PSO MBA · Wealth Management

Individual Portfolio of AssetsAssignment 2

StudentNguyen Anh Duong — ID 25010217
UnitWealth Management (WMQ326)
LecturerMr. Bui Dang Bao (with Mr. Su Ngoc Khuong & Mr. Le Hoang Dung)
Capital
VND 10bn
Risk
Low
Horizon
5–10 yrs
Core assets
3+
🎯 Assignment brief — Option 1

"You are an advisor and manage VND10 billion for one high net worth individual. Present your portfolio of assets."

🛡️ Defensive, income-oriented allocation for a low-risk, 5–10yr mandate
📐 Every asset backed by a clear valuation method
🧭 Gold & insurance kept separate as protection tools
Who this portfolio is built for

Client Profile & Investment Objectives

Male client · 50–55 · Business owner
👤
Age 50–55
Established, income-generating business
🛡️
Risk: Low
Prefers familiar, transparent products
Horizon: 5–10 yrs
Medium-to-long term, not a trade
💧
Liquidity: Limited
Business cash flow covers daily needs
🎯
1. Capital preservation
Protect what's already been built
📈
2. Stable income
Rent + fund/bond distributions
🌾
3. Inflation protection
Keep pace with 2026 CPI
🚀
4. Growth (secondary)
Smaller, tempered component
How the VND 10 billion is split

Strategic Asset Allocation

Bonds carry the largest weight for capital preservation; real estate adds income and a physical, verifiable asset; equity funds stay the smallest sleeve as the least familiar ground for the client.

Fixed Income — 40% (VND 4.0bn) 40% Real Estate — 35% (VND 3.5bn) 35% Equity Funds — 25% (VND 2.5bn) 25%
Fixed Income · VND 4.0bn Real Estate · VND 3.5bn Equity Funds · VND 2.5bn
🏦

Fixed Income — 40%

The largest sleeve, split across two bond funds and direct bank bonds. It anchors capital preservation and provides the portfolio's most predictable income stream in a higher-rate 2026.

🏠

Real Estate — 35%

One mid-end apartment in an employment-supported corridor. Delivers rental cash flow today, plus potential capital appreciation over the 5–10 year horizon.

📈

Equity Funds — 25%

Split between two actively managed funds. The smallest sleeve on purpose — it adds diversified long-term growth without concentrating in one manager or strategy.

Key risks (hover for detail)
📉 Interest-rate ⚠️ Credit 🏚️ Real-estate 📊 Equity-market 🎯 Concentration ❓ Performance
40% · VND 4.0 billion

Bonds

Two bond funds plus a direct allocation to high-quality bank bonds — sized to capture 2026's higher-rate cycle while keeping credit risk low.

📐

Valuation method

  • Direct bonds: Yield to Maturity (YTM) benchmarked against the 10-year VGB yield (~4.41%) — the ~509bp spread reflects the credit & liquidity premium.
  • Bond funds hold many securities, so a single YTM doesn't apply — assessed instead on maturity, credit quality, NAV track record and fees.
⚠️

Key risks

Rate Credit Reinvestment Manager Liquidity/Fee

Recommended assets

30% goes to two bond funds and 10% to direct bank bonds — a fund-heavy mix that reflects the client's low risk tolerance and today's repayment stress concentrated among real-estate issuers.

DCBF — 20% (VND 2.0bn) 20% VCBF-FIF — 10% (VND 1.0bn) 10% Direct bonds — 10% (VND 1.0bn) 10%
DCBF · VND 2.0bn VCBF-FIF · VND 1.0bn Direct bonds · VND 1.0bn
🏦 DCBF · 20% · VND 2.0bn+14.5% /2yr
26,18030,626 Aug 2024 · 26,487Dec 2024 · 27,119Apr 2025 · 27,704Aug 2025 · 28,283Dec 2025 · 28,914Apr 2026 · 29,502Aug 2026 · 30,26527 Aug 2026 · 30,319 08/2404/2512/2508/26
2-year NAV, monthly (fmarket.vn). Thesis 1Y return: 7.0% (as of 1 Jul 2026); target ≈8.5% next 6–12mo, not guaranteed.
🏦 VCBF-FIF · 10% · VND 1.0bn+13.6% /2yr
14,04116,278 Aug 2024 · 14,196Dec 2024 · 14,437Apr 2025 · 14,726Aug 2025 · 15,034Dec 2025 · 15,432Apr 2026 · 15,786Aug 2026 · 16,11127 Aug 2026 · 16,123 08/2404/2512/2508/26
2-year NAV, monthly (fmarket.vn). Thesis 1Y return: 7.18%, 3Y annualised ≈7.45% (VCBF, as of 31 Jul 2026).
🏛️

