VCBF Funds Add 325,000 PNJ Shares in September Despite 58% Q3 Slump

Overview

VCBF, the fund arm of Vietcombank, added a combined 325,000 PNJ shares across its open-ended funds in September 2026, lifting total holdings to more than 3.23 million shares, or about 11.2% more than the prior period. The accumulation came after VCBF disclosed it had taken partial profits on PNJ earlier in the year, ahead of a roughly 58% decline in the stock during Q3 2026. PNJ trades on HOSE.

Key Facts

• VCBF-BCF raised its PNJ position to 1,475,195 shares from 1,250,195, an increase of 225,000 shares or about 18%.
• VCBF-TBF lifted holdings from 382,757 to 482,757 shares, a gain of more than 26%.
• Combined, the two funds added 325,000 PNJ shares during the one-month reporting period.
• VCBF-MGF held steady at 1,019,699 shares and VCBF-AIF at 252,500 shares.
• Total ownership across the four funds reached over 3.23 million shares, up about 11.2% from more than 2.9 million previously.
• At the reference price of VND 26,600 per share, the four funds’ combined PNJ stake was worth close to VND 86 billion.
• PNJ fell approximately 58% during Q3 2026, according to figures presented at VCBF’s 16 October investment update held with VNDirect Securities.

What Happened

At a quarterly fund update covering Q3 2026, representatives of Công ty TNHH Quản lý quỹ Vietcombank (VCBF) said the firm had proactively taken partial profits on Phú Nhuận Jewelry (PNJ) from the start of the year, before the stock entered a sharp decline. According to September ownership statistics, however, two funds — VCBF-BCF and VCBF-TBF — recorded meaningful increases in their PNJ holdings versus the prior period, while VCBF-MGF and VCBF-AIF were unchanged.

Nguyễn Triệu Vinh, Deputy Investment Director and Head of Equity Investment at VCBF, said at the 16 October event that the funds typically hold 30-35 companies to diversify risk. He said PNJ had risen strongly early in the year, pushing its portfolio weight higher, prompting VCBF to trim the position back to an appropriate size. He described the subsequent Q3 selloff in PNJ as regrettable, adding that diversification and gains in other holdings limited the impact on overall fund performance. VCBF data put PNJ at about 1% of VCBF-AIF, more than 1% of VCBF-BCF and more than 2% of VCBF-MGF at the time of the update.

Market Context

PNJ, listed on HOSE, closed at VND 20,000 on 20 October 2026, up 6.76% on volume of 16.1 million shares — a rebound from the depressed levels referenced in the fund statistics, which used a VND 26,600 reference price. The 58% Q3 decline weighed on the consumer discretionary sector and on the funds’ performance, though VCBF said broader portfolio diversification cushioned the effect. The September accumulation by two VCBF funds marks a partial reversal of the earlier profit-taking stance.

Strategic Significance

The buying signals that VCBF sees value in PNJ after the drawdown rather than a full exit, even as it frames the earlier sale as disciplined risk management. For long-term investors, the key question is whether the Q3 collapse reflects a temporary sentiment shock or a structural problem in the jewelry retail model. VCBF’s willingness to add at lower prices, while keeping PNJ at only 1-2% of each fund, suggests a measured re-entry rather than a high-conviction bet — a stance that limits downside but also caps the payoff if PNJ re-rates.

What to Watch

• VCBF’s October and November fund ownership disclosures for further PNJ accumulation or reversal.
• PNJ’s Q3 2026 earnings release and management commentary on the sales and margin drivers behind the 58% share decline.
• Whether the 20 October rebound on elevated volume (16.1 million shares) holds or fades.
• Foreign-ownership and major-shareholder filings for changes among institutional holders.
• Gold price trends and consumer demand data, which feed directly into PNJ’s jewelry retail revenue.