After a horrible month of March, April recorded extraordinary gains. Despite the grim performance of many economies around the world, most equity markets performed very well in April. The massive interventions by central banks and governments may partly explain the general optimism. However, we remain skeptical about the progress of global stocks in the short term, particularly in the United States. Nevertheless, we believe that over the long term Vietnamese stocks remain clearly undervalued (which does not mean that there is no short-term downside risk linked to a possible global correction). Over the month, Ho Chi Minh index is up by 16.3% and Hanoi index is up by 15.3%. Our reference portfolio is up by 15.5%. Anh Thomas returns over the long run are quite impressive. Since being launched, Anh Thomas portfolio overall return is +285.6% greatly outperforming both Hanoi and Ho Chi Minh indexes (+54.8% and +93.2% respectively).