Core Values
Our vision has always been to create Vietnam's leading independent equity specialist investment management firm with an unquestionable reputation for integrity and independence allied with a track record of superior long-term returns.
While all investment decisions are made by the Portfolio Manager, we act as a team with each person contributing to the overall success of the business.
We choose substance over form, and aim to deliver superior long-term performance to shareholders in preference to focusing on asset-gathering.
Investment Philosophy
PXP is a fundamental, bottom-up, long-term, investment manager. We believe that active investment management is more critical today than ever before; the rapid evolution of the Vietnamese stock market has reached a stage where stock selection skills are paramount.
No longer do listed equity prices move indiscriminately in response to “buy Vietnam” flows. Stocks are increasingly trading on fundamentals and positive alpha is becoming a function of market reach, market knowledge, and local, on-the-ground expertise. Investors are faced with the greatest dispersion of quality, valuation and risk in the history of the market.
From our offices in central Ho Chi Minh City, PXP is able to effectively utilize our team’s extensive local knowledge to identify and analyse investment opportunities.
Investment Process
PXP's investment process is designed to leverage our internal research capabilities through to the active stock selection and allocation skills of the portfolio managers to seek superior returns.
With an investment research team comprising of sector specific analysts, PXP has the internal resources to constantly monitor all macro & micro developments, news and events. We conduct comprehensive industry and company research while building long-term relationships with both actual and potential investee companies through extensive 1-on-1 meetings; and develop proprietary financial, valuation and sectoral models across the market. The team actively engages with over 90% of the market capitalization of the Ho Chi Minh and Hanoi stock exchanges combined.
We encourage idea generation across the investment team. Daily research meetings with the portfolio managers provide a forum for origination and debate and the diverse backgrounds and expertise of the participants allows us to create a three-dimensional view of investment opportunities. Being centralized in one location allows the Portfolio Manager direct access to the analysts and database before making the final investment and portfolio construction decisions.
Market Risk
At PXP we believe that the regulations and transparency created by the Ho Chi Minh City Stock Exchange provides the best available protection in Vietnam for diversified portfolio investors. This belief, in tandem with the nature of our collective experience, is the rationale behind our focus.
Our Chief Financial and Chief Operation Officers between them have over 25 years’ experience of Vietnam's legal, administrative and accounting framework, providing us with a deep and thorough understanding of the business environment. Our staff, the majority of which are native Vietnamese speakers, maintains close contact with and consistently monitors investee companies beyond the mere observation of public announcements.
Our risk management team works closely with the portfolio manager to monitor and assess the relevant risks at stock, sector and portfolio levels.
