietnam; corporate bonds to be issued by a listed organization that has payment guarantee by credit institutions or issued organization's commitment to repurchase;

f. Total value of large items in the Fund’s investment portfolio must not exceed forty percent (40%) of the Fund’s total asset value;

g. Total balance of contractual derivative commitments, loans and payables of the Fund must not exceed the Fund’s Net Asset Value at any point of time;

h. The Fund is not allowed to invest in securities investment funds of securities investment companies established and operating in Vietnam;

i. The Fund is not allowed to invest directly in real estate, gemstones, precious metals;

j. Must hold stocks of at least six (06) issuers; except for bond funds.

26


1.2 The Fund’s main activities (continued) Statutory investment restrictions (continued) Except for note g,h,i above, the structure of the Fund’s investment portfolio may have certain deviation with investment restrictions and only due to the following reasons:

► Fluctuations in the market price of the assets in the Fund’s investment portfolio;

► Legitimate payments of the Fund;

► Performance of transaction orders from the investors;

► Merge and acquisition and consolidation of issuers;

► New fund established by new establishment license or splitting, consolidation, merger with operation period of six (06) months or less from the license date; and

► Fund in liquidation process.

In case of a deviation due to the investment limits, the Fund Management Company shall adjust portfolio to meet the investment limits within three (03) months from the date on which the deviation arises. In case of deviation due to the Fund Management Company's failure to comply with the investment restrictions in accordance with the provisions of law or the Charter of the Fund, the Fund Management Company is responsible to adjust its portfolio within fifteen (15) days from the date arising error. In this case, the Fund Management Company shall bear all costs relating to these transactions and losses (if any). Any income arisen must be accounted immediately for the Fund.

2. ACCOUNTING PERIOD AND ACCOUNTING CURRENCY

2.1 Fiscal year

The Fund’s fiscal year starts on 1 January and ends on 31 December.

2.2 Accounting currency The Fund’s financial statements are prepared in Vietnam Dong (“VND”) which is also the Fund’s accounting currency.

3. ACCOUNTING STANDARDS AND SYSTEM 3.1 Accounting standards and system

These financial statements of the Fund are prepared in Vietnam dong (“VND”) in accordance with Vietnamese Accounting Standards, Circular No. 198/2012/TT-BTC (“Circular 198) dated 15 November 2012 of the Ministry of Finance on the accounting regime applicable to open-ended funds, Circular No. 183/2011/TT-BTC (“Circular 183”) dated 16 December 2011 of the Ministry of Finance guiding the establishment and management of open-ended funds and Circular No. 15/2016/TT-BTC (“Circular 15”) dated 20 January 2016 of the Ministry of Finance amending and supplementing a number of articles of Circular 183.

27

3. ACCOUNTING STANDARDS AND SYSTEM (continued) 3.1 Accounting standards and system (continued)

According to and Circular 198, the Fund’s financial statements include:

1. Income statement;

2. Statement of financial position;

3. Statement of changes in Net Asset Value, trading of fund units;

4. Statement of investment portfolio;

5. Cash flow statement;

6. Notes to the financial statements. Therefore, the accompanying income statements, statement of financial position, statement of changes in Net Asset Value, trading of fund units, statement of investment portfolio, cash flow statement, notes to the financial statements and their utilization are not designed for those who are not informed about Vietnam’s accounting principles, procedures and practices, and furthermore are not intended to present the financial position, investment position and results of operation, changes in net assets and cash flows of the Fund in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Vietnam.

3.2 Compliance The Board of Directors of SSI Asset Management Company Limited confirms that the financial

statements comply with Vietnamese Accounting Standards, Vietnamese Accounting Regime applicable to open-ended fund and the statutory requirements relevant to preparation and presentation of financial statements.

3.3 Accounting estimates

The Board of Management of SSI Asset Management Company Limited confirms that the financial statements comply with Vietnamese Accounting Standards, Vietnamese Accounting SystemRegime applicable to open-ended fund and the statutory requirements relevant to the preparation and presentation of financial statements.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4.1 Changes in accounting policies and disclosure

The accounting policies adopted by the Fund to prepare the financial statements are consistent with those used to prepare the financial statements for the year ended 31 December 2019.

4.2 Cash and cash equivalents

Cash and cash equivalents comprise cash at banks for the Fund’s operation, term deposits at banks and short-term investments with an original maturity of equal or less than three (03) months that are highly liquid, readily convertible into known amounts of cash and that are subject to an insignificant risk of change in value.

28

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4.3 Investments

Initial recognition The Fund records its investments at the acquisition date. Investments in securities are initially recognized at cost that includes only purchase price without any costs incurred to acquire the investments such as brokerage fees, transaction fees and bank charges. After initial recognition, investments in the Fund's portfolio are revalued following market value as at the balance sheet date and as at the valuation date. Rights, bonus shares and stock dividends are initially recorded in investments at zero (0) and shall be recognised at amounts revalued at the date of the financial statements or net asset valuation date. Investments in bonds and bank deposits, purchase price excluding accrued interest (clean price) are recognized in “Investments” item, accrued interest until purchase date is recognized in the item "Accrued dividends and accrued interest" on the financial statement.

Subsequent recognition Investments are recorded in "Investments" in the statement of financial position based on the following principals:

Securities listed on the Hanoi Stock Exchange or Ho Chi Minh Stock Exchange and shares of public companies registered for trading on UpCom system: Market price is the closing price at the most recent transaction date preceding the valuation date. Where there are no transactions in more than two (02) weeks preceding the valuation date (including the cases of suspension of trading, cancellation of listing or cancellation of transaction registration), the value of investments at the reporting date are defined as the purchase price or the book value of the shares or in according to the methodology approved by the Board of Fund Representatives. For registered and depository but unlisted and unregistered transaction securities: Prices are determined from the average value based on the quoted price from (03) three quotation organizations. In case of missing price quotation of three organizations, the investment value at the reporting date is determined by the average quoted price (if there are 2 provided price organizations) or price of the latest reported period, but not more than three (03) months up to the valuation date (if there is only one provided price organization) or the purchased price or price by the booking value method.

Call rights: The value of call right is determined as the difference between market price of the shares as at the date of financial statements and the amount actually paid to be exercised on the date of notification to exercise the call right, multiplied by the percentage required to purchase a new share. The value of the right is revalued at the date of preparation of financial statements and as at the valuation date. Contract of deposit and certificates of deposit with a term of more than three months: Price is recorded at contract value of deposit excluding unpaid interest Unlisted bonds: Price is recognized at fair value of assets determined in order of priority as follows: Price is determined on the basis of the discount rate with the interest rate used is the Interest Rate the average discount provided by three (03) quotation organizations not exceeding two (02) weeks up to the Valuation Date; or by book value method; or in accordance with the valuation method accepted by the Fund Representative Board.

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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4.3 Investments (continued)

Initial recognition (continued) Listed derivative securities with transactions: Price is determined as closing price or settlement price at the latest day-end before the valuation date. In case derivative securities are listed on the last trading day and are about to be delisted, the price shall be determined as the final settlement price determined by the Securities Depository Center.

Gain/(loss) from selling of the investments Gain/(loss) from selling of the investments is the difference between selling price and cost of the investments determined on weighted average basis at the end of the nearest transaction date. Derecognition Investments are de-recognized when the rights to receive cash flows from securities investments are terminated or the Fund has transferred most of the risks and benefits associated with ownership of securities.

4.4 Receivables

Receivables include those arising from sales of investments, accrual of interest income from investments, bank deposit and other receivables. Receivables are recognized at cost, net of provision for bad debts. Receivables are subject to review for impairment based on their overdue status or estimated loss arising from undue debts of corporate debtors who are going bankruptcy or are under liquidation; or of individual debtors who are missing, have fled, are prosecuted, detained or tried by law enforcement bodies, are serving sentences or have deceased. For overdue receivables, the level of provisioning under the guidance of Circular No.48/2019/TT-BTC issued by the Ministry of Finance dated 8 August 2019 is as follows: Overdue time Provision level

From six (06) months to less than one (01) year 30% From one (01) year to less than two (02) years 50% From two (02) years to less than three (03) years 70% More than three (03) years 100%

4.5 Payables

Payables for investments and other payables are recognized at cost.

4.6 Provision Provisions are recognized when the Fund has a present obligation as a result of a past event, and it is probable that the Company will be required to settle that obligation. Provisions are measured at the best estimate of Management of the Fund Management Company of the expenditure required to settle the obligation as at the reporting date.

30

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4.7 Contributed capital

Fund units, which entitle their holders to a dividend, are classified as capital contribution of investors. Each Fund unit is of VND10,000 at par value. Quantity of fund units after distribution is an odd number in decimal form, rounding down to two (2) decimal places. Subscribed capital Subscribed capital reflects the Fund's investment capital contributed by the investors for the Fund by buying fund units in the first issuance and subsequent issuances or by converting method for Fund Units of other opened-funds managing by the Company. Subscribed capital is reflected at face value.

Redeemed capital The redeemed capital reflects the status of fund unit redemption of investors at the Fund's trading sessions or by converting method for Fund Units of other opened-funds managing by the Company. Redeemed capital is reflected at face value. Share premium Share premium represents the difference between the Net Asset Value per Fund Unit as at the time of subscription/redemption and the face value of Fund Units issued/redeemed. Undistributed profit/(loss) Undistributed profit/(loss) represents the accumulated undistributed profit/(loss) at the reporting date, including accumulated realized profit/(loss) and accumulated unrealized profit/(loss). The realized profit/(loss) during the period is the difference between the total income, revenue after deducting the increase/(decrease) difference due to the revaluation of unrealized investments with total expenses of the Fund during the period. Unrealized profit/(loss) for the period is the increase/(decrease) difference due to revaluation of investments in the portfolio of the Fund arising in the period.

At the end of a financial period, the Fund determines the unrealized profit/(loss) and unrealized profit/(loss) for the period and records in "Undistributed earnings/(loss)".

Profits/Assets distributed to investors This item reflects the amount of profits/assets distributed during the period to investors and the transfer of distributed profits to the undistributed profits account at the end of the accounting period.

The Fund recognizes the profits/assets distributed to investors based on the resolution of the General Meeting of Investors, in accordance with the Fund’s charter and the applicable securities laws.

