HPG Hit by 19 Funds Selling in June; Foreign Net Outflows Reach $532M

Overview

In June, HPG (HOSE) became the most sold stock by open-ended funds, with 19 funds reducing their positions, according to FiinGroup. This marks a reversal after four consecutive months of net buying. The selling pressure was led by foreign fund PYN Elite, which offloaded 9.4 million shares, while real estate and securities stocks also faced outflows. Meanwhile, funds favored banks, particularly ACB, as cumulative net redemptions for the first half reached about VND 13,300 billion (~$532 million).

Key Facts

• 19 funds reduced their HPG holdings in June, making it the most sold stock.
• PYN Elite sold 9.4 million HPG shares, equivalent to nearly 69% of its May purchases.
• Fubon FTSE Vietnam ETF and VanEck Vietnam ETF were notable sellers of HPG.
• Real estate stocks NVL and VHM saw selling; DCDS sold ~6 million NVL shares, VNDAF sold ~2.3 million.
• Securities stocks SHS and VIX were reduced; PYN Elite cut SHS ownership from 5.2% to 4.8%.
• ACB was the most bought stock, with 54 funds increasing positions.
• Cumulative net redemptions for H1 reached ~VND 13,300 billion (~$532 million), about 42% of 2025’s total.

What Happened

According to FiinGroup’s report, open-ended equity funds increased deployment in June after raising cash levels in May. 21 of 37 funds reduced cash, up from 18 in May, indicating a slight easing of defensive sentiment despite a mild VN-Index correction. However, HPG, a favorite among retail investors, saw the strongest selling pressure from funds, reversing four months of net buying.

The selling was led by PYN Elite, which sold 9.4 million shares, nearly 69% of its May purchases. Foreign ETFs like Fubon FTSE Vietnam ETF and VanEck Vietnam ETF also reduced HPG positions. Beyond HPG, real estate stocks NVL and VHM faced selling, with DCDS and VNDAF offloading NVL shares. Securities stocks SHS and VIX were also reduced, with PYN Elite cutting its SHS stake to 4.8%. In contrast, funds concentrated on banks, with ACB seeing net buying from 54 funds.

Market Context

HPG closed at VND 21,700 on August 2, 2026, reflecting the selling pressure. The stock has been a market bellwether, and the fund outflows align with broader foreign selling in Vietnamese equities. Real estate stocks NVL (VND 13,000) and VHM (VND 148,100) also saw declines, while SHS (VND 15,200) faced continued selling. The VN-Index has been adjusting mildly, with sector rotation favoring banks over cyclical sectors like steel and real estate. Cumulative net redemptions of ~VND 13,300 billion in H1 highlight persistent foreign outflows, though June saw some easing.

Strategic Significance

For long-term investors, the fund selling in HPG signals a shift in sentiment toward the steel sector, possibly due to concerns about demand or valuation. The concentration of buying in banks like ACB suggests a preference for financials with stronger earnings visibility. The continued outflows from closed-end funds like VEIL and ETF redemptions may pressure liquidity, but the FTSE Russell review in September 2026 could trigger new inflows if Vietnam is upgraded. HPG’s fundamentals remain key; investors should monitor steel prices and domestic demand.

What to Watch

• HPG’s Q2 2026 earnings release and management guidance on steel demand.
• Monthly fund flow data from FiinGroup for July to see if selling persists.
• FTSE Russell’s September 2026 review and potential market upgrade impact.
• PYN Elite’s further actions on SHS and HPG positions.
• ACB’s continued net buying trend and its impact on the banking sector.