This information was shared at an investor event hosted by Dragon Capital in early July. In a volatile market, the team of experts shared examples and experience to help individual investors improve their long-term thinking and choose effective funds.

Dragon Capital experts. Photo: Dragon Capital

Dragon Capital experts. Photo: Dragon Capital

Don't evaluate investment funds solely on certificate prices.

The experts said a common mistake among individual investors, especially newcomers, is using the fund certificate price to measure how "expensive" or "cheap" it is, thereby assessing the product's attractiveness.

However, Vo Nguyen Khoa Tuan, Senior Director of Securities Services at Dragon Capital, said the price of a fund certificate hardly reflects the fund's attractiveness or investment potential.

According to him, the price of a fund certificate is determined based on the net asset value (NAV), which includes the total value of assets after deducting debts and expenses, divided by the total number of certificates. Therefore, a high price can stem from the fund having a high net asset value due to effective investment, many valuable assets, or low debt.

Prioritize long-term performance and management expertise.

Tuan recommended that instead of worrying about the price, investors should focus on the medium and long-term performance of the fund, over 2, 5, or 10 years, rather than looking at the price at a single point in time. At the same time, it's essential to consider the competence and reputation of the fund management company, its transparency, risk management capabilities, and sustainable investment strategy.

Sharing the same view, Nguyen Sang Loc, Portfolio Management Director at Dragon Capital, said long-term performance accurately reflects a fund's ability to weather market cycles.

"The investment journey is like a long road; it needs an experienced driver to slow down at the right time and maintain stability when encountering fluctuations," he said.

Nguyen Sang Loc, Portfolio Management Director at Dragon Capital. Photo: Dragon Capital

Nguyen Sang Loc, Portfolio Management Director at Dragon Capital. Photo: Dragon Capital

Illustrating this point, the experts mentioned DCDS, an investment product managed by Dragon Capital that maintained positive performance during the sharp market correction in 4/2025. While many portfolios were in the red, DCDS maintained growth thanks to its flexible defensive strategy and effective risk control. To date, the fund has recorded a performance of 51.87% over two years and 57.27% over three years, with a portfolio of 50-60 stocks flexibly allocated.

According to Loc, the key factors that make a difference in a fund's performance are a clear investment philosophy, a flexible strategy, and the ability to respond promptly to market fluctuations. "The role of the fund management team is to help investors get through difficult periods as safely as possible, or at least slow down and limit losses if they have to face them," he said.

He said the strategy of "consistency - perseverance - timeliness - flexibility - impartiality" has helped DCDS preserve value and generate good returns during volatile periods. This effectiveness doesn't come from betting on a few individual stocks but from in-depth research and portfolio diversification according to objectives.

NAV growth reflects the intrinsic value of businesses.

According to Dragon Capital experts, a strong increase in net asset value (NAV) often goes hand in hand with improvements in the quality of businesses in the fund's portfolio. When the investment portfolio focuses on listed stocks with a solid foundation, the recovery of the businesses will be quickly reflected in the NAV through market prices.

Le Anh Tuan, Chief Investment Officer at Dragon Capital, cited DCDS's NAV continuously setting new peaks in recent weeks. This increase is considered consistent with the market's recovery trend and demonstrates investor confidence in listed companies.

Le Anh Tuan, Chief Investment Officer at Dragon Capital. Photo: Dragon Capital

Le Anh Tuan, Chief Investment Officer at Dragon Capital. Photo: Dragon Capital

Currently, DCDS's portfolio is 100% allocated to listed stocks, with market prices transparently determined by supply and demand. According to Tuan, the recent increase in market prices reflects positive business results and expectations for the inherent strength of businesses.

As of the end of 6/2025, the VN-Index increased by about 14-15% compared to the beginning of the year, while the profits of listed companies recorded growth of 12-13%.

"Last year's market was heavily discounted due to many unfavorable factors. The current increase is entirely consistent with the recovery of businesses," he said.

However, Tuan also noted that the market is entering a revaluation phase, so investors need to maintain a steady mindset in the face of short-term fluctuations. Instead of worrying about how much the market has increased, investors should focus on assessing the quality of assets in their portfolio. Businesses with a solid foundation will continue to create long-term value, even when the market experiences short-term fluctuations.

Consider when to take profits.

The question of "when to take profit" always makes many investors wonder. According to Vo Nguyen Khoa Tuan, most profit-taking decisions are made too early, missing out on the significant growth cycle that follows.

He cited the period from 2016 to 2017 when the VN-Index surpassed the 600-700 point accumulation zone. Many investors took "premature profits" and missed the subsequent growth opportunity of 50% to 70%. Currently, the market is repeating a similar scenario, with the VN-Index accumulating around the 1,200-1,300 point range for almost three years. He believes this is the first stage of a new growth cycle, and rushing to take profits after a 10-15% increase could cause investors to leave the market too early.

"For many people, a market acceleration is a risk signal, but for us, it's an opportunity to increase investment," Tuan said.

Vo Nguyen Khoa Tuan, Senior Director of Securities Services at Dragon Capital. Photo: Dragon Capital

Vo Nguyen Khoa Tuan, Senior Director of Securities Services at Dragon Capital. Photo: Dragon Capital

Maintain a steady mindset and investment discipline.

In a multi-variable investment environment like 2025, where geopolitical factors, capital flows, and regulatory policies are changing rapidly, experts emphasize the importance of maintaining discipline and managing emotions.

According to Le Anh Tuan, investing is a psychological battle. Investors should focus on the fundamentals of businesses, maintain discipline, and persevere in holding to create long-term value.

Minh Ngoc