Direct bonds — 10% · VND 1.0bn

Favour bank issuers — Techcombank/MBB/MSB at ~8.0–8.9% — over real-estate issuers like Vinhomes at ~12.5%, where the extra yield mostly compensates for repayment stress rather than genuine value.

35% · VND 3.5 billion

Real Estate

A mid-end apartment in the employment-supported Thuan An–Di An corridor, screened on developer quality, legal status, price and observable rental demand.

📐

Valuation method

Comparison Method (price/m² vs. nearby units) plus the Investment Method, which converts net rental income into a value using the required yield. Because the horizon is 5–10 years, expected capital appreciation on resale is weighed alongside rental income for the total return.

Property Value = Net Annual Rent ÷ Required Yield (5–8% for flats)
Opal Skyline
🏢
🥈 Alternative

Opal Skyline

Lái Thiêu, Thuận An, Bình Dương
Price (2BR)
1.95–2.35bn
Rent/mo
5.5–8.0M
Yield ≈ 2.8–4.9% · +15.5% price YoY
The Rivana
🏢
Not recommended

The Rivana

Vĩnh Phú, Thuận An, Bình Dương
Price (2BR)
3.0–3.42bn
Rent/mo
7.5–9.0M
Yield ≈ 2.6–3.6% · best location, lowest yield

Images: Batdongsan.com.vn project listings.

Why Bcons Green View: a completed project with issued ownership certificates and the highest achievable yield of the three, leaving spare capital from the VND 3.5bn allocation for transaction costs and a vacancy reserve. Opal Skyline is a close second with a lower entry price. The Rivana's stronger location comes at a price that has already run up 16.6% YoY, compressing its yield below the other two.

Key risks (hover for detail)
📊 Valuation 💧 Liquidity 🏠 Rental 📜 Legal 💰 Rate 🎯 Concentration 📈 Capital-gain
25% · VND 2.5 billion

Fund Certificates

Two actively managed equity funds form the portfolio's long-term growth sleeve, chosen through a risk-adjusted framework rather than headline return alone.

📐

Valuation method

  • 1-year and 3-year total return, weighted more toward the 3-year figure since it captures more market conditions.
  • Sharpe Ratio (excess return per unit of risk) and Maximum Drawdown, sourced from Fmarket's Fund360 framework.
⚠️

Key risks

Market Drawdown Manager Concentration Persistence

Recommended assets

VCBF-BCF provides stable, large-cap core exposure; BVFED adds a more active return-enhancement layer — combining the two diversifies fund-manager and investment-style risk.

VCBF-BCF — 15% (VND 1.5bn) 15% BVFED — 10% (VND 1.0bn) 10%
VCBF-BCF · VND 1.5bn BVFED · VND 1.0bn
📈 VCBF-BCF · 15% · VND 1.5bn+24.3% /2yr
31,68248,076 Aug 2024 · 34,307Dec 2024 · 35,759Apr 2025 · 32,813Aug 2025 · 43,030Jan 2026 (peak) · 46,945Apr 2026 · 45,377Aug 2026 (correction) · 41,15527 Aug 2026 · 42,638 08/2404/2512/2508/26
2-year NAV, monthly (fmarket.vn). Thesis 1Y return: 16.48%, 3Y cumulative 58.96% (Fmarket, as of 1 Jul 2026). The Jul–Aug 2026 pullback reflects the broad market correction below.
📈 BVFED · 10% · VND 1.0bn+36.6% /2yr
20,87133,503 Aug 2024 · 22,467Dec 2024 · 22,826Apr 2025 · 22,410Aug 2025 (peak) · 32,632Jan 2026 · 32,402Apr 2026 · 31,317Aug 2026 (correction) · 29,60127 Aug 2026 · 30,678 08/2404/2512/2508/26
2-year NAV, monthly (fmarket.vn). Thesis 1Y return: 25.14%, 3Y cumulative 61.73% (Fmarket, as of 1 Jul 2026).
Outside the VND 10 billion allocation

Other Defensive Assets — Gold & Insurance

Held separately from the strategic allocation as wealth-protection tools rather than return-generating investments.

