At the end of August, VIC stock was the largest holding of the SSI-SCA open-end fund, at 11.28% of net asset value. A month later, according to Fmarket data cited by Người Quan Sát, the fund had sold all 611,200 of its VIC shares.Người Quan Sát Most of the proceeds have not gone back into the market: cash and equivalents made up 20.86% of NAV at the end of September, against 7.63% a month earlier.SSIAM
If you hold units in this fund, what you own has changed. Your money now tracks the Vingroup stocks far less than the VN-Index does, and nearly a fifth of the assets no longer move with share prices.
Where the fund stands
SSI-SCA is an open-end equity fund run by SSI Fund Management (SSIAM), part of SSI Securities. Launched on September 26, 2014, it invests actively in companies with durable competitive advantages. Per SSIAM's September 2026 report, as of September 30 the NAV per unit was VND 41,216.13, fund size was VND 1,272.8 billion (VND 1,325.1 billion at the end of August), and the minimum investment was VND 10,000.SSIAM
Performance looks different depending on the window. In September the fund's NAV fell 3.08%, less than the VN-Index's 3.47% drop. Over three months to September 30 the fund lost 5.93% versus 4.03% for the index. Year to date, the fund is down 9.84% while the VN-Index is down only 0.89%.SSIAM Beating the index by about 0.4 percentage points in one month does little to close a nine-month gap.
What changed in the portfolio
Put SSIAM's two monthly reports side by side and the biggest shift is in real estate. At the end of August the five largest holdings were VIC at 11.28%, VHM 6.90%, TCB 6.12%, HDB 5.85% and MWG 4.71%.SSIAM At the end of September they were TCB 6.47%, HDB 6.01%, MWG 4.85%, VCB 4.75% and MBB 4.75%, four of them banks.SSIAM
By sector, real estate fell from 21.09% to 5.64% of NAV, while financials rose from 41.78% to 44.13%. The rest of the difference went into cash.SSIAM
Fmarket data is more granular but measures against total assets rather than NAV, so the figures differ slightly from SSIAM's report. According to Người Quan Sát, VIC went from 10.67% of total assets to zero and VHM from 6.73% to 3.9%. The fund also trimmed PVT, NLG, LPB and STB, added to PVS, ACB, MBB, REE and FPT, and bought 1.3 million VCI shares as a new position. Six banks (TCB, HDB, MBB, VCB, CTG and VPB) sit in the top ten holdings and together account for 30.57% of fund assets.Người Quan Sát
SSIAM's own wording is more cautious: the fund "actively reduced its VIC weighting" during the month. The report does not say on which sessions the fund sold.
How the fund explains it
According to SSIAM, September's correction partly reversed the earlier concentration in the market, with the Vingroup stocks contributing about 45% of the VN-Index's decline for the month. The report says that cutting the VIC weighting helped the portfolio when the stock corrected.SSIAM
Actual prices call for a closer reading. From the August 28 session to September 30, VIC fell from VND 236,000 to VND 227,900, about 3.4%, close to the index's decline. Most of the Vingroup group's drop in the month came from another stock: VHM lost about 6.2%, from VND 73,000 to VND 68,500. During the month VIC touched VND 256,100 on September 4. If the fund sold early near that level, the loss avoided was far larger than 3.4%. If it sold late in the month, the difference was small. The report does not say which.
The 0.4-point edge has other sources too. Average cash during the month was about 10% of NAV, so a tenth of assets did not fall with the market. Some stocks offset losses: PVT rose 16.4%, VPB 9.4% and REE 5.9%. On the other side, TCB, TCX, VHM and NLG dragged NAV down the most.SSIAM So leaving VIC was one factor among several, and the evidence does not make it the deciding one for September's result.
The clearer effect lies in the weeks since. From September 30 to the October 12 session, VIC fell further from VND 227,900 to VND 219,000, about 3.9%, while the VN-Index slipped from 1,768.62 to 1,720.98 points, about 2.7%. From its September 4 peak, VIC has lost about 14.5%. A fund with no VIC and a fifth of its assets in cash takes less of this decline than the index.
What this means for unit holders
The new portfolio changes how NAV reacts to the market, in both directions. If the Vingroup stocks keep falling, SSI-SCA's NAV takes less of the hit than the VN-Index, because VIC is gone and VHM is only about 3.9% of total assets. Nearly 21% in cash does not fall with share prices either.
If the Vingroup stocks rebound, the effect reverses. VIC pulls the VN-Index up while the fund's NAV does not follow, and the cash portion does not rise. The year-to-date gap could widen further.
For the part still in equities, NAV now leans more on banks. SSIAM itself says selling pressure in September spread to banks and brokers, and financial services fell 11.4% in the month, the worst on the market.SSIAM Leaving VIC does not remove risk. It swaps Vingroup risk for banking-sector risk.
The report does not say what the cash is for. The fund may be waiting for better prices to redeploy, or it may be a reserve for investor redemptions. Fund size fell by about VND 52 billion in the month, while a 3.08% NAV drop accounts for only about VND 41 billion, so the gap is most likely investor withdrawals. SSIAM does not state the purpose of the cash.
The mechanics to know
Fees on redemption depend on holding period: 2.5% under 6 months, 2.0% from 6 to 12 months, 1.5% from 12 to 24 months, and 0% beyond 24 months. There is no subscription fee. Total redemptions per trading session are capped at 10% of fund NAV.SSIAM NAV per unit is recalculated each trading period, so the value of your holding reflects the new portfolio period by period, not instantly.
What to watch
One month of data cannot say whether leaving VIC was right or wrong over the long run. What it shows is direction: SSI-SCA is defensive, less dependent on the Vingroup stocks and tilted toward banks.
SSIAM's October report, which on past timing should land between early and mid November, will answer the open question. If cash and equivalents stay around 21% of NAV, the fund remains cautious and NAV stays less sensitive to the market. If that weight falls toward September's average of about 10%, the list of largest holdings will show whether the money went into banks, back into the Vingroup stocks, or to another sector.