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July 2019 Vietnamese stocks performance review

July has been a contrasted month for the Vietnamese stock markets. After three consecutive months of fall, the HOSE index has rebounded with a solid monthly performance. the Hanoi Stock Exchange performance was far less impressive with a monthly gain slightly inferior to 1%. This performance difference between the two indexes can be explained by the fact that in the first half of the year roughly two-thirds of the earnings were contributed by large-cap firms and that most large-cap firms are quoted on Ho Chi Minh stock exchange. Over the month, Hanoi index is up by 4.7% and Ho Chi Minh index is up by a more modest 0.9%. Our reference portfolio is down by 1.0%. Anh Thomas returns over the long run are impressive. Since being launched, Anh Thomas portfolio overall return is +324.7% greatly outperforming both Hanoi and Ho Chi Minh indexes (+51.3% and +149.6% respectively).

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