31

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.8 Revenue

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Fund and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Deposit interest

Interest income on deposits is recognized in the income statement on an accrual basis unless the recovery is uncertain. Dividend

Dividend income are recognized when the right of dividend receiveing is determined. Stock dividend does not recognized in the financial income. Income from securities trading activities Income from securities trading is recognized to the income statement on the date of receiving the deal confirmation from Vietnam Security Depository (for listed securities) and on the date when assets transferring contracts are settled (for unlisted securities).

4.9 Expenses

Expenses are accounted in the income statement when incurred and some other expenses are accounted in the basis of actual cash or cash equivalents payment. The major expenses of the Fund are as below:

Management fee payable to the Fund Management Company

Management fee is calculated at each valuation period based on the Net Asset Value at the day before the valuation date and is paid monthly for the Fund Management Company. The monthly charge is the total amount calculated for the valuation periods performed during the month. Management Fee will be 1.75% of Net Asset Value of a year and can change when that change is approved by the General Meeting of Investors.

The above fee level does not include the extra-ordinary costs such as payment for the Vietnam Securities Depository (“VSD”), legal fee, postage stamp fee…

Fund administration fee

Fund administration fee during the financial year applied by Standard Chartered Bank (Vietnam) Limited is 0.04% of Net Asset Value of the year and the lowest level is VND54,000,000 per month excluding value added tax. Service fee for preparing the Financial Statements for the Fund is VND 70,500,000 per year excluding value added tax.

Transfer agency fee

Transfer agency fee includes fixed monthly fee which is VND10,000,000 per month excluded value added tax. Setup costs, maintenance information fee, connection fee, fee for providing transaction information, investor information, call option fee are free of charge. The fee does not include other expenses such as cost of mailing to investors, fee for providing information which are specific requested or other works.

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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.9 Expenses (continued) Supervisory, custody fees Supervisory, custody fees are recognized as the Fund’s expenses at each valuation period and paid monthly to the Supervisory Bank for supervisory and custody services. Total monthly fee paid is the sum of fee calculated at each valuation period within the month. Such fees, which comply with relevant prevailing regulations (if any), do not include amounts payable to the Vietnam Securities Depository, transaction fee, etc. - Supervisory fee for the financial period applied by Standard Chartered Bank (Vietnam)

Limited is 0.03% of Net Asset Value per year and the lowest level is 16,500,000 VND/month (excluding value added tax).

- Custody fee for the financial period applied by Standard Chartered Bank (Vietnam) Limited is 0.05% of Net Asset Value of the year and the lowest level is VND11,500,000 per month with no value added tax.

Audit fee Audit fee depends on selection and negotiation with audit firm and will be determined annually at the end of the Fund's fiscal year. Allowances for the Board of Representatives

The expenses of the Board of Representatives include expenses for accommodation and travel at a reasonable level and in accordance with the regulations of the Fund Charter, expenses arising from the activities of the Board of Representatives to serve the benefits of the Fund will be charged to the Fund's expenses. Remuneration of members of the Board of Representatives is included in the Fund's operating expenses and the total remuneration must not exceed the total annual operating budget of the Board of Representatives approved at the General Meeting of Investors.

Other expense allowed by law

33

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4.10 Tax

In accordance with prevailing tax regulations, the Fund is not subject to corporate income tax. However, the Fund Management Company is required to withhold income tax of individuals and institutional investors in the following transactions:

a. Fund unit redemption

The Fund Management Company is required to withhold, declare and pay income tax resulting from transactions relating to fund units redemption from individuals (domestic or foreign) and foreign institutions in accordance with Circular No. 111/2013/TT-BTC dated 15 August 2013 (“Circular 111”) amended and supplemented by Circular No. 92/2015/TT-BTC dated 15 June 2015 (“Circular 92”) and Circular No. 103/2014/TT-BTC dated 06 August 2014 and circular No. 25/2018/TT-BTC dated on 16 march 2018 of the Ministry of Finance. The applied tax rate for unlisted securities transfer is 0.1% of transfer value. The Fund Management Company does not withhold income tax of transactions relating to fund unit redemption from investors who are domestic institutions. These investors are responsible for self-declaration and tax payment to the Government according to Circular 78/2014/TT-BTC dated 18 June 2014 (“Circular 78”).

b. Dividends payment to Investors

When the Fund distributes dividends to its investors, the Fund Management Company has to comply with tax withholding regulations as set out in Circular No. 78, amended and supplemented by Circular No. 96/2015/TT-BTC dated 22 June 2015, and Circular No. 111 amended and supplemented by Circular 92 and Circular No. 151/2014 / TT-BTC dated 10 October 2014 issued by the Ministry of Finance and Official documents No. 10945/BTC-TCT dated 19 August 2010 of the General Department of Taxation on tax policy of dividend distribution to investment institutions. Accordingly, when the Fund Management Company distributes dividends to its institutional investors, regardless of domestic or foreign, it is required to withhold 20% of distributed profit (except for distributed profit portions already taxed in the previous phase and coupons from bonds exempted from tax in accordance with prevailing regulations). In addition, when the Fund Management Company distributes dividends to its individual investors, it is required to withhold personal income tax at the rate of 5% of dividend amount.

During the period up to the date of this financial statement, the Fund has not paid dividends to investors.

4.11 Related parties Parties are considered to be related if they have the ability, directly or indirectly via intermediary, to control the Fund or to be controlled by the Fund or under the same control with the Fund. The institutions, individuals directly or indirectly hold the voting right of the Fund with significant influence on the Fund, the key management such as the General Director of the Fund Management Company, members of the Board of Representatives, close family members of the individuals or the companies associated with the individuals are considered related parties. In consideration of the relationship of each related party, nature of the relationship, not only its legal form, is taken into account.

4.12 Nil balance Items or balances stipulated in Circular 198 on the accounting regime applicable to open-ended funds which are not presented in the financial statements, are nil.

34

5. DIVIDEND INCOME

2020 VND

2019 VND

Dividend received in cash 5,926,733,853 6,957,372,118

Dividend receivables 2,229,349,000 1,569,351,000

8,156,082,853 8,526,723,118

6. INTEREST INCOME

2020 VND

2019 VND

Interest from bonds 567,123,263 9,645,700 Accrued interest from bonds 1,147,808,219 - Interest from term deposits received in cash 1,771,538,908 -

Accrued Interest from certificate of deposit 721,095,890 -

4,207,566,280 9,645,700

7. GAIN/(LOSS) FROM SECURITIES TRADING

Total value of investment sold

VND

Weighted average cost at

the nearest transaction date

VND

Gain/(loss) from investment for financial year

ended 31 December 2020

VND

Gain/(loss) from investment for financial year

ended 31 December 2019

VND

Listed shares

302,542,232,100

299,127,621,482

3,414,610,618

15,995,681,823 Unlisted shares

- - -

(3,082,500,000)

Unlisted bonds 30,000,000,078 30,000,000,041 37 - Derivative securities 3,210,133,000 3,265,926,000 (55,793,000) -

335,752,365,178 332,393,547,523 3,358,817,655 12,913,181,823

(*) During the year, the Fund recorded 80% of revenue from selling shares of Bien Hoa Packaging Joint Stock Company (code SVI). The Fund has not yet recognized the remaining 20% of revenue from selling shares based on the term of payment schedule in the purchase contract because it has not determined the certain factor of future payment. The Fund will record remaining revenue from selling shares when collecting sufficient evidence of the certainty factor of this payment.

35

8. UNREALIZED GAIN/(LOSS) FROM REVALUATION OF INVESTMENT

Cost VND

Fair value VND

Revaluation difference as at


Revaluation difference as at


Difference recorded for

2020 VND

Listed shares 302,758,439,869 381,001,512,150 78,243,072,281 10,147,525,349 68,095,546,932

Unlisted bonds 30,000,000,000 30,000,000,000 - - - Certificate of Deposit 20,000,000,000 20,000,000,000 - - -

352,758,439,869 431,001,512,150 78,243,072,281 10,147,525,349 68,095,546,932

9. TRANSACTION EXPENSES FOR SECURITIES TRADING

2020

VND 2019 VND

Investment brokerage for selling transactions 381,716,365 265,765,302 Investment brokerage and purchasing fees 263,153,997 289,852,571

Other investment fees 620,806,486 2,367,482

1,265,676,848 557,985,355

10. OTHER OPERATING EXPENSES

2020 VND

2019 VND

Board of Representatives’ remuneration 240,000,000 240,000,000 Banking charges 18,612,786 12,658,049 Annual SSC’s management fee 6,739,726 10,000,000 Postage stamp, printing fee 4,006,272 17,146,980 Fees for exercising the right to pay VSD 1,100,000 1,100,000

Other expenses 11,550,000 -

282,008,784 280,905,029

11. CASH AND CASH EQUIVALENTS



Demand deposits:

- Cash at banks for the operation of the Fund 65,564,876,156 2,369,882,243

- Deposits of investors for fund unit subscription and deposits payable to investors for fund unit redemption 2,550,920,689 994,601,938

- Margin account for trading derivatives 1,261,224,177 -

69,377,021,022 3,364,484,181



36

12. NET INVESTMENT

Investments of the Fund as at 31 December 2020 are as below:

Revaluation differences

No Investments Cost (*)

VND Fair value

VND Increase

VND (Decrease)

VND Revaluation value

VND

Listed shares 1 ACV 1,889,920,000 2,430,000,000 540,080,000 - 2,430,000,000 2 BID 173,181,000 225,130,000 51,949,000 - 225,130,000 3 CTG 131,335,000 214,210,000 82,875,000 - 214,210,000 4 DBC 143,374 510,300 366,926 - 510,300 5 DXG 18,866,276 14,402,850 - (4,463,426) 14,402,850 6 EIB 56,100,000 65,450,000 9,350,000 - 65,450,000 7 FPT 29,935,405,428 40,235,339,100 10,299,933,672 - 40,235,339,100 8 GAS 457,910,000 614,860,000 156,950,000 - 614,860,000 9 GMD 4,385,000,000 4,890,000,000 505,000,000 - 4,890,000,000

