HPG leads July fund selling: 22 funds dump 16.1M shares

Overview

HPG (HOSE) was the most heavily sold stock by investment funds in July, with 22 funds net selling 16.1 million shares, according to data from FiinGroup. The selling pressure extended to several bank stocks, while HDB and oil & gas names saw net buying. This shift reflects a cautious stance among funds after a sharp market correction.

Key Facts

• HPG was net sold by funds: 16.1 million shares in July, with 22 funds participating.
• PYN Elite sold approximately 11.1 million HPG shares; VLGF sold 1.6 million; DCDS sold 1.4 million.
• Foreign ETFs including Fubon FTSE Vietnam ETF and VanEck Vietnam ETF also sold HPG.
• Bank stocks saw net selling: OCB -11.2M shares, VIB -9.7M, STB -7.1M, ACB -7.0M, MSB -6.8M, VPB -6.2M.
• HDB led net buying among funds, with demand from DCDS, VFMVSF, and EVESG.
• Oil & gas stocks PVD, PVS, and BSR were among the top net-bought names.
• Total NAV of Vietnamese securities funds fell 9.8% to VND 247,800 billion by end-July; net redemptions reached nearly VND 5,000 billion in the month.

What Happened

According to FiinGroup’s monthly fund flow report, investment funds in Vietnam turned more defensive in July as the VN-Index dropped 6.7%. The average fund performance fell 7.4%, with all 91 tracked funds posting negative returns. In this context, funds reduced exposure to certain large caps, with HPG the most prominent target of net selling.

HPG saw 22 funds sell a combined 16.1 million shares, led by PYN Elite’s disposal of 11.1 million shares. Other notable sellers included VLGF (1.6 million) and DCDS (1.4 million), along with foreign ETFs such as Fubon FTSE Vietnam ETF and VanEck Vietnam ETF. The selling was not limited to HPG; several bank stocks also experienced net outflows, including OCB, VIB, STB, ACB, MSB, and VPB.

Conversely, funds increased holdings in select names. HDB topped the net-buying list, with purchases from DCDS, VFMVSF, and EVESG. Oil & gas stocks PVD, PVS, and BSR also attracted net buying. The report highlights a rotation away from steel and banks toward defensive or energy-related names.

Market Context

HPG closed at VND 22,250 on August 24, 2026, on the HOSE. The stock has been under pressure amid weak steel demand and margin concerns. The fund selling in July adds to the negative sentiment, though the stock’s valuation remains relatively low. Bank stocks like OCB (VND 11,000), VIB (VND 14,750), and STB (VND 74,900) also saw declines, reflecting broader market weakness. The VN-Index fell 6.7% in July, and funds increased cash holdings, with 25 of 36 open-ended equity funds raising cash ratios.

Strategic Significance

The concentrated selling of HPG by multiple funds, including a major foreign fund like PYN Elite, signals reduced conviction in the steel cycle. For long-term investors, this could represent a contrarian opportunity if the company’s fundamentals improve, but it also underscores the risk of continued foreign outflows. The rotation into HDB and oil & gas suggests funds are seeking names with better near-term earnings visibility. The overall trend of fund redemptions and rising cash levels indicates a cautious market environment, which may persist until clearer catalysts emerge.

What to Watch

• HPG’s monthly steel sales and export data for August and September.
• Q3 2026 earnings reports from HPG and major banks, due in October.
• Fund flow data for August to see if selling pressure persists or abates.
• Any changes in foreign ownership limits or regulatory policies affecting fund flows.
• VN-Index performance and market breadth as indicators of investor sentiment.