Vietcombank Fund Management (VCBF), the JV between the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Franklin Templeton Investments, has won regulatory approval to launch its first open-ended equity fund in Vietnam.
Known as VCBF Blue Chip Fund, the fund will invest up to 100% of its net asset value in listed equities with large market capitalization and good liquidity.
Benchmarked against the VN100 index, the fund seeks to generate long-term returns from investments in large cap companies, and is marketed as a core equity portfolio for those investors with a horizon of three to five years or longer.
The launch follows the approval of fund certificate for initial public offering of VCBF Blue Chip Fund from the State Securities Commission of Vietnam.
Managed by a team of professional investment managers, the fund will primarily invest on the HSX and HNX as well as offer broad diversification and balanced exposure to the asset classes.
Additionally, Deutsche Bank AG’s Ho Chi Minh City branch will offer supervisory, custody, transfer agent and fund administration services for the VCBF Blue Chip Fund.
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Avinash Satwalekar, CEO and CIO of VCBF, said: "VCBF Blue Chip Fund gives investors the opportunity to increase long-term returns through investment in a diversified portfolio of companies that are blue chip companies. We select companies that are trading below our estimate of intrinsic value, and which have good growth prospects and strong management teams."