10 HDB 184,525,000 301,743,750 117,218,750 - 301,743,750 11 HPG 17,666,473,623 47,742,441,600 30,075,967,977 - 47,742,441,600 12 IMP 12,085,217,782 19,187,040,000 7,101,822,218 - 19,187,040,000 13 KDH 82,171,000 105,480,000 23,309,000 - 105,480,000 14 MBB 12,328,360,000 13,248,000,000 919,640,000 - 13,248,000,000 15 MSH 8,759,796,349 8,321,120,000 - (438,676,349) 8,321,120,000 16 MSN 335,280,000 586,740,000 251,460,000 - 586,740,000 17 MWG 45,093,573,459 50,401,710,000 5,308,136,541 - 50,401,710,000 18 NLG 167,918 177,000 9,082 - 177,000 19 NVL 350,460,000 356,400,000 5,940,000 - 356,400,000 20 PC1 13,250,133,044 16,048,925,000 2,798,791,956 - 16,048,925,000 21 PHR 6,186,343,940 13,312,278,000 7,125,934,060 - 13,312,278,000 22 PLX 18,884,524,000 16,893,240,000 - (1,991,284,000) 16,893,240,000 23 PNJ 208,828,000 332,100,000 123,272,000 - 332,100,000 24 POW 28,520,000 42,160,000 13,640,000 - 42,160,000 25 PTB 1,399,986,000 1,540,000,000 140,014,000 - 1,540,000,000 26 PVS 2,040,000,000 2,670,000,000 630,000,000 - 2,670,000,000 27 QNS 12,843,900,000 14,776,800,000 1,932,900,000 - 14,776,800,000 28 REE 8,604,583,534 13,823,822,650 5,219,239,116 - 13,823,822,650 29 ROS 6,930,000 8,349,000 1,419,000 - 8,349,000 30 SAB 999,188,000 1,150,500,000 151,312,000 - 1,150,500,000 31 SBT 79,060,000 123,605,000 44,545,000 - 123,605,000 32 SCS 3,640,738,000 3,904,000,000 263,262,000 - 3,904,000,000



37

12. NET INVESTMENT (continued)

Investments of the Fund as at 31 December 2020 are as below (continued):

Revaluation differences

No Investments Cost (*)

VND Fair value

VND Increase

VND (Decrease)

VND Revaluation value

VND

Listed shares 33 STB 45,900,000 76,050,000 30,150,000 - 76,050,000 34 STK 5,793,640,000 6,988,960,000 1,195,320,000 - 6,988,960,000 35 TCB 17,977,170,000 24,059,700,000 6,082,530,000 - 24,059,700,000 36 TCH 143,445,000 145,635,000 2,190,000 - 145,635,000 37 TDM 19,122,910,000 20,293,700,000 1,170,790,000 - 20,293,700,000 38 VCB 337,040,000 430,760,000 93,720,000 - 430,760,000 39 VGG 12,203,190,000 8,580,000,000 - (3,623,190,000) 8,580,000,000 40 VHM 15,343,016,339 15,188,150,000 - (154,866,339) 15,188,150,000 41 VIC 349,334,000 432,800,000 83,466,000 - 432,800,000 42 VIT 8,654,054,803 7,927,510,900 - (726,543,903) 7,927,510,900 43 VJC 635,160,000 837,500,000 202,340,000 - 837,500,000 44 VNM 398,624,000 478,720,000 80,096,000 - 478,720,000 45 VPB 111,650,000 178,750,000 67,100,000 - 178,750,000 46 VRE 3,088,905,000 3,513,660,000 424,755,000 - 3,513,660,000 47 VTP 16,447,780,000 18,303,082,000 1,855,302,000 - 18,303,082,000

Unlisted bonds

1 BONDHDG/2020.02 30,000,000,000 30,000,000,000 - - 30,000,000,000 Certificate of Deposit

1

Deposit certificates have a term of more than 1 year 20,000,000,000 20,000,000,000 - - 20,000,000,000

Total 352,758,439,869 431,001,512,150 85,182,096,298 (6,939,024,017) 431,001,512,150

(*) The cost is determined based on the number of shares as at 31 December 2020 and the cost of trading securities is calculated on a weighted average basis at the end of the trading day.

38

13. RECEIVABLES



Dividend receivables 2,229,349,000 1,569,351,000 Accrued interest from Certificate of Deposits 721,095,890 -

Accrued interest from bonds 1,147,808,219 -

4,098,253,109 1,569,351,000

14. PAYABLES TO DISTRIBUTION AGENCIES AND THE FUND MANAGEMENT COMPANY



Payables to the Fund Management Company 52,415,619 58,375,779

Payables to distribution agencies 116,902,359 4,744,994

169,317,978 63,120,773

15. TAX AND STATUTORY OBLIGATIONS



Personal income tax deducted from fund unit redemption transactions 50,502,571 26,754,365 Personal income tax of the Board of Representatives - 6,000,000

50,502,571 32,754,365

16. PAYABLES



Brokerage fee payables 61,638 -

Audit fee payables 60,000,000 66,000,000

60,061,638 66,000,000

39

17. OPEN-ENDED FUND MANAGEMENT FEE PAYABLES



Management fee payable 699,675,326 644,230,210 Custody fee payable 19,990,723 18,406,579 Securities clearing transaction fee 25,700,000 1,950,000 Supervisory fee payable 18,150,000 18,150,000 Fund administration fee payable 59,400,000 59,400,000 Preparing financial report fee payable 6,462,500 6,462,500

Transfer agent fee payable 11,000,000 11,000,000

840,378,549 759,599,289

18. CONTRIBUTED CAPITAL

Movements of contributed capital during 2020 are as below:

Unit

31 December 2019

Movement during the year

31 December 2020

Subscribed capital Quantity (1) Fund unit 54,820,447.91 4,854,448.78 59,674,896.69 Face value (2) VND 548,204,479,100 48,544,487,800 596,748,966,900 Capital subscription premium (3) VND 358,572,098,780 38,590,683,404 397,162,782,184 Total fund unit issuance value (4) = (2) + (3) VND 906,776,577,880 87,135,171,204 993,911,749,084

Average NAV (5) = (4)/(1) VND/Fund

unit 16,540.85 16,655,44

Redeemed capital Quantity (6) Fund unit 31,083,818.80 5,371,226.33 36,455,045.13 Face value (7) VND 310,838,188,000 53,712,263,300 364,550,451,300 Capital redemption premium (8) VND 224,866,149,250 38,423,130,460 263,289,279,710 Total fund unit redemption value (9) = (7) + (8) VND 535,704,337,250 92,135,393,760 627,839,731,010


unit 17,234.19 17,222.30

Number of outstanding fund units (11) = (1) – (6) Fund unit 23,736,629.11 (516,777.55) 23,219,851.56 Current contributed capital (12) = (4) – (9) VND 371,072,240,630 (5,000,222,556) 366,072,018,074

Undistributed earnings (13) VND 58,785,748,221 73,851,965,129 132,637,713,350 Current NAV (14) = (12) + (13) VND 429,857,988,851 68,851,742,573 498,709,731,424

NAV per fund unit (15) = (14)/(11)

VND/Fund unit 18,109.47 21,477.73

40

18. CONTRIBUTED CAPITAL (continued)

Movements of contributed capital during 2019 are as below:

Unit

31 December 2018

Movement in the year

31 December 2019

Subscribed capital Quantity (1) Fund unit 44,555,217.97 10,265,229.94 54,820,447.91 Face value (2) VND 445,552,179,700 102,652,299,400 548,204,479,100 Capital subscription premium (3) VND 270,568,016,378 88,004,082,402 358,572,098,780 Total fund unit issuance value (4) = (2) + (3) VND 716,120,196,078 190,656,381,802 906,776,577,880


unit 16,072.64 16,540.85

Redeemed capital Quantity (6) Fund unit 19,897,777.92 11,186,040.88 31,083,818.80 Face value (7) VND 198,977,779,200 111,860,408,800 310,838,188,000 Capital redemption premium (8) VND 132,794,799,418 92,071,349,832 224,866,149,250 Total fund unit redemption value (9) = (7) + (8) VND 331,772,578,618 203,931,758,632 535,704,337,250


unit 16,673.85 17,234.19

Number of outstanding fund units (11) = (1) – (6) Fund unit 24,657,440.05 (920,810.94) 23,736,629.11 Current contributed capital (12) = (4) – (9) VND 384,347,617,460 (13,275,376,830) 371,072,240,630

Undistributed earnings (13) VND 45,389,177,247 13,396,570,974 58,785,748,221 Current NAV (14) = (12) + (13) VND 429,736,794,707 121,194,144 429,857,988,851

NAV per fund unit (15) = (14)/(11)

VND/Fund unit 17,428.28 18,109.47

19. UNDISTRIBUTED EARNINGS

31 December

2019 Increase in the

year 31 December

2020 VND VND VND

Realized profit 48,638,222,872 5,756,418,197 54,394,641,069

Unrealized profit 10,147,525,349 68,095,546,932 78,243,072,281

58,785,748,221 73,851,965,129 132,637,713,350

41

20. NET ASSET VALUE

Net Asset Value for the financial year ended 31 December 2020 are as follows:

No. Valuation

date NAV VND

Number of fund units

NAV/fund unit

VND

Increase/ (decrease) of

NAV/ fund unit VND

31/12/19 429,857,988,851 23,736,629.11 18,109.47 1 01/01/20 429,832,479,317 23,736,629.11 18,108.40 (1.07)

2 02/01/20 434,537,022,388 23,745,657.19 18,299.64 191.24

3 05/01/20 432,891,595,368 23,736,523.16 18,237.36 (62.28)

4 06/01/20 429,568,151,672 23,723,432.12 18,107.33 (130.03)

5 07/01/20 429,201,773,496 23,623,083.38 18,168.74 61.41

6 08/01/20 421,148,608,106 23,623,825.69 17,827.28 (341.46)

7 09/01/20 425,586,750,568 23,565,555.43 18,059.69 232.41

8 12/01/20 426,966,725,604 23,563,543.07 18,119.80 60.11

9 13/01/20 427,465,498,111 23,595,157.25 18,116.66 (3.14)

10 14/01/20 427,817,789,886 23,531,091.67 18,180.95 64.29

11 15/01/20 426,546,888,518 23,527,492.92 18,129.72 (51.23)

12 16/01/20 430,057,900,187 23,512,609.92 18,290.52 160.80

13 19/01/20 429,453,050,025 23,520,801.12 18,258.43 (32.09)

14 20/01/20 431,857,617,222 23,525,253.52 18,357.19 98.76

15 21/01/20 433,321,813,383 23,465,059.44 18,466.68 109.49

16 22/01/20 436,101,614,388 23,474,455.62 18,577.70 111.02

17 29/01/20 435,924,352,928 23,474,455.62 18,570.15 (7.55)

18 30/01/20 423,889,655,502 23,473,554.85 18,058.17 (511.98)

19 31/01/20 413,075,512,563 23,484,932.41 17,588.95 (469.22)

