SSI-SCA Fund Exits Vingroup (VIC) Stake in September 2026

Overview

SSI Sustainable Competitive Advantage Fund (SSI-SCA) sold its entire stake in Vingroup (VIC) during September 2026, according to the fund’s monthly report. VIC had been the fund’s largest holding at nearly 11% of net asset value at end-August. The exit coincided with a broader market pullback in which Vingroup stocks accounted for about 45% of the VN-Index decline.

Key Facts

• SSI-SCA held VIC at nearly 11% of its portfolio at end-August 2026, its largest single position.
• The fund reported no VIC holding at end-September 2026.
• SSI-SCA’s net asset value stood at approximately VND 1,300 billion at end-September.
• Equity exposure fell to 78.62% of total assets, while cash and equivalents rose to 21% from a monthly average of about 10%.
• The fund returned -3.1% in September 2026, versus -3.5% for the VN-Index.
• HoSE average daily trading value dropped to USD 633 million per session, the lowest since February 2025.
• Foreign investors net sold approximately USD 179 million across the three exchanges in September.

What Happened

According to the September 2026 monthly report of SSI Sustainable Competitive Advantage Fund (SSI-SCA), Vingroup (VIC) was no longer in the portfolio at month-end. At end-August, VIC had been the fund’s largest investment with a weight of nearly 11%. The report does not disclose the transaction value or the specific dates on which the shares were sold.

The fund’s absolute decline was driven mainly by Financials and Real Estate, followed by Materials. At the stock level, TCB, TCX, VHM and NLG were the largest detractors, while PVT, VPB and REE partially offset losses. SSI-SCA noted that its active reduction of VIC during the month helped the portfolio benefit from the reversal in the group of stocks that had previously driven much of the VN-Index’s gain. The fund’s financial sector exposure remained the largest, with four of its top five holdings being bank stocks (TCB, HDB, VCB, MBB); MWG was the only non-financial name in the top five, at 4.85%.

Market Context

Vingroup (VIC) trades on the Ho Chi Minh Stock Exchange (HOSE) and closed at VND 222,000 on October 13, 2026. Vinhomes (VHM), also on HOSE, closed at VND 64,400 the same day. The September market correction occurred despite the official effectiveness of FTSE Russell’s upgrade of Vietnam to secondary emerging market status on September 21. SSI-SCA attributed the weak sentiment to rising global bond yields, elevated oil prices, continued domestic liquidity deterioration, and increased foreign net selling. The reversal in Vingroup-linked stocks partially undid the market structure that had concentrated index gains earlier in the year.

Strategic Significance

For long-term investors, the SSI-SCA exit highlights the risk of concentrated exposure to the Vingroup ecosystem, which had been a primary driver of VN-Index performance before September. The fund’s decision to raise cash to 21% and rotate toward banks (TCB, HDB, VCB, MBB) and select retail (MWG) suggests a defensive posture amid weakening liquidity and foreign outflows. The move also underscores that the FTSE Russell upgrade, while structurally positive, did not insulate the market from cyclical pressures. Whether the Vingroup complex can regain leadership depends on domestic credit conditions and real estate recovery, which remain uncertain.

What to Watch

• SSI-SCA’s October 2026 monthly report for any further portfolio shifts or re-entry into VIC.
• Vingroup’s Q3 2026 earnings release and any updates on its real estate, auto, or technology segments.
• Foreign investor net buying/selling trends on HOSE, particularly in VIC and VHM.
• Domestic liquidity indicators, including HoSE average daily trading value, for signs of stabilization.
• SBV policy signals on credit growth and interest rates, which affect real estate and banking sector outlooks.