No Changes to the Portfolio Composition
Unlike previous reconstitution periods, which often involved additions and deletions of stocks, the second-quarter review of 2025 is considered a “stable” period regarding portfolio structure. Both VNM ETF and FTSE ETF maintained the same number of stocks in their portfolios.
Yuanta Vietnam Securities predicts that VNM ETF will significantly increase the weight of large-cap stocks such as VNM, VCB, and SSI, while considerably reducing the weight of VIC and VHM. On the other hand, FTSE ETF focuses on increasing the weight of banks such as SHB and EIB, while decreasing the weight of HPG and VCB.
Banks Lead in Net Buying
When aggregating the expected transactions from both ETF funds, the picture reveals significant changes in capital flow. SHB will be the biggest beneficiary, with a total net purchase volume of 21.65 million shares. This number mostly comes from FTSE ETF, with 17.67 million shares, while VNM ETF contributes an additional 4 million shares.
EIB ranks second, with 8.72 million shares net bought, mainly by FTSE ETF, as the fund increases its EIB allocation from 1.63% to 4.18%. POW is also net bought at 3.38 million shares, mainly by VNM ETF. SBT and GEX are net bought at 3.30 million and 3 million shares, respectively.
Stocks Under Selling Pressure
On the opposite side, VIC will face the most significant selling pressure, with 5.32 million shares sold net. Interestingly, while FTSE ETF increases its VIC allocation and buys nearly 2 million shares, VNM ETF sells 7.29 million shares. VHM faces a similar situation, with 4.18 million shares net sold, mainly by VNM ETF.
VCI and HPG are net sold at 3.11 million and 3.12 million shares, respectively. Notably, HPG is reduced in weight by FTSE ETF from 12.91% to 11.10%, while VNM ETF slightly increases its weight. Other stocks facing considerable selling pressure include VIX with 1.39 million shares, PDR with 1.31 million shares, HUT with 891,000 shares, and FTS with 584,000 shares.
FTSE ETF is expected to announce its reconstitution portfolio on June 6, while VNM ETF will do so on June 13. The two funds will complete the reconstitution on June 20, 2025.
 Source: Yuanta Vietnam Securities
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– 11:52 27/05/2025
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