{"id":79013,"date":"2026-05-12T08:57:39","date_gmt":"2026-05-12T01:57:39","guid":{"rendered":"https:\/\/hbbgroup.net\/mot-quy-dau-tu-bat-ngo-bat-day-fpt\/"},"modified":"2026-05-12T08:57:39","modified_gmt":"2026-05-12T01:57:39","slug":"mot-quy-dau-tu-bat-ngo-bat-day-fpt","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/mot-quy-dau-tu-bat-ngo-bat-day-fpt\/","title":{"rendered":"M\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 b\u1ea5t ng\u1edd “b\u1eaft \u0111\u00e1y” FPT"},"content":{"rendered":"
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Trong b\u00e1o c\u00e1o th\u00e1ng 4\/2026, qu\u1ef9 The Ballad Fund (TBLF) thu\u1ed9c SGI Capital ti\u1ebfp t\u1ee5c duy tr\u00ec t\u1ef7 tr\u1ecdng ti\u1ec1n m\u1eb7t cao trong danh m\u1ee5c, l\u00ean t\u1edbi 70,5%. \u0110\u00e1ng ch\u00fa \u00fd, danh m\u1ee5c t\u00e0i s\u1ea3n v\u1edbi qu\u00e1 n\u1eeda l\u00e0 ti\u1ec1n m\u1eb7t \u0111\u00e3 \u0111\u01b0\u1ee3c duy tr\u00ec t\u1eeb su\u1ed1t th\u00e1ng 8 n\u0103m ngo\u00e1i t\u1edbi nay. <\/p>\n

Hi\u1ec7u su\u1ea5t th\u00e1ng 4 c\u1ee7a TBLF \u0111\u1ea1t 0,15%, trong khi VN-Index t\u0103ng 10,73%. T\u00ednh chung 4 th\u00e1ng \u0111\u1ea7u n\u0103m, The Ballad Fund \u0111\u1ea1t t\u1ef7 su\u1ea5t sinh l\u1eddi l\u00e0 3,05% thua xa so v\u1edbi hi\u1ec7u su\u1ea5t c\u1ee7a VN-Index (10,73%) nh\u1edd \u0111\u1ed9ng l\u1ef1c ch\u00ednh t\u1eeb nh\u00f3m c\u1ed5 phi\u1ebfu Vingroup. <\/p>\n

T\u1ea1i th\u1eddi \u0111i\u1ec3m 30\/4\/2026, t\u1ed5ng t\u00e0i s\u1ea3n qu\u1ef9 \u0111\u1ea1t g\u1ea7n 70 t\u1ef7 \u0111\u1ed3ng, g\u1ea7n nh\u01b0 kh\u00f4ng \u0111\u1ed5i so v\u1edbi cu\u1ed1i th\u00e1ng 3. NAV\/ch\u1ee9ng ch\u1ec9 qu\u1ef9 \u0111\u1ea1t 11.294 \u0111\u1ed3ng. <\/p>\n

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(D\u1eef li\u1ec7u t\u00ednh t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3ng c\u1eeda ng\u00e0y 30\/04\/2026).<\/p>\n<\/figcaption><\/figure>\n

Trong c\u01a1 c\u1ea5u danh m\u1ee5c, d\u00f9 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu n\u1eafm gi\u1eef v\u1eabn gi\u1eef nguy\u00ean \u1edf 9 m\u00e3 so v\u1edbi cu\u1ed1i th\u00e1ng 3, FPT b\u1ea5t ng\u1edd xu\u1ea5t hi\u1ec7n trong danh m\u1ee5c th\u00e1ng 4 v\u1edbi t\u1ef7 tr\u1ecdng 3,24%. \u01af\u1edbc t\u00ednh, TBLF \u0111ang n\u1eafm kho\u1ea3ng 30.000 c\u1ed5 phi\u1ebfu FPT, t\u01b0\u01a1ng \u1ee9ng gi\u00e1 tr\u1ecb kho\u1ea3ng 2,3 t\u1ef7 \u0111\u1ed3ng t\u1ea1i th\u1eddi \u0111i\u1ec3m cu\u1ed1i th\u00e1ng 4. <\/p>\n