20 02/02/20 413,025,721,674 23,484,932.41 17,586.83 (2.12)

21 03/02/20 404,031,684,227 23,441,474.00 17,235.76 (351.07)

22 04/02/20 401,968,420,018 23,399,693.74 17,178.36 (57.40)

23 05/02/20 402,689,981,243 23,414,355.26 17,198.42 20.06

24 06/02/20 410,863,319,263 23,412,225.85 17,549.09 350.67

25 09/02/20 410,291,509,954 23,418,164.18 17,520.22 (28.87)

26 10/02/20 407,301,372,412 23,426,474.18 17,386.37 (133.85)

27 11/02/20 410,611,007,353 23,455,399.04 17,506.03 119.66

28 12/02/20 417,772,643,908 23,469,200.75 17,800.88 294.85

29 13/02/20 419,293,848,019 23,574,000.04 17,786.28 (14.60)

30 16/02/20 420,313,704,749 23,583,265.64 17,822.54 36.26

31 17/02/20 419,573,655,037 23,577,694.29 17,795.36 (27.18)

32 18/02/20 422,315,046,054 23,585,844.50 17,905.44 110.08

33 19/02/20 424,601,798,447 23,597,983.13 17,993.13 87.69

34 20/02/20 426,147,053,861 23,577,090.94 18,074.62 81.49

35 23/02/20 423,585,155,445 23,580,971.27 17,963.00 (111.62)

36 24/02/20 410,198,958,801 23,579,306.69 17,396.56 (566.44)

37 25/02/20 413,036,486,769 23,580,513.69 17,516.00 119.44

38 26/02/20 409,794,074,513 23,558,431.96 17,394.79 (121.21)

39 27/02/20 413,708,891,827 23,557,620.28 17,561.57 166.78

40 29/02/20 410,087,583,784 23,541,966.23 17,419.42 (142.15)

41 01/03/20 410,063,046,564 23,541,966.23 17,418.38 (1.04)

42 02/03/20 410,195,121,812 23,500,633.37 17,454.64 36.26

43 03/03/20 410,333,534,266 23,394,857.34 17,539.47 84.83

42

20. NET ASSET VALUE (continued)

Net Asset Value for the financial year ended 31 December 2020 are as follows (continued):

No. Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

44 04/03/20 409,989,971,013 23,376,390.11 17,538.63 (0.84)

45 05/03/20 410,073,827,118 23,378,634.85 17,540.53 1.90

46 08/03/20 408,421,266,371 23,378,430.85 17,470.00 (70.53)

47 09/03/20 381,275,803,079 23,367,653.40 16,316.39 (1,153.61)

48 10/03/20 384,829,708,305 23,366,229.40 16,469.48 153.09

49 11/03/20 372,389,928,194 23,369,255.82 15,935.03 (534.45)

50 12/03/20 350,793,450,771 23,352,615.19 15,021.59 (913.44)

51 15/03/20 345,899,402,119 23,327,306.33 14,828.09 (193.50)

52 16/03/20 339,377,599,521 23,318,575.79 14,553.95 (274.14)

53 17/03/20 343,266,627,974 23,275,936.41 14,747.70 193.75

54 18/03/20 345,864,117,770 23,288,645.97 14,851.19 103.49

55 19/03/20 337,610,336,317 23,279,340.77 14,502.57 (348.62)

56 22/03/20 336,282,927,719 23,277,036.02 14,446.98 (55.59)

57 23/03/20 312,044,438,032 23,266,241.41 13,411.89 (1,035.09)

58 24/03/20 309,027,423,932 23,246,126.68 13,293.71 (118.18)

59 25/03/20 321,845,717,633 23,225,597.51 13,857.37 563.66

60 26/03/20 311,493,351,864 23,235,760.24 13,405.77 (451.60)

61 29/03/20 303,812,045,894 23,170,565.48 13,111.98 (293.79)

62 30/03/20 291,919,431,503 23,149,228.07 12,610.33 (501.65)

63 31/03/20 291,444,833,228 23,143,043.09 12,593.19 (17.14)

64 01/04/20 296,807,120,137 22,979,444.51 12,916.20 323.01

65 02/04/20 296,788,051,926 22,979,444.51 12,915.37 (0.83)

66 05/04/20 306,737,556,416 22,987,090.72 13,343.90 428.53

67 06/04/20 322,856,424,019 22,985,459.65 14,046.11 702.21

68 07/04/20 326,297,019,866 22,969,412.35 14,205.71 159.60

69 08/04/20 326,365,693,791 22,978,682.53 14,202.97 (2.74)

70 09/04/20 329,001,134,732 22,979,333.78 14,317.26 114.29

71 12/04/20 329,482,279,701 23,008,905.08 14,319.77 2.51

72 13/04/20 335,267,482,310 23,038,462.35 14,552.51 232.74

73 14/04/20 340,356,040,485 23,128,354.91 14,715.96 163.45

74 15/04/20 345,160,607,514 23,109,142.74 14,936.10 220.14

75 16/04/20 348,363,043,466 23,125,126.94 15,064.26 128.16

76 19/04/20 356,726,239,197 23,086,307.98 15,451.85 387.59

77 20/04/20 362,085,973,173 23,082,397.25 15,686.67 234.82

78 21/04/20 352,183,748,562 23,136,253.45 15,222.15 (464.52)

79 22/04/20 353,723,311,000 22,954,679.40 15,409.63 187.48

80 23/04/20 356,079,073,951 22,950,347.52 15,515.19 105.56

81 26/04/20 358,187,717,852 22,967,244.13 15,595.58 80.39

82 27/04/20 361,055,883,343 23,036,014.14 15,673.53 77.95

83 28/04/20 360,509,391,761 23,046,500.47 15,642.69 (30.84)

84 29/04/20 360,593,796,914 23,052,396.17 15,642.35 (0.34)

85 30/04/20 360,582,317,152 23,052,396.17 15,641.85 (0.50)

86 03/05/20 360,548,183,435 23,052,396.17 15,640.37 (1.48)

87 04/05/20 357,602,724,156 23.084.514,98 15,491.02 (149.35)

43

20. NET ASSET VALUE (continued) Net Asset Value for the financial year ended 31 December 2020 are as follows (continued):

No. Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

88 05/05/20 357,171,021,402 23,088,732.14 15,469.49 (21.53)

89 06/05/20 360,987,999,567 23,085,898.46 15,636.73 167.24

90 07/05/20 364,389,734,077 23,088,859.01 15,782.05 145.32

91 10/05/20 366,353,768,340 23,090,841.85 15,865.76 83.71

92 11/05/20 368,507,736,969 23,118,686.05 15,939.82 74.06

93 12/05/20 370,095,495,372 23,124,754.77 16,004.29 64.47

94 13/05/20 373,401,964,638 23,148,560.61 16,130.67 126.38

95 14/05/20 372,618,826,460 23,168,420.63 16,083.04 (47.63)

96 17/05/20 369,907,208,418 23,160,991.63 15,971.13 (111.91)

97 18/05/20 376,491,054,811 23,246,396.33 16,195.67 224.54

98 19/05/20 382,197,412,920 23,351,276.12 16,367.30 171.63

99 20/05/20 382,945,949,382 23,263,864.63 16,460.97 93.67

100 21/05/20 384,852,640,632 23,276,012.59 16,534.30 73.33

101 24/05/20 383,392,682,141 23,281,537.44 16,467.67 (66.63)

102 25/05/20 387,718,374,274 23,341,328.85 16,610.80 143.13

103 26/05/20 391,045,980,936 23,337,202.80 16,756.33 145.53

104 27/05/20 387,692,047,311 23,335,335.25 16,613.94 (142.39)

105 28/05/20 388,881,703,396 23,386,280.23 16,628.62 14.68

106 31/05/20 389,396,341,545 23,388,537.13 16,649.02 20.40

107 01/06/20 390,403,240,128 23,389,015.53 16,691.73 42.71

108 02/06/20 390,046,365,565 23,334,165.60 16,715.67 23.94

109 03/06/20 391,946,495,946 23,305,253.62 16,817.94 102.27

110 04/06/20 390,768,688,842 23,303,883.53 16,768.39 (49.55)

111 07/06/20 391,281,177,623 23,306,552.27 16,788.46 20.07

112 08/06/20 398,468,887,570 23,414,445.06 17,018.07 229.61

113 09/06/20 396,769,071,159 23,470,347.76 16,905.12 (112.95)

114 10/06/20 396,477,683,910 23,396,256.03 16,946.20 41.08

115 11/06/20 387,579,301,047 23,487,023.69 16,501.84 (444.36)

116 14/06/20 389,227,383,519 23,503,285.05 16,560.55 58.71

117 15/06/20 381,855,019,101 23,506,281.62 16,244.80 (315.75)

118 16/06/20 386,768,808,016 23,502,604.42 16,456.42 211.62

119 17/06/20 386,153,502,912 23,474,217.30 16,450.11 (6.31)

120 18/06/20 386,244,257,687 23,373,883.46 16,524.60 74.49

121 21/06/20 388,347,842,868 23,364,799.93 16,621.06 96.46

122 22/06/20 389,376,037,491 23,364,799.93 16,665.07 44.01

123 23/06/20 387,977,976,528 23,296,694.96 16,653.77 (11.30)

124 24/06/20 387,483,365,164 23,284,349.91 16,641.36 (12.41)

125 25/06/20 384,541,245,712 23,220,434.78 16,560.46 (80.90)

126 28/06/20 385,133,232,898 23,215,692.81 16,589.34 28.88

127 29/06/20 379,609,460,606 23,228,204.49 16,342.60 (246.74)

128 30/06/20 380,650,404,105 23,226,752.35 16,388.44 45.84

129 01/07/20 383,486,198,672 23,225,371.93 16,511.52 123.08

130 02/07/20 385,069,098,096 23,211,991.14 16,589.23 77.71

131 05/07/20 384,815,674,454 23,145,219.75 16,626.14 36.91

20. NET ASSET VALUE (continued) Net Asset Value for the financial year ended 31 December 2020 are as follows (continued):

44

No. Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

132 06/07/20 385,369,129,603 23,146,862.99 16,648.87 22.73

133 07/07/20 386,192,634,365 23,131,677.26 16,695.40 46.53

134 08/07/20 386,345,396,421 23,120,415.07 16,710.14 14.74

135 09/07/20 387,952,824,440 23,121,691.25 16,778.73 68.59

136 12/07/20 385,854,227,486 23,104,636.29 16,700.29 (78.44)

