Foreign Funds T.Rowe Price and Sprucegrove Become Major Shareholders of PNJ

Overview

Foreign fund groups T.Rowe Price Associates, Inc. and Sprucegrove Investment Management Ltd have increased their stakes in Phú Nhuận Jewelry (PNJ, HOSE), each crossing the 5% ownership threshold to become major shareholders. The purchases occurred in mid-August 2026, alongside insider buying by PNJ’s CEO, signaling confidence in the company’s outlook.

Key Facts

• T.Rowe Price’s four member funds bought a total of 525,300 PNJ shares on August 13, 2026, raising the group’s stake from 4.97% to 5.07%.
• Sprucegrove Investment Management Ltd purchased 1.62 million PNJ shares on August 14, 2026, increasing its stake from 4.72% to 5.04%.
• PNJ CEO Phan Quốc Công bought 1 million shares between July 31 and August 14, 2026, raising his ownership from 0% to 0.2%.
• PNJ will close the shareholder list on August 25, 2026, for an extraordinary general meeting (EGM) expected in October 2026.
• The EGM will discuss adjustments to the 2026 business plan; the annual plan targets revenue of VND 48,660.1 billion (+37% YoY) and net profit of VND 3,409 billion (+21% YoY).

What Happened

According to filings with the Ho Chi Minh City Stock Exchange (HOSE), T.Rowe Price Associates, Inc. reported that four of its member funds purchased a combined 525,300 PNJ shares on August 13, 2026. The funds included Select Investment Series III Sicav-T. Rowe Price Global Value Equity Fund (154,000 shares), T.Rowe Price Global Value Equity Fund (63,100 shares), T.Rowe Price Oeic Global Value Equity Fund (19,900 shares), and TRP Sicav Global Value Equity Fund (288,300 shares). This increased the group’s holdings to nearly 26 million shares, equivalent to 5.07% of capital, making it a major shareholder.

Similarly, Sprucegrove Investment Management Ltd bought 1.62 million PNJ shares on August 14, 2026, through its member funds, including Vanguard International Value Fund (1.51 million shares), Sprucegrove All Country World Ex U.S. Cit (69,000 shares), and Sprucegrove All Country World Ex U.S. Fund (51,400 shares), while Sprucegrove All Country World Small Cap Fund sold 6,800 shares. This raised Sprucegrove’s stake to 5.04%, also crossing the major shareholder threshold.

In a separate development, PNJ CEO Phan Quốc Công reported buying 1 million shares via matched and negotiated trades from July 31 to August 14, 2026, increasing his ownership from 0% to 0.2%. The company also announced a record date of August 25, 2026, for an extraordinary shareholder meeting in October 2026 to review the 2026 business plan.

Market Context

PNJ shares closed at VND 37,300 on August 20, 2026, on the HOSE. The stock has been under pressure amid retail sector headwinds, but the recent foreign buying and insider purchases may signal a turning point. The moves come as PNJ prepares to adjust its 2026 business plan, which already targets strong growth of 37% in revenue and 21% in net profit.

Strategic Significance

The entry of two major foreign fund groups, T.Rowe Price and Sprucegrove, underscores growing international confidence in PNJ’s fundamentals and growth prospects. Their stakes above 5% also give them influence in shareholder meetings, potentially aligning with long-term value creation. The CEO’s share purchase further aligns management interests with shareholders. This development could attract additional foreign capital, especially as Vietnam’s retail sector recovers.

What to Watch

• PNJ’s extraordinary shareholder meeting in October 2026 and any adjustments to the 2026 business plan.
• Further stake changes by T.Rowe Price or Sprucegrove, which could signal continued accumulation or profit-taking.
• PNJ’s Q3 2026 earnings report, due in October, to see if revenue and profit trends match the annual targets.
• Any regulatory approvals or changes in foreign ownership limits that could affect PNJ’s foreign ownership room.
• Market reaction to the EGM outcome, particularly any guidance revisions.