T. Rowe Price Drops Below 5% Stake in PNJ, No Longer Major Shareholder

Overview

T. Rowe Price Associates, a US-based investment management group, has reported a reduction in its ownership stake in Phu Nhuan Jewelry JSC (PNJ) to below 5%, officially ceasing to be a major shareholder. The change follows PNJ’s 2:1 stock issuance from equity, which increased the total shares held by the group to over 25.44 million but diluted their percentage to 4.97%. The stock experienced high volatility and heavy trading volume during the period.

Key Facts

• T. Rowe Price group’s ownership in PNJ decreased from 5.79% to 4.97% as of July 24, 2026.
• The group held over 25.44 million PNJ shares after the change, up from 19.75 million before.
• PNJ executed a 2:1 stock issuance from equity, which theoretically would have increased the group’s holdings to about 29.63 million shares.
• T. Rowe Price International Discovery Fund added approximately 3.47 million shares, while T. Rowe Price Funds SICAV added nearly 1.95 million.
• Delaware Public Employees’ Retirement System sold its entire stake of over 1.25 million PNJ shares.
• Over 87 million PNJ shares were traded in five sessions from July 24 to July 30, 2026.
• PNJ stock closed at VND 32,500 on July 30, 2026, down 0.76% for the session.

What Happened

T. Rowe Price Associates reported a change in ownership of its affiliated foreign investor group in PNJ. Before the change, the group held 19.75 million shares, representing 5.79% of the company. After PNJ’s 2:1 stock issuance from equity, the group’s holdings increased to 25.44 million shares, but the ownership percentage dropped to 4.97%, falling below the 5% threshold that defines a major shareholder under Vietnamese regulations.

The filing did not separate the number of shares received from the issuance versus actual market purchases or sales. Within the group, some funds increased their positions, while others reduced or exited entirely. Notably, Delaware Public Employees’ Retirement System sold all its 1.25 million shares. This development follows similar moves by Dragon Capital and VinaCapital, which also reduced their PNJ stakes below 5% earlier.

Market Context

PNJ shares experienced significant volatility and high trading volume during the period. In five sessions from July 24 to July 30, 2026, over 87 million shares changed hands, with a single session on July 24 recording 41.3 million shares traded and the stock hitting the floor price of VND 30,750. The stock rebounded to the ceiling price of VND 32,900 on July 27 before closing at VND 32,500 on July 30. The heavy trading occurred amid a surge in customer demand to sell back diamond jewelry, with PNJ buying back VND 7,062 billion worth of goods from customers between July 1 and July 27. PNJ is listed on HOSE.

Strategic Significance

The departure of T. Rowe Price as a major shareholder, following similar moves by Dragon Capital and VinaCapital, signals a shift in foreign institutional sentiment toward PNJ. The dilution from the stock issuance, combined with active selling by some funds, suggests that these investors are rebalancing portfolios or reducing exposure to the jewelry retail sector. However, the increase in holdings by certain T. Rowe Price funds indicates a divergence in views within the group. The stock’s high trading volume and price swings reflect market uncertainty about PNJ’s near-term outlook, particularly given the unusual spike in customer buyback activity, which may pressure margins.

What to Watch

• PNJ’s Q3 2026 earnings report for impact of the VND 7,062 billion buyback on revenue and profitability.
• Further filings from foreign investors, especially any changes by remaining major shareholders.
• PNJ’s stock price and trading volume trends as the market digests the shareholder structure change.
• Updates on the diamond buyback program and whether it signals a shift in consumer behavior or inventory management.
• Any additional capital-raising plans or corporate actions by PNJ that could further dilute existing shareholders.