Large Vietnamese Equity Funds Continued to Increase Cash Holdings in October

In October 2026, 20 of the 37 Vietnamese open-end equity funds tracked increased their cash allocations, fewer than the 24 that did so in September. Several large funds were among those raising their cash allocations, indicating that some fund managers remained cautious amid market volatility.

Several large equity funds continued to increase their cash allocations amid market volatility.（VietVance）

VLGF increased its cash allocation for the third consecutive month, from 11.9% in September to 16.9% in October, while its bank deposits rose to 3.6 times the previous month’s level. Cash allocations at VINACAPITAL-VESAF and VINACAPITAL-VEOF rose to 14% and 12%, respectively. SSI-SCA’s allocation climbed from 21.4% to 36.1%, among the higher levels recorded for the open-end funds tracked.

Some funds moved in the opposite direction. DCDS reduced its cash allocation from 15.5% to 11.6%, DCDE from 27.7% to 22.6%, and VINACAPITAL-VMEEF from 15% to 12.2%. Portfolio adjustments also diverged: in October, funds shifted to net buying of real estate stocks and net selling of bank stocks, while continuing to reduce some securities stock holdings.

Among real estate stocks, funds bought a net approximately 4.9 million TCH shares and 4.1 million DXG shares. Both stocks were net purchases for the third consecutive month. On the selling side, funds sold a net approximately 21.2 million OCB shares, 16.7 million FPT shares and 14.9 million HPG shares. Equity funds continued to face redemption pressure in October, and several large funds increased their cash allocations. Funds were also adjusting their holdings rather than exiting the stock market altogether.

Source: VietVance