$

A small defensive reserve, not a return engine

Gold can diversify a portfolio during inflation, currency pressure or financial-market stress, but August 2026 showed its limits: Vietnam's gold index fell 8.46% MoM in June and a further 3.02% in July 2026 — even a defensive asset can swing sharply in the short run. The thesis sets no specific gold price forecast, valuation model or target allocation, so gold is not part of the VND 10bn strategic allocation — keeping the core portfolio simple and avoiding a position without a clear valuation or cash-flow role.

🛡️ Inflation hedge
📉 No fund manager/NAV
💧 Sentiment-driven liquidity

Protect the plan, not grow the portfolio

Insurance is a wealth-protection mechanism, not an investment allocation. Its purpose is to protect the client and family against major health, disability or mortality events that could otherwise force the premature sale of long-term investments. Since the client continues to generate stable business income, premiums should be funded from ongoing income — not from the VND 10 billion investment capital — letting the core portfolio stay invested over the full 5–10 year horizon.

❤️ Health & disability
💰 Funded from income
📄 Transparent fees & terms
Sources cited in this analysis

References

1.National Statistics Office of Vietnam. (2026a). Report socio-economic performance in Q2 and H1 2026. nso.gov.vn
2.National Statistics Office of Vietnam. (2026b). CPI, Gold & USD Price Index, Jul 2026. nso.gov.vn
3.National Statistics Office of Vietnam. (2026c). Báo cáo KT-XH tháng 7 và 7 tháng 2026. nso.gov.vn
4.National Statistics Office of Vietnam. (2026d). Press release: Socio-Economic Performance Q2/H1 2026. nso.gov.vn
5.MBS Research. (2026a, Aug 10). Vietnam Money Market – July 2026. mbs.com.vn
6.MBS Research. (2026b, Aug 25). Báo cáo Thị trường Trái phiếu tháng 7/2026. mbs.com.vn
7.FTSE Russell. (2026, Apr 7). March 2026 semi-annual country classification review. lseg.com
8.Reuters. (2026, Aug 27). Six months of war: Middle East conflict & financial markets. reuters.com
9.VnExpress. (2026, Aug 21). Vụ buôn lậu kim cương & PNJ-LAB. vnexpress.net
10.Tuổi Trẻ News. (2026, Jul 4). PNJ under pressure after diamond smuggling case. tuoitre.vn
11.Dragon Capital. (2026a, Jul). Báo cáo hoạt động quỹ DCBF tháng 07/2026. dautu.dragoncapital.com.vn
12.Dragon Capital. (2026b). DCBF — lợi nhuận kỳ vọng 8.5%/năm. dautu.dragoncapital.com.vn
13.Vietcombank Fund (VCBF). (2026). VCBF Fixed Income Fund. vcbf.com
14.VCBF. (2026). VCBF Blue Chip Fund. vcbf.com
15.SSI Research. (2026, Aug 6). Monthly Market Review & Outlook – August 2026. ssi.com.vn
16.Fmarket. (2026, Jun). Báo cáo hiệu suất quỹ mở. fmarket.vn
17.Bao Viet Fund. (2026). BVFED. baovietfund.com.vn
18.CBRE. (2026, Aug). Ho Chi Minh City Figures Q2 2026. cbre.com
19.JLL. (2026, Aug). HCMC Residential Market Dynamics Q2 2026. jll.com
20.ChinhPhu.vn. (2026). Nghị định số 54/2026/NĐ-CP. chinhphu.vn
21.Batdongsan.com. (2026, Jul). Quy hoạch, hạ tầng & dữ liệu BĐS 2026. wiki.batdongsan.com.vn
22.Fmarket.vn / Batdongsan.com.vn. (2026). Live NAV-history data (DCBF, VCBF-FIF, VCBF-BCF, BVFED) and project listings (Bcons Green View, Opal Skyline, The Rivana), retrieved 29 Aug 2026.