Outperformance in the Vietnam Equity Market
Why the Biggest Vietnam Equity Fund Continues to Outperform in Emerging Asia
For private investors looking to tap into the dynamic growth of Southeast Asia, Vietnam remains a compelling, though often underappreciated, opportunity. However, direct access to Vietnamese equities is still limited. Most global brokers do not offer trading on the Ho Chi Minh Stock Exchange (HOSE), and frontier market equities carry additional volatility and liquidity risks.
To navigate these challenges, many investors turn to professional fund managers — and among the most prominent options available is the Lumen Vietnam Fund. Managed by Swiss-based Aquis Capital, the fund launched in 2012 and has since become one of the biggest Vietnam equity fundsavailable to international investors. With assets under management exceeding USD 348 million, Lumen combines long-term experience with an active approach tailored to Vietnam’s evolving macroeconomic landscape.
The fund’s performance has been consistently strong. As of March 31, its annualized return since inception stands at 9.5%, while over the past five years, it delivered an average of 18% per year. This track record is particularly impressive when compared to passive alternatives. For example, the Xtrackers FTSE Vietnam Swap ETF — the most well-known Vietnam-focused index tracker — posted a negative 1.2% annual return over the same five-year period.
One of the key factors behind Lumen’s success is its active equity strategy. The portfolio is carefully curated based on both fundamental analysis and on-the-ground insight. While many Vietnam funds focus on traditional sectors such as real estate, banking, and manufacturing, Lumen also positions itself to capture long-term growth from innovation-driven industries like semiconductors and artificial intelligence — a move that reflects Vietnam’s shift from low-cost manufacturing hub to emerging tech destination.
Of course, active management comes at a price. The Lumen Vietnam Fund charges an entry fee of up to 3% and ongoing management fees of 2.45%. However, for many investors, the added cost is justified by the fund’s ability to deliver excess returns in a challenging and fast-changing market environment.
In a region where geopolitical tensions, trade policy shifts, and domestic reform agendas collide, navigating risk requires both agility and deep local knowledge. As Vietnam positions itself between global powers and accelerates investment in infrastructure, logistics, and high-tech sectors, the country’s economic prospects remain strong.
For investors seeking exposure to one of Asia’s most resilient and forward-looking markets, the Lumen Vietnam Fund offers both scale and substance. As one of the biggest Vietnam equity funds on the market today, it provides a robust and actively managed pathway to benefit from Vietnam’s next growth chapter.