137 13/07/20 386,485,800,633 23,116,442.21 16,719.08 18.79

138 14/07/20 388,135,712,652 23,115,032.20 16,791.48 72.40

139 15/07/20 388,351,269,632 23,115,032.20 16,800.81 9.93

140 16/07/20 388,255,043,970 23,114,994.62 16,796.67 (4.14)

141 19/07/20 388,854,249,897 23,114,794.62 16,822.74 26.07

142 20/07/20 386,437,288,807 23,115,189.42 16,717.89 (104.85)

143 21/07/20 386,723,827,835 23,092,207.66 16,746.94 29.05

144 22/07/20 385,178,461,364 23,085,175.56 16,685.09 (61.85)

145 23/07/20 385,423,758,846 23,085,650.70 16,695.38 10.29

146 26/07/20 376,874,246,156 23,064,072.52 16,340.31 (355.07)

147 27/07/20 364,620,806,754 23,026,029.07 15,835.15 (505.16)

148 28/07/20 371,696,468,586 22,935,243.05 16,206.34 371.19

149 29/07/20 365,445,709,541 22,884,665.67 15,969.02 (237.32)

150 30/07/20 362,907,220,895 22,551,226.59 16,092.57 123.55

151 31/07/20 362,666,583,104 22,541,837.12 16,088.59 (3.98)

152 02/08/20 362,650,718,986 22,541,837.12 16,087.89 (0.70)

153 03/08/20 367,560,597,229 22,516,787.06 16,323.84 235.95

154 04/08/20 368,695,204,442 22,525,607.87 16,367.82 43.98

155 05/08/20 372,291,529,505 22,514,392.61 16,535.71 167.89

156 06/08/20 371,551,523,721 22,521,060.51 16,497.95 (37.76)

157 09/08/20 371,675,808,648 22,521,060.51 16,503.47 5.52

158 10/08/20 372,805,440,963 22,521,060.51 16,553.63 50.16

159 11/08/20 372,399,640,502 22,488,477.43 16,559.57 5.94

160 12/08/20 372,368,243,893 22,474,499.68 16,568.47 8.90

161 13/08/20 371,324,842,806 22,235,750.60 16,699.45 130.98

162 16/08/20 371,443,367,873 22,237,384.64 16,703.55 4.10

163 17/08/20 372,072,349,169 22,237,384.64 16,731.83 28.28

164 18/08/20 372,494,747,214 22,231,347.72 16,755.38 23.55

165 19/08/20 374,588,349,802 22,223,498.81 16,855.50 100.12

166 20/08/20 373,354,801,966 22,146,162.77 16,858.66 3.16

167 23/08/20 374,304,678,738 22,148,334.09 16,899.90 41.24

168 24/08/20 378,125,255,214 22,123,138.97 17,091.84 191.94

169 25/08/20 381,116,856,205 22,112,180.51 17,235.60 143.76

170 26/08/20 380,331,260,509 22,095,238.68 17,213.26 (22.34)

171 27/08/20 382,470,877,571 22,093,968.80 17,311.09 97.83

172 30/08/20 383,985,777,049 22,099,024.95 17,375.68 64.59

173 31/08/20 382,206,545,361 22,056,590.41 17,328.45 (47.23)

174 02/09/20 383,314,643,283 22,051,108.99 17,383.00 54.55

175 03/09/20 385,072,676,774 22,051,108.99 17,462.73 79.73



45

No. Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

176 06/09/20 384,180,037,124 22,072,961.39 17,405.00 (57.73)

177 07/09/20 379,837,684,129 22,085,692.81 17,198.35 (206.65)

178 08/09/20 381,544,882,261 22,085,314.08 17,275.95 77.60

179 09/09/20 381,488,426,445 22,079,597.86 17,277.87 1.92

180 10/09/20 382,419,976,054 22,061,754.70 17,334.06 56.19

181 13/09/20 382,717,845,527 22,055,341.99 17,352.61 18.55

182 14/09/20 383,737,496,558 22,055,232.42 17,398.93 46.32

183 15/09/20 385,161,826,142 22,096,837.58 17,430.63 31.70

184 16/09/20 387,436,244,046 22,162,774.44 17,481.39 50.76

185 17/09/20 387,844,695,430 22,162,187.44 17,500.28 18.89

186 20/09/20 389,226,570,616 22,148,361.98 17,573.60 73.32

187 21/09/20 390,854,063,416 22,148,361.98 17,647.08 73.48

188 22/09/20 390,274,732,938 22,131,713.27 17,634.18 (12.90)

189 23/09/20 392,047,126,875 22,124,942.23 17,719.69 85.51

190 24/09/20 392,076,218,327 22,139,383.17 17,709.44 (10.25)

191 27/09/20 391,897,337,196 22,136,215.79 17,703.89 (5.55)

192 28/09/20 393,205,983,242 22,122,489.91 17,774.03 70.14

193 29/09/20 393,181,788,220 22,192,612.91 17,716.78 (57.25)

194 30/09/20 396,742,812,864 22,204,303.67 17,867.83 151.05

195 01/10/20 398,113,458,471 22,153,116.35 17,970.99 103.16

196 04/10/20 396,315,451,041 22,169,401.58 17,876.68 (94.31)

197 05/10/20 399,761,859,098 22,178,784.33 18,024.51 147.83

198 06/10/20 401,191,643,932 22,117,968.31 18,138.72 114.21

199 07/10/20 402,347,069,407 22,142,407.55 18,170.88 32.16

200 08/10/20 403,068,178,354 22,158,448.05 18,190.27 19.39

201 11/10/20 403,379,066,343 22,149,829.58 18,211.38 21.11

202 12/10/20 402,357,679,565 22,213,841.27 18,112.92 (98.46)

203 13/10/20 401,666,244,910 22,198,841.27 18,094.01 (18.91)

204 14/10/20 403,805,205,986 22,247,464.08 18,150.61 56.60

205 15/10/20 405,016,344,264 22,268,627.42 18,187.75 37.14

206 18/10/20 406,492,653,486 22,286,609.88 18,239.32 51.57

207 19/10/20 407,020,569,078 22,363,941.67 18,199.85 (39.47)

208 20/10/20 407,955,963,096 22,414,190.13 18,200.78 0.93

209 21/10/20 407,162,308,004 22,445,467.88 18,140.06 (60.72)

210 22/10/20 410,486,429,671 22,474,850.97 18,264.25 124.19

211 25/10/20 413,046,459,361 22,459,590.01 18,390.65 126.40

212 26/10/20 413,915,539,749 22,483,686.56 18,409.59 18.94

213 27/10/20 413,624,418,570 22,495,792.31 18,386.74 (22.85)

214 28/10/20 406,870,438,948 22,531,402.77 18,057.92 (328.82)

215 29/10/20 408,689,789,875 22,588,253.28 18,093.02 35.10

216 31/10/20 410,258,908,689 22,575,303.57 18,172.90 79.88

217 01/11/20 410,248,096,135 22,575,303.57 18,172.42 (0.48)

218 02/11/20 412,933,854,381 22,654,178.33 18,227.71 55.29

219 03/11/20 413,880,294,075 22,625,318.19 18,292.79 65.08



46

No. Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

220 04/11/20 415,821,426,238 22,669,525.12 18,342.74 49.95

221 05/11/20 415,004,785,252 22,677,195.43 18,300.53 (42.21)

222 08/11/20 416,256,509,078 22,710,166.07 18,329.08 28.55

223 09/11/20 422,204,798,334 22,726,056.74 18,578.00 248.92

224 10/11/20 423,700,768,419 22,718,586.38 18,649.96 71.96

225 11/11/20 427,407,908,477 22,883,520.16 18,677.54 27.58

226 12/11/20 428,064,127,478 22,895,565.57 18,696.37 18.83

227 15/11/20 431,233,221,418 22,924,010.70 18,811.42 115.05

228 16/11/20 428,857,816,470 22,941,615.57 18,693.44 (117.98)

229 17/11/20 433,224,471,665 22,881,428.90 18,933.45 240.01

230 18/11/20 434,959,807,590 22,890,099.25 19,002.09 68.64

231 19/11/20 437,517,054,753 22,839,035.18 19,156.54 154.45

232 22/11/20 438,479,436,498 22,848,430.74 19,190.79 34.25

233 23/11/20 444,684,478,278 22,839,822.82 19,469.69 278.90

234 24/11/20 447,221,296,678 22,838,235.48 19,582.13 112.44

235 25/11/20 445,695,926,043 22,855,537.82 19,500.56 (81.57)

236 26/11/20 442,663,025,940 22,843,068.92 19,378.43 (122.13)

237 29/11/20 446,946,916,368 22,804,016.01 19,599.48 221.05

238 30/11/20 446,852,670,152 22,834,776.45 19,568.95 (30.53)

239 01/12/20 448,882,464,592 22,836,165.07 19,656.64 87.69

240 02/12/20 449,604,823,817 22,855,251.09 19,671.83 15.19

241 03/12/20 451,946,407,099 22,902,460.89 19,733.53 61.70

242 06/12/20 450,709,903,433 22,884,033.45 19,695.38 (38.15)

243 07/12/20 453,860,990,800 22,890,925.94 19,827.11 131.73

244 08/12/20 450,740,333,898 22,760,925.87 19,803.25 (23.86)

245 09/12/20 454,664,224,578 22,772,728.05 19,965.29 162.04

246 10/12/20 453,340,423,999 22,846,991.16 19,842.45 (122.84)

247 13/12/20 457,339,177,163 22,889,011.07 19,980.73 138.28

248 14/12/20 462,295,393,414 22,850,130.94 20,231.62 250.89

249 15/12/20 464,283,976,407 22,957,446.25 20,223.67 (7.95)

250 16/12/20 469,489,690,477 22,986,091.54 20,424.94 201.27

251 17/12/20 480,149,929,673 23,066,125.54 20,816.23 391.29

252 20/12/20 483,842,302,389 23,033,718.07 21,005.82 189.59

253 21/12/20 485,938,148,834 23,042,054.91 21,089.18 83.36

254 22/12/20 489,680,368,116 23,078,284.87 21,218.23 129.05

255 23/12/20 490,032,745,538 23,127,860.62 21,187.98 (30.25)

256 24/12/20 487,707,671,050 23,207,330.27 21,015.24 (172.74)

