April has been a very poor month for the Vietnamese stock markets. This month, which was interspersed by several public holidays, also witnessed a decreasing interest from non-Vietnamese investors. “There is a lot of foreign selling and clearly the market is on a downtrend and it is really pushing some margin calls,” Michel Tosto, Ho Chi Minh City-based head of institutional sales and brokerage at Viet Capital Securities, said. Over the month, Hanoi index is down by 7.4% and Ho Chi Minh index is down by a shocking 10.6%. However, our reference portfolio resisted well and recorded a more modest 6.3% monthly loss. Anh Thomas returns over the long run are impressive. Since being launched, Anh Thomas portfolio overall return is +355.8%, greatly outperforming both Hanoi and Ho Chi Minh indexes (+77.7% and +163.9% respectively).