HPG Sold by 16 Funds in Fourth Straight Month as Vietnam Fund Outflows Persist
This Aveluro analysis covers HPG on HOSE in the Basic Resources sector. The classified event type is foreign flow, with mixed sentiment and a deterministic market-impact score of 4.9/10. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Hòa Phát (HPG), listed on HOSE, was net sold by 16 investment funds in September 2026 for a fourth consecutive month, with roughly 8.3 million shares sold, according to a FiinGroup fund-flow report. The selling landed HPG seventh among the ten most net-sold stocks by volume, while banks including VPB, MBB and ACB drew the bulk of net buying. The divergence played out against continued redemptions across Vietnam’s fund industry, with Q3 2026 net withdrawals of VND 8,600 billion.
Key Facts
- HPG net sold by 16 funds in September 2026, about 8.3 million shares, the fourth straight month of net selling.
- Main sellers of HPG were open-ended funds PYN Elite, DCDS, DCDE and LVF, per FiinGroup.
- VIX led the net-sell list at 29.6 million shares, followed by OCB at 18.6 million and SSI at 12.1 million.
- Banks were the only sector with net buying above VND 1,000 billion in September, at about VND 1,034 billion, led by VPB (28.7 million shares), MBB (21.4 million) and ACB (13.8 million).
- Real estate was the heaviest net-sold sector at about VND 2,212 billion, concentrated in VIC, VHM and KDH; financial services, mainly securities, saw about VND 1,347 billion of net selling.
- Q3 2026 fund net withdrawals reached VND 8,600 billion, a seventh consecutive quarter of outflows; nine-month outflows totaled nearly VND 31,700 billion, up 34.2% year on year.
- Average equity fund performance fell 6% in Q3, with 87 of 88 funds posting negative returns.
What Happened
FiinGroup’s September 2026 fund-flow report showed investment funds concentrating purchases in bank stocks while selling securities, real estate and steel names. HPG remained on the net-sell list for a fourth consecutive month, with 16 funds participating and volume of about 8.3 million shares. The report attributed the bulk of the HPG selling to open-ended funds PYN Elite, DCDS, DCDE and LVF.
The report linked much of the September trading to ETF portfolio rebalancing. VIX was removed from the reference index of Fubon FTSE Vietnam ETF and had its weight cut in the benchmark baskets of VanEck Vietnam ETF and CSOP FTSE Vietnam 30 ETF. OCB saw heavy net selling largely because PYN Elite reduced its holding from 5.4% to 4.8%. On the buy side, MBB drew the largest number of net-buying funds at about 52, and FPT was net bought for a sixth straight month.
Market Context
HPG closed at VND 21,250 on 22 October 2026 on HOSE. The stock sits in the Basic Resources sector, where fund positioning has been negative for four months even as bank names attracted inflows. The broader picture is one of persistent industry-level redemption: Q3 marked the seventh consecutive quarter of net withdrawals, and nine-month outflows of nearly VND 31,700 billion were up 34.2% year on year. Equity fund performance deteriorated accordingly, with 87 of 88 funds negative in Q3 and an average decline of 6%. The September pattern of selling steel, securities and real estate while buying banks reflects both ETF reconstitution and active funds rotating defensively.
Strategic Significance
For long-term holders, the key question is whether HPG’s four-month fund selling reflects a durable de-rating of the steel cycle or mechanical, flow-driven supply. The named sellers are open-ended funds exposed to redemptions, which means HPG selling may be a function of industry-wide withdrawals rather than a company-specific view. That distinction matters: if outflows persist, HPG and other large-cap steel and real estate names can face continued passive pressure regardless of fundamentals, while banks benefit from the same rotation. The seventh straight quarter of redemptions suggests the domestic fund channel remains a structural headwind, and the concentration of buying in a handful of bank stocks narrows the market’s effective liquidity support.
What to Watch
- October 2026 FiinGroup fund-flow report, to confirm whether HPG’s net selling extends to a fifth month.
- PYN Elite, DCDS, DCDE and LVF monthly NAV and portfolio disclosures for changes in HPG weightings.
- Q3 2026 fund redemption data and any stabilization in industry net flows after seven quarters of outflows.
- HPG’s next quarterly earnings release for steel demand, margin and export commentary.
- Further ETF index reviews affecting VIX, OCB and other rebalanced names.