T. Rowe Price Group Exits PNJ Major Shareholder Status Despite Adding 5.7M Shares

Overview

T. Rowe Price Associates, Inc., on behalf of a group of related foreign investors, reported it is no longer a major shareholder of Phu Nhuan Jewelry JSC (PNJ) as of July 24. Despite increasing its total holdings by over 5.68 million shares, the group’s ownership stake fell to 4.97% due to PNJ’s bonus share issuance in early May, which expanded the company’s outstanding shares. This marks the third foreign fund group to lose major shareholder status at PNJ in July, following VinaCapital and Dragon Capital.

Key Facts

• T. Rowe Price’s group held 19.75 million PNJ shares (5.79%) before the change and now holds 25.44 million shares (4.97%).
• The group added over 5.68 million shares but saw its stake drop below 5% due to PNJ’s bonus share issuance.
• PNJ completed a 2:1 bonus share issuance in early May, increasing outstanding shares from ~341 million to over 511.7 million.
• T. Rowe Price International Discovery Fund increased its holdings by nearly 3.47 million shares to 11 million shares.
• T. Rowe Price International Small-Cap Equity Trust added 852,800 shares, and TAM AU Global Growth Equity acquired 957,400 shares.
• Delaware Public Employees’ Retirement System sold its entire 1.25 million shares.
• VinaCapital and Dragon Capital also ceased being major shareholders in July after reducing their stakes below 5%.

What Happened

T. Rowe Price Associates, Inc. filed a report stating that its related foreign investor group is no longer a major shareholder of PNJ as of July 24. The group’s share count increased from 19.75 million to 25.44 million shares, but the ownership percentage fell from 5.79% to 4.97%. This decline is attributed to PNJ’s bonus share issuance in early May, which increased the total number of voting shares to over 511.7 million.

Within the group, some funds increased their positions while others reduced or exited. T. Rowe Price International Discovery Fund added nearly 3.47 million shares, and T. Rowe Price International Small-Cap Equity Trust bought 852,800 shares. Conversely, Delaware Public Employees’ Retirement System sold its entire stake of 1.25 million shares, and several other T. Rowe Price funds trimmed their holdings.

Market Context

PNJ shares closed at VND 32,500 on July 30, 2026, on the HOSE exchange. The stock has faced selling pressure from foreign funds, with three major foreign investor groups—VinaCapital, Dragon Capital, and now T. Rowe Price—falling below the 5% major shareholder threshold in July. While VinaCapital and Dragon Capital reduced their stakes through outright sales, T. Rowe Price’s group increased its absolute share count, making its dilution purely a result of the bonus issuance.

Strategic Significance

The departure of three foreign fund groups from major shareholder status within a month signals a shift in foreign ownership dynamics at PNJ. However, T. Rowe Price’s case is distinct: the group actually increased its investment in absolute terms, suggesting continued confidence in PNJ’s fundamentals despite the dilution. The bonus share issuance, while diluting individual stakes, also increased liquidity and may attract new investors. The net effect on foreign ownership limits and PNJ’s shareholder base remains to be seen.

What to Watch

• Further filings from foreign investors regarding PNJ stake changes, especially any new major shareholders emerging.
• PNJ’s Q2 2026 earnings report to assess operational performance and the impact of the bonus issuance on earnings per share.
• Foreign ownership ratio trends for PNJ, as the stock has historically been a favorite among foreign investors.
• Any additional share issuances or corporate actions that could further dilute existing shareholders.
• Market reaction to the loss of major shareholder status, particularly trading volumes and price movements in the coming weeks.