257 27/12/20 492,424,491,611 23,191,214.18 21,233.23 217.99

258 28/12/20 493,518,183,329 23,207,979.24 21,265.02 31.79

259 29/12/20 496,347,608,759 23,265,360.94 21,334.18 69.16

260 30/12/20 497,655,604,013 23,315,836.60 21,344.10 9.92

261 31/12/20 498,709,731,424 23,219,851.56 21,477.73 133.63

47


Average NAV for the year (VND) 395,996,648,691

Changes in NAV/fund unit during the year Highest level (VND) (1,153.61) Lowest level (VND) (0.34)

NAV/fund unit ► Highest level (VND) 21,477.73

► Lowest level (VND) 12,593.19

48

20. NET ASSET VALUE (continued) Net Asset Value for the financial year ended 31 December 2019 are as follows:

No. Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

31/12/18 429,736,794,707 24,657,440.05 17,428.28

1 01/01/19 429,720,869,363 24,657,440.05 17,427.63 (0.65) 2 02/01/19 425,653,854,531 24,658,364.96 17,262.04 (165.59) 3 03/01/19 416,294,898,067 24,638,114.24 16,896.37 (365.67) 4 06/01/19 416,335,655,636 24,576,280.06 16,940.54 44.17 5 07/01/19 417,676,401,027 24,550,634.22 17,012.85 72.31 6 08/01/19 416,445,768,728 24,550,011.00 16,963.16 (49.69) 7 09/01/19 421,856,800,708 24,560,233.88 17,176.41 213.25 8 10/01/19 419,991,257,421 24,475,548.62 17,159.62 (16.79) 9 13/01/19 421,692,023,125 24,525,756.47 17,193.84 34.22

10 14/01/19 420,921,092,459 24,525,756.47 17,162.41 (31.43) 11 15/01/19 423,819,514,800 24,520,345.13 17,284.40 121.99 12 16/01/19 420,022,449,127 24,436,931.55 17,188.01 (96.39) 13 17/01/19 415,781,441,019 24,348,470.85 17,076.28 (111.73) 14 20/01/19 416,174,093,443 24,329,691.14 17,105.60 29.32 15 21/01/19 421,288,324,380 24,336,444.81 17,311.00 205.40 16 22/01/19 419,008,255,412 24,338,388.09 17,215.94 (95.06) 17 23/01/19 419,245,946,342 24,338,034.85 17,225.95 10.01 18 24/01/19 417,990,702,760 24,293,082.16 17,206.16 (19.79) 19 27/01/19 416,234,331,395 24,252,980.06 17,162.19 (43.97) 20 28/01/19 417,972,970,777 24,252,980.06 17,233.88 71.69 21 29/01/19 420,106,608,234 24,252,980.06 17,321.85 87.97 22 30/01/19 417,746,306,286 24,186,527.51 17,271.85 (50.00) 23 31/01/19 417,223,007,013 24,182,269.66 17,253.26 (18.59) 24 06/02/19 417,443,820,039 24,182,673.64 17,262.10 8.84 25 10/02/19 417,342,650,303 24,182,673.64 17,257.92 (4.18) 26 11/02/19 429,349,859,031 24,411,697.89 17,587.87 329.95 27 12/02/19 430,846,097,984 24,377,809.43 17,673.70 85.83 28 13/02/19 435,298,983,860 24,381,178.84 17,853.89 180.19 29 14/02/19 434,625,482,819 24,345,775.43 17,852.19 (1.70) 30 17/02/19 435,939,841,869 24,343,893.48 17,907.56 55.37 31 18/02/19 439,738,924,326 24,326,408.38 18,076.60 169.04 32 19/02/19 435,285,110,212 24,126,111.27 18,042.07 (34.53) 33 20/02/19 436,775,557,940 24,110,427.25 18,115.62 73.55 34 21/02/19 437,503,275,469 24,081,620.21 18,167.51 51.89 35 24/02/19 438,679,357,217 24,087,325.13 18,212.04 44.53 36 25/02/19 442,435,774,883 24,084,586.84 18,370.07 158.03 37 26/02/19 442,360,056,050 24,089,331.13 18,363.31 (6.76) 38 27/02/19 443,274,389,687 24,089,601.36 18,401.06 37.75 39 28/02/19 437,164,522,119 24,069,865.54 18,162.31 (238.75) 40 03/03/19 445,452,595,556 24,231,327.00 18,383.33 221.02 41 04/03/19 449,837,772,815 24,201,190.64 18,587.42 204.09 42 05/03/19 446,530,127,873 24,199,006.09 18,452.41 (135.01) 43 06/03/19 447,503,970,157 24,190,074.81 18,499.48 47.07 44 07/03/19 444,193,886,495 24,162,663.19 18,383.48 (116.00) 45 10/03/19 442,979,556,700 24,118,077.56 18,367.11 (16.37)

49



No Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

46 11/03/19 444,332,102,190 24,160,244.48 18,391.04 23.93 47 12/03/19 447,574,449,314 24,098,123.35 18,573.00 181.96 48 13/03/19 448,780,236,775 24,050,457.74 18,659.94 86.94 49 14/03/19 448,955,744,612 24,004,719.89 18,702.81 42.87 50 17/03/19 441,724,623,468 23,848,306.08 18,522.26 (180.55) 51 18/03/19 441,633,808,137 23,730,645.58 18,610.27 88.01 52 19/03/19 437,122,091,572 23,561,937.38 18,552.04 (58.23) 53 20/03/19 436,613,512,218 23,530,341.83 18,555.34 3.30 54 21/03/19 431,524,990,354 23,485,601.78 18,374.02 (181.32) 55 24/03/19 431,628,627,021 23,481,100.81 18,381.95 7.93 56 25/03/19 421,681,266,508 23,447,274.65 17,984.23 (397.72) 57 26/03/19 422,233,821,036 23,444,942.70 18,009.59 25.36 58 27/03/19 425,910,924,241 23,420,112.84 18,185.69 176.10 59 28/03/19 428,395,009,195 23,392,071.64 18,313.68 127.99 60 31/03/19 427,663,473,817 23,392,327.82 18,282.21 (31.47) 61 01/04/19 426,474,912,757 23,376,506.68 18,243.74 (38.47) 62 02/04/19 426,505,869,590 23,364,128.40 18,254.73 10.99 63 03/04/19 391,960,982,907 21,419,134.46 18,299.57 44.84 64 04/04/19 391,100,482,478 21,286,454.70 18,373.20 73.63 65 07/04/19 391,032,720,375 21,233,779.62 18,415.59 42.39 66 08/04/19 387,449,178,325 20,953,779.44 18,490.65 75.06 67 09/04/19 382,285,127,182 20,918,759.37 18,274.75 (215.90) 68 10/04/19 377,655,494,888 20,884,700.16 18,082.87 (191.88) 69 11/04/19 378,837,138,380 20,939,499.70 18,091.98 9.11 70 15/04/19 380,284,453,616 20,896,554.14 18,198.42 106.44 71 16/04/19 375,286,574,510 20,797,041.65 18,045.19 (153.23) 72 17/04/19 371,468,554,808 20,651,488.71 17,987.49 (57.70) 73 18/04/19 367,826,888,423 20,592,678.42 17,862.02 (125.47) 74 21/04/19 368,049,241,773 20,517,151.17 17,938.61 76.59 75 22/04/19 365,265,398,482 20,500,276.19 17,817.58 (121.03) 76 23/04/19 365,327,204,674 20,476,448.32 17,841.33 23.75 77 24/04/19 370,284,380,361 20,481,223.05 18,079.21 237.88 78 25/04/19 368,921,173,422 20,446,868.08 18,042.91 (36.30) 79 30/04/19 371,880,840,370 20,446,932.55 18,187.61 144.70 80 01/05/19 371,858,130,298 20,446,932.55 18,186.49 (1.12) 81 02/05/19 372,270,367,657 20,437,777.88 18,214.81 28.32 82 05/05/19 370,714,218,408 20,397,504.68 18,174.48 (40.33) 83 06/05/19 363,151,571,550 20,316,651.13 17,874.57 (299.91) 84 07/05/19 356,436,959,451 19,962,747.67 17,855.10 (19.47) 85 08/05/19 353,832,418,559 19,946,095.86 17,739.43 (115.67) 86 09/05/19 351,922,938,156 19,934,362.67 17,654.08 (85.35) 87 12/05/19 352,625,582,754 19,912,315.42 17,708.91 54.83 88 13/05/19 352,792,164,086 19,889,783.33 17,737.35 28.44 89 14/05/19 353,885,782,418 19,890,513.03 17,791.68 54.33 90 15/05/19 354,074,520,666 19,775,122.50 17,905.04 113.36 91 16/05/19 353,063,942,902 19,759,734.39 17,867.84 (37.20) 92 19/05/19 352,121,238,393 19,748,653.41 17,830.13 (37.71)

50



No Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

93 20/05/19 355,397,826,620 19,708,676.79 18,032.55 202.42 94 21/05/19 355,661,199,128 19,702,491.48 18,051.58 19.03 95 22/05/19 354,782,764,811 19,668,704.32 18,037.93 (13.65) 96 23/05/19 354,572,022,818 19,560,742.97 18,126.71 88.78 97 26/05/19 351,644,433,411 19,560,124.10 17,977.61 (149.10) 98 27/05/19 350,626,562,351 19,549,671.99 17,935.16 (42.45) 99 28/05/19 350,211,929,442 19,538,651.36 17,924.05 (11.11)

100 29/05/19 348,048,268,322 19,523,711.40 17,826.95 (97.10) 101 30/05/19 348,899,092,229 19,568,519.65 17,829.61 2.66 102 31/05/19 342,855,227,137 19,428,115.10 17,647.37 (182.24) 103 02/06/19 342,812,465,654 19,428,115.10 17,645.17 (2.20) 104 03/06/19 336,528,284,626 19,402,631.78 17,344.46 (300.71) 105 04/06/19 336,373,717,199 19,395,754.51 17,342.64 (1.82) 106 05/06/19 335,924,335,848 19,332,939.33 17,375.75 33.11 107 06/06/19 334,455,652,884 19,321,486.38 17,310.03 (65.72) 108 09/06/19 338,900,583,353 19,264,131.79 17,592.31 282.28 109 10/06/19 338,400,402,147 19,216,668.40 17,609.73 17.42 110 11/06/19 339,652,243,673 19,263,657.58 17,631.76 22.03 111 12/06/19 338,157,474,408 19,258,725.65 17,558.66 (73.10) 112 13/06/19 336,673,167,602 19,232,653.05 17,505.28 (53.38) 113 16/06/19 335,860,642,860 19,227,799.79 17,467.45 (37.83) 114 17/06/19 331,505,168,818 19,144,767.60 17,315.70 (151.75) 115 18/06/19 332,082,568,979 19,141,671.31 17,348.67 32.97 116 19/06/19 334,666,431,696 19,129,052.00 17,495.19 146.52 117 20/06/19 339,995,293,196 19,223,683.40 17,686.27 191.08 118 23/06/19 339,686,309,852 19,223,907.86 17,669.99 (16.28) 119 24/06/19 337,845,432,967 19,192,421.47 17,603.06 (66.93) 120 25/06/19 336,148,980,553 19,089,780.29 17,608.84 5.78 121 26/06/19 336,545,298,369 19,056,654.20 17,660.25 51.41 122 27/06/19 332,285,962,047 19,022,689.25 17,467.87 (192.38) 123 30/06/19 339,856,959,513 19,098,146.89 17,795.28 327.41 124 01/07/19 338,547,517,836 19,079,810.17 17,743.75 (51.53) 125 02/07/19 335,265,014,057 18,901,455.18 17,737.52 (6.23) 126 03/07/19 334,451,134,615 18,892,673.13 17,702.68 (34.84) 127 04/07/19 337,181,758,568 18,885,850.09 17,853.67 150.99 128 07/07/19 336,706,878,783 18,898,350.09 17,816.73 (36.94) 129 08/07/19 330,096,696,319 18,696,762.54 17,655.28 (161.45) 130 09/07/19 331,588,048,589 18,686,932.33 17,744.38 89.10 131 10/07/19 331,374,618,111 18,639,597.06 17,777.99 33.61 132 11/07/19 335,339,818,742 18,765,186.51 17,870.31 92.32 133 14/07/19 336,318,237,350 18,761,889.04 17,925.60 55.29 134 15/07/19 337,628,116,271 18,732,167.08 18,023.97 98.37 135 16/07/19 338,971,183,358 18,712,902.07 18,114.30 90.33

51



Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

136 17/07/19 337,316,490,061 18,652,189.52 18,084.55 (29.75) 137 18/07/19 338,519,007,583 18,662,329.55 18,139.16 54.61 138 21/07/19 339,253,063,115 18,623,220.95 18,216.66 77.50 139 22/07/19 338,632,667,848 18,592,218.26 18,213.67 (2.99) 140 23/07/19 344,063,129,289 18,633,551.34 18,464.71 251.04 141 24/07/19 342,694,366,864 18,601,538.00 18,422.90 (41.81) 142 25/07/19 343,620,019,339 18,592,421.35 18,481.72 58.82 143 28/07/19 341,486,439,682 18,554,759.54 18,404.25 (77.47) 144 29/07/19 338,169,857,048 18,489,520.50 18,289.81 (114.44) 145 30/07/19 329,338,231,169 18,275,834.85 18,020.42 (269.39) 146 31/07/19 333,568,670,349 18,256,564.86 18,271.16 250.74 147 01/08/19 345,926,173,856 18,828,337.09 18,372.63 101.47 148 04/08/19 347,380,795,770 18,897,435.52 18,382.43 9.80 149 05/08/19 347,214,415,832 18,907,193.40 18,364.14 (18.29) 150 06/08/19 345,745,578,109 19,011,561.80 18,186.06 (178.08) 151 07/08/19 348,114,806,997 18,972,857.53 18,348.04 161.98 152 08/08/19 378,774,826,965 20,388,932.59 18,577.47 229.43 153 11/08/19 382,398,420,922 20,444,363.79 18,704.34 126.87 154 12/08/19 383,513,548,153 20,481,668.09 18,724.72 20.38 155 13/08/19 383,796,006,732 20,481,468.09 18,738.69 13.97 156 14/08/19 384,566,560,642 20,469,956.05 18,786.87 48.18 157 15/08/19 386,324,187,397 20,458,894.53 18,882.94 96.07 158 18/08/19 386,439,001,295 20,444,490.95 18,901.86 18.92 159 19/08/19 386,591,038,938 20,445,629.87 18,908.24 6.38 160 20/08/19 396,133,074,047 20,866,039.18 18,984.58 76.34 161 21/08/19 395,071,820,827 20,769,560.41 19,021.67 37.09 162 22/08/19 395,904,208,284 20,890,460.10 18,951.43 (70.24) 163 25/08/19 410,566,351,205 21,673,649.61 18,943.11 (8.32) 164 26/08/19 410,517,445,082 21,738,414.25 18,884.42 (58.69) 165 27/08/19 409,180,248,854 21,734,472.95 18,826.32 (58.10) 166 28/08/19 408,442,469,243 21,786,608.90 18,747.40 (78.92) 167 29/08/19 408,138,131,840 21,736,751.23 18,776.40 29.00 168 31/08/19 411,118,237,332 21,801,073.32 18,857.70 81.30 169 02/09/19 411,068,757,390 21,801,073.32 18,855.43 (2.27) 170 03/09/19 408,064,107,914 21,846,191.60 18,678.95 (176.48) 171 04/09/19 408,375,604,176 21,929,054.95 18,622.58 (56.37) 172 05/09/19 406,775,274,166 21,928,076.24 18,550.43 (72.15) 173 08/09/19 406,865,704,452 21,924,790.54 18,557.33 6.90 174 09/09/19 405,329,635,590 21,939,315.21 18,475.03 (82.30) 175 10/09/19 404,224,539,091 21,983,474.61 18,387.65 (87.38) 176 11/09/19 411,565,087,891 22,237,765.66 18,507.48 119.83 177 12/09/19 417,067,150,209 22,211,350.76 18,777.20 269.72 178 15/09/19 423,911,704,970 22,287,409.76 19,020.23 243.03 179 16/09/19 425,079,022,986 22,301,923.87 19,060.19 39.96 180 17/09/19 424,963,447,210 22,270,070.34 19,082.26 22.07 181 18/09/19 424,633,583,176 22,304,485.62 19,038.03 (44.23) 182 19/09/19 428,256,486,187 22,332,043.15 19,176.77 138.74 183 22/09/19 428,539,845,642 22,334,760.03 19,187.12 10.35 184 23/09/19 424,778,858,405 22,374,654.64 18,984.82 (202.30)

52



Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

185 24/09/19 432,420,779,895 22,792,100.15 18,972.39 (12.43) 186 25/09/19 435,839,362,793 22,797,320.15 19,118.00 145.61 187 26/09/19 456,078,228,411 23,677,525.01 19,262.07 144.07 188 29/09/19 456,737,497,476 23,597,755.77 19,355.12 93.05 189 30/09/19 456,928,272,040 23,703,164.31 19,277.10 (78.02) 190 01/10/19 458,648,105,927 23,702,842.82 19,349.91 72.81 191 02/10/19 455,075,478,768 23,686,164.21 19,212.71 (137.20) 192 03/10/19 453,987,060,973 23,647,169.35 19,198.36 (14.35) 193 06/10/19 450,879,938,905 23,647,648.47 19,066.58 (131.78) 194 07/10/19 446,424,474,901 23,667,727.45 18,862.16 (204.42) 195 08/10/19 449,948,776,499 23,660,421.95 19,016.93 154.77 196 09/10/19 451,230,233,263 23,656,413.38 19,074.32 57.39 197 10/10/19 450,595,687,201 23,645,064.96 19,056.64 (17.68) 198 13/10/19 454,288,756,793 23,834,992.18 19,059.74 3.10 199 14/10/19 455,918,256,330 23,818,745.25 19,141.15 81.41 200 15/10/19 455,479,233,527 23,772,001.48 19,160.32 19.17 201 16/10/19 453,628,501,232 23,763,595.39 19,089.22 (71.10) 202 17/10/19 448,724,926,952 23,622,650.74 18,995.53 (93.69) 203 20/10/19 448,330,359,900 23,638,359.57 18,966.22 (29.31) 204 21/10/19 444,053,745,492 23,636,698.92 18,786.62 (179.60) 205 22/10/19 446,425,532,161 23,676,652.59 18,855.09 68.47 206 23/10/19 446,538,485,457 23,686,898.42 18,851.70 (3.39) 207 24/10/19 449,022,994,856 23,527,838.55 19,084.75 233.05 208 27/10/19 448,371,837,466 23,516,526.17 19,066.24 (18.51) 209 28/10/19 449,716,891,781 23,565,039.03 19,084.07 17.83 210 29/10/19 456,848,254,714 23,962,292.98 19,065.29 (18.78) 211 30/10/19 456,348,458,728 23,961,444.85 19,045.11 (20.18) 212 31/10/19 455,869,213,648 24,001,880.28 18,993.06 (52.05) 213 03/11/19 457,469,501,796 23,991,296.62 19,068.14 75.08 214 04/11/19 459,801,351,929 23,970,497.21 19,181.96 113.82 215 05/11/19 459,803,089,232 23,985,768.88 19,169.82 (12.14) 216 06/11/19 460,244,738,159 23,991,962.82 19,183.28 13.46 217 07/11/19 462,387,468,919 23,991,300.84 19,273.13 89.85 218 10/11/19 461,555,822,310 23,986,397.68 19,242.39 (30.74) 219 11/11/19 462,282,690,978 24,082,001.79 19,196.19 (46.20) 220 12/11/19 462,257,416,159 24,021,369.87 19,243.59 47.40 221 13/11/19 461,957,624,815 24,071,393.87 19,191.14 (52.45) 222 14/11/19 456,770,435,331 24,063,097.75 18,982.19 (208.95) 223 17/11/19 454,341,366,298 23,865,155.31 19,037.85 55.66 224 18/11/19 451,986,274,863 23,896,035.68 18,914.69 (123.16) 225 19/11/19 454,556,955,328 23,870,262.01 19,042.81 128.12 226 20/11/19 451,018,177,797 23,859,403.96 18,903.16 (139.65) 227 21/11/19 447,738,424,310 23,910,470.31 18,725.62 (177.54) 228 24/11/19 442,518,292,662 23,908,607.04 18,508.74 (216.88) 229 25/11/19 441,600,812,135 23,903,911.16 18,473.99 (34.75) 230 26/11/19 443,972,456,710 23,908,344.83 18,569.76 95.77 231 27/11/19 442,633,783,710 23,881,832.22 18,534.33 (35.43) 232 28/11/19 437,400,255,170 23,881,980.56 18,315.07 (219.26) 233 30/11/19 439,097,264,042 23,881,990.89 18,386.12 71.05


53


Valuation

date NAV VND


NAV/fund unit

VND


NAV/ fund unit VND

234 01/12/19 439,071,246,355 23,881,990.89 18,385.03 (1.09) 235 02/12/19 432,954,976,971 23,881,990.89 18,128.93 (256.10) 236 03/12/19 434,428,322,476 23,913,751.19 18,166.46 37.53 237 04/12/19 440,801,228,246 23,915,696.94 18,431.46 265.00 238 05/12/19 435,168,796,664 23,821,335.37 18,268.02 (163.44) 239 08/12/19 437,074,438,573 23,823,551.64 18,346.31 78.29 240 09/12/19 436,392,054,797 23,835,790.52 18,308.26 (38.05) 241 10/12/19 435,878,357,572 23,850,077.46 18,275.76 (32.50) 242 11/12/19 439,007,549,087 23,885,195.92 18,379.90 104.14 243 12/12/19 439,136,416,422 23,880,438.32 18,388.95 9.05 244 15/12/19 438,614,266,799 23,937,815.62 18,323.06 (65.89) 245 16/12/19 437,287,180,366 23,937,383.78 18,267.96 (55.10) 246 17/12/19 431,993,883,621 23,860,621.49 18,104.88 (163.08) 247 18/12/19 428,105,465,912 23,859,513.25 17,942.75 (162.13) 248 19/12/19 429,969,797,627 23,866,151.02 18,015.88 73.13 249 22/12/19 428,903,293,861 23,855,713.59 17,979.05 (36.83) 250 23/12/19 426,307,918,638 23,778,114.46 17,928.58 (50.47) 251 24/12/19 425,804,792,830 23,742,973.04 17,933.92 5.34 252 25/12/19 429,287,924,930 23,743,530.64 18,080.20 146.28 253 26/12/19 428,165,805,668 23,747,189.12 18,030.16 (50.04) 254 29/12/19 430,158,123,184 23,754,420.14 18,108.55 78.39 255 30/12/19 431,617,818,242 23,741,892.81 18,179.58 71.03 256 31/12/19 429,857,988,851 23,736,629.11 18,109.47 (70.10)

Average NAV for the year 403,568,227,223

Changes in NAV/fund unit during the year Highest level (VND) 397.72 Lowest level (VND) (0.65)

NAV/fund unit ► Highest level (VND) 19,355.12

► Lowest level (VND) 16,896.37

54

21. NUMBER OF OUTSTANDING FUND UNITS

31 December 2020 Unit

31 December 2019 Unit

Number of outstanding fund units 23,219,851.56 23,736,629.11

22. RELATED PARTIES AND OTHER KEY CONTRACTS 22.1 Related parties

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions.



55

22. RELATED PARTIES AND OTHER KEY CONTRACTS (continued)

22.1 Related parties (continued) Significant transactions with the related party during the year are as follows:

Related party Relationship Description

Receivables/(Payables) 31 December

2019 VND

Increase

VND

Decrease

VND


Revenue /(expenses)

VND

SSI Asset Management Company Limited

The Fund Management Company

Fund management fee payable (644,230,210) (6,930,681,154) 6,875,236,038 (699,675,326) (6,930,681,154)

Fees for the issuance and redemption of fund units (58,375,779) (628,627,753) 634,587,913 (52,415,619) -

The Fund Board of Representatives

Fund Management

Remuneration of the Board of Representatives - (240,000,000) 240,000,000 - (240,000,000)

Fund Management Fee is 1.75% of net asset value per annum



56

22. RELATED PARTIES AND OTHER KEY CONTRACTS (continued)

22.2 Other key contracts

Significant transactions during the year are as follows:

Related party Relationship Description

Receivables/(Payables) 31 December

2019 VND

Increase

VND

Decrease

VND


Revenue /(expense)

VND

Standard Chartered Bank (Vietnam) Limited

Supervisory Bank

Banking fee - 18,612,786 (18,612,786) - (18,612,786) Demand deposits 3,364,484,181 - - 68,115,796,845 -

Term deposit - 125,000,000,000 125,000,000,000 - - Interest of Term deposit - 13,054,794 (13,054,794) - 13,054,794 Custody fee payable (20,356,579) (252,069,464) 226,735,320 (45,690,723) (252,069,464) In which: - Custody fee

payable to the Supervisory bank (18,406,579) (198,019,464) 196,435,320 (19,990,723) (198,019,464)

- Securities clearing transaction fee payable (1,950,000) (54,050,000) 30,300,000 (25,700,000) (54,050,000)

Supervisory fee payable (18,150,000) (217,800,000) 217,800,000 (18,150,000) (217,800,00)

Administration fee payable (59,400,000) (712,800,000) 712,800,000 (59,400,000) (712,800,000)

Financial statements preparation fee (6,462,500) (77,550,000) 77,550,000 (6,462,500) (77,550,000)



57

23. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund has investments in listed shares, unlisted shares, receivables, cash and short-term deposits that arise directly from its operations. Financial liabilities consist mainly of payables to the Fund management company, to service provider, to investors and management fee payables. The Fund does not hold or issue any derivative financial instruments. The Fund is exposed to market risk, credit risk and liquidity risk. The Fund Management Company has a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. Management of the Fund Management Company continually monitors the Fund's risk management process to ensure that an appropriate balance between risk and control is achieved.

Management of Fund Management Company reviews and agrees policies for managing each of these risks, which are summarized below:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: interest rate risk, currency risk, commodity price risk and other price risk, such as equity price risk. Financial instruments affected by market risk include deposits and securities investments.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate in response to changes in market interest rates. Market risk due to changes in the interest rate of the Fund mainly relates to cash and bank deposits of the Fund. These assets are highly liquid and not held by the Fund for the purpose of gaining from waiting for price increase.

The Fund Management Company manages interest rate risk by looking at the competitive structure of the market to obtain rates, which are favorable for its purposes within its risk management limits. The Fund does not apply a sensitivity analysis to interest rates since the Fund has a minimal interest rate risk at the reporting date. Currency risk The Fund was not exposed to foreign currency risk for the financial period from 1 January 2020 to 31 December 2020 as it did not have any transactions in foreign currencies. Market price risk The Fund’s investments in listed securities are susceptible to market price risk arising from uncertainty about future values of the investment stocks. The Fund manages stocks price risk by placing a limit on investments. The Fund Management Company reviews and approves all stocks investment decisions.

At the reporting date, the exposure to listed equity securities at fair value was VND411,001,512,150. If there is an increase or decrease of 10% in these securities’ price on 31 December 2020 with all other variables unchanged that could have an impact of increase or decrease of VND41,100,151,215 on the Fund’s operating income result relatively.

58

23. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Credit risk Credit risk is the risk that the counterparty would not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Fund is exposed to credit risk from its financial investment activity including deposits with banks and receivables. The Fund's exposure to credit risk is assessed by the Fund Management Company as low as the receivables from selling investment are collected on T + 2 for stocks, T + 1 for listed bonds and T + 0 for unlisted bonds from the date of selling the investment. Receivables being bonds and coupons, dividends at the end of the year have short payment term, the partners have credit ratios at a safe level. The table below summarizes the payment term of the Fund's receivables based on the amounts expected to be paid under the contracts:

On demand

VND

Less than 3 months

VND

From 3 months to 12

months VND

From 1 year to 5 years

VND

More than 5 years VND

Total VND

At 31 December 2020 Dividend receivables - 1,339,045,000 890,304,000 - - 2,229,349,000 Accrued interest from Certificate of Deposite - - 721,095,890 - - 721,095,890 Accrued interest from bonds - 1,147,808,219 - - - 1,147,808,219

- 2,486,853,219 1,611,399,890 - - 4,098,253,109

At 31 December 2019

Dividends receivables

-

1,234,685,000

334,666,000

-

-

1,569,351,000

- 44,385,190,700 - - - 44,385,190,700

Liquidity risk Liquidity risk is the risk that the Fund will encounter difficulty in meeting financial obligations due to shortage of capital. The Fund’s exposure to liquidity risk arises primarily from mismatches of maturities of financial assets and financial liabilities. The Fund Management Company frequently assesses liquidity demand, analyses cash inflows/outflows and monitors liquidity risk by maintaining sufficient amount of cash and cash equivalents for the Fund’s operation and to mitigate the effect of fluctuations in cash flows.

59

23. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Liquidity risk (continued):

The table below summarizes the maturity profile of the Fund’s financial liabilities based on contractual undiscounted payments:

On demand

VND

Less than 3 months

VND

From 3 months

to 12 months

VND

From 1 year to 5 years

VND

More than 5 years VND

Total VND

As at 31 December 2020 - 51,365,000 - - - 51,365,000

Payables to distribution agencies - 169,317,978 - - - 169,317,978

Accrual expenses - 60,061,638 - - - 60,061,638 Payables for fund unit subscription from investors - 1,554,277,314 - - - 1,554,277,314 Payables for fund unit redemption from investor - 3,036,201,807 - - - 3,036,201,807 Open-ended fund management fee payable - 840,378,549 - - - 840,378,549

Other payables - 4,950,000 - - - 4,950,000

- 5,716,552,286 - - - 5,716,552,286

As at 31 December 2019

Payables to distribution agencies - 63,120,773 - - - 63,120,773 Accrual expenses - 66,000,000 - - - 66,000,000 Payables for fund unit subscription from investors - 309,242,731 - - - 309,242,731 Payables for fund unit redemption from investors - 780,877,372 - - - 780,877,372 Open-ended fund management fee payable - 759,599,289 - - - 759,599,289

- 1,978,840,165 - - - 1,978,840,165

The Fund assessed that the risk concentration for payment is low. Sources of funding were deemed to be sufficiently available to meet the Fund’s current obligations.

60

24. PERFORMANCE INDICES

No. ITEMS 2020 2019

1 Operating expenses/Average NAV of the year (%) (*) 2.52% 2.32%

2 Portfolio turnover rate (%) = (Total purchases +Total sales)/Average NAV of the year/2 75.46% 46.66%

(*) The operating expenses of the Fund during the year include investment fees.

25. SUBSEQUENT EVENTS

There is no other matter or circumstance that has arisen since the date of the statement of financial position that requires adjustment or disclosure to be made in the financial statements of the Fund. Preparer:

Approver:

Approver:





Documents

SSI Sustainable Competitive Advantage Fund