\u0110\u1ed9ng th\u00e1i \u201cgom\u201d FPT di\u1ec5n ra trong b\u1ed1i c\u1ea3nh c\u1ed5 phi\u1ebfu \u0111\u1ea7u ng\u00e0nh c\u00f4ng ngh\u1ec7 n\u00e0y \u0111\u00e3 chi\u1ebft kh\u1ea5u kh\u00e1 s\u00e2u so v\u1edbi \u0111\u1ea7u n\u0103m. Trong 4 th\u00e1ng \u0111\u1ea7u n\u0103m, FPT gi\u1ea3m kho\u1ea3ng 21%. \u0110\u00e0 gi\u1ea3m ti\u1ebfp t\u1ee5c n\u1edbi r\u1ed9ng l\u00ean kho\u1ea3ng 27% t\u00ednh \u0111\u1ebfn h\u1ebft phi\u00ean 11\/5, khi c\u1ed5 phi\u1ebfu n\u00e0y m\u1ea5t g\u1ea7n 3% v\u00e0 l\u00f9i v\u1ec1 v\u00f9ng 70.000 \u0111\u1ed3ng\/cp, m\u1ee9c th\u1ea5p nh\u1ea5t trong kho\u1ea3ng 28 th\u00e1ng. <\/p>\n

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Nhi\u1ec1u c\u1ed5 phi\u1ebfu t\u1ed1t \u0111ang b\u1ecb “b\u1ecf qu\u00ean” <\/b> <\/p>\n

Ngo\u00e0i vi\u1ec7c duy tr\u00ec t\u1ef7 tr\u1ecdng ti\u1ec1n m\u1eb7t cao, quan \u0111i\u1ec3m th\u1eadn tr\u1ecdng c\u1ee7a SGI Capital c\u0169ng ph\u1ea7n n\u00e0o \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n trong nh\u1eadn \u0111\u1ecbnh v\u1ec1 b\u1ee9c tranh th\u1ecb tr\u01b0\u1eddng chung. <\/p>\n

Theo qu\u1ef9, k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1\/2026 c\u1ee7a doanh nghi\u1ec7p ni\u00eam y\u1ebft l\u00e0 r\u1ea5t t\u00edch c\u1ef1c, \u0111\u1eb7c bi\u1ec7t nh\u00f3m phi t\u00e0i ch\u00ednh ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c l\u00ean t\u1edbi 77%. Tuy nhi\u00ean, di\u1ec5n bi\u1ebfn c\u1ee7a th\u1ecb tr\u01b0\u1eddng l\u1ea1i cho th\u1ea5y s\u1ef1 ph\u00e2n h\u00f3a m\u1ea1nh khi d\u00f2ng ti\u1ec1n ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o m\u1ed9t nh\u00f3m c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, trong khi ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng d\u00f9 c\u00f3 k\u1ebft qu\u1ea3 kinh doanh kh\u1ea3 quan v\u1eabn ch\u01b0a thu h\u00fat \u0111\u01b0\u1ee3c s\u1ef1 ch\u00fa \u00fd. <\/p>\n

SGI Capital cho r\u1eb1ng, theo \u0111\u00e0 t\u0103ng c\u1ee7a VN-Index, \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng t\u00ednh theo gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch \u0111\u00e3 ti\u1ec7m c\u1eadn v\u00f9ng \u0111\u1eaft, trong khi \u0111\u1ecbnh gi\u00e1 theo P\/E v\u1eabn \u1edf v\u00f9ng trung t\u00ednh. D\u00f9 v\u1eady, m\u1eb7t b\u1eb1ng \u0111\u1ecbnh gi\u00e1 chung \u0111ang b\u1ecb k\u00e9o l\u1ec7ch \u0111\u00e1ng k\u1ec3 b\u1edfi nh\u00f3m c\u1ed5 phi\u1ebfu Vingroup c\u00f3 \u0111\u1ecbnh gi\u00e1 cao v\u00e0 chi\u1ebfm t\u1edbi g\u1ea7n 1\/3 v\u1ed1n h\u00f3a to\u00e0n th\u1ecb tr\u01b0\u1eddng. \u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, nhi\u1ec1u c\u1ed5 phi\u1ebfu b\u00ean ngo\u00e0i nh\u00f3m n\u00e0y ti\u1ebfp t\u1ee5c tr\u1edf n\u00ean r\u1ebb h\u01a1n do d\u00f2ng ti\u1ec1n kh\u00f4ng lan t\u1ecfa, b\u1ea5t ch\u1ea5p k\u1ebft qu\u1ea3 kinh doanh t\u00edch c\u1ef1c. <\/p>\n

” Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y t\u1eebng xu\u1ea5t hi\u1ec7n trong qu\u00fd 4\/2025 v\u00e0 ti\u1ebfp t\u1ee5c k\u00e9o d\u00e0i sang n\u0103m 2026, cho th\u1ea5y d\u00f2ng ti\u1ec1n \u0111\u1ea7u t\u01b0 \u0111ang suy y\u1ebfu, trong khi t\u00e2m l\u00fd \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n ng\u00e0y c\u00e0ng ph\u1ed5 bi\u1ebfn. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, n\u1ebfu kh\u00f4ng ch\u1ea5p nh\u1eadn \u0111i theo xu h\u01b0\u1edbng r\u1ee7i ro c\u1ee7a th\u1ecb tr\u01b0\u1eddng, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd r\u1ea5t kh\u00f3 \u0111\u1ea1t l\u1ee3i nhu\u1eadn trong kho\u1ea3ng 6 th\u00e1ng g\u1ea7n \u0111\u00e2y <\/i> “, SGI nh\u1ea5n m\u1ea1nh. <\/p>\n

V\u1ec1 cung c\u1ea7u, SGI Capital l\u01b0u \u00fd kh\u1ed1i ngo\u1ea1i v\u1eabn b\u00e1n r\u00f2ng h\u01a1n 10.000 t\u1ef7 \u0111\u1ed3ng m\u1ed7i th\u00e1ng trong 4 th\u00e1ng \u0111\u1ea7u n\u0103m, d\u00f9 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c FTSE n\u00e2ng h\u1ea1ng. B\u00ean c\u1ea1nh \u0111\u00f3, \u00e1p l\u1ef1c t\u1eeb c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh th\u00eam ti\u1ebfp t\u1ee5c duy tr\u00ec trong qu\u00fd 1 v\u00e0 qu\u00fd 2, v\u1edbi t\u1ed1c \u0111\u1ed9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng giai \u0111o\u1ea1n cao \u0111i\u1ec3m qu\u00fd 4\/2025, khi\u1ebfn d\u00f2ng ti\u1ec1n tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u1edf n\u00ean khan hi\u1ebfm h\u01a1n. Qu\u1ef9 cho r\u1eb1ng nhu c\u1ea7u ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 c\u00f2n k\u00e9o d\u00e0i trong n\u0103m nay, khi ch\u1ee9ng kho\u00e1n \u0111ang n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t k\u00eanh huy \u0111\u1ed9ng v\u1ed1n thay th\u1ebf cho t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng. <\/p>\n

M\u1ed9t r\u1ee7i ro kh\u00e1c \u0111\u01b0\u1ee3c SGI Capital nh\u1ea5n m\u1ea1nh l\u00e0 d\u01b0 n\u1ee3 margin \u0111\u00e3 t\u0103ng l\u00ean v\u00f9ng \u0111\u1ec9nh c\u1ea3 v\u1ec1 gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i l\u1eabn t\u1ef7 l\u1ec7 tr\u00ean v\u1ed1n h\u00f3a v\u00e0o cu\u1ed1i qu\u00fd 1\/2026, b\u1ea5t ch\u1ea5p l\u00e3i su\u1ea5t vay margin t\u0103ng theo m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t chung. Theo \u0111\u00f3, r\u1ee7i ro s\u1ebd l\u1edbn h\u01a1n n\u1ebfu c\u00e1c c\u1ed5 \u0111\u00f4ng l\u1edbn v\u00e0 ch\u1ee7 doanh nghi\u1ec7p \u0111ang s\u1eed d\u1ee5ng c\u00e1c kho\u1ea3n vay t\u1ea1i c\u00f4ng ty ch\u1ee9ng kho\u00e1n g\u1eb7p kh\u00f3 kh\u0103n v\u1ec1 d\u00f2ng ti\u1ec1n, \u0111\u1eb7c bi\u1ec7t \u1edf nh\u00f3m li\u00ean quan \u0111\u1ebfn b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u1eeb \u0111\u00f3 c\u00f3 th\u1ec3 k\u00edch ho\u1ea1t \u00e1p l\u1ef1c b\u00e1n gi\u1ea3i ch\u1ea5p. Di\u1ec5n bi\u1ebfn l\u00e3i su\u1ea5t margin v\u00e0 thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00ec v\u1eady s\u1ebd l\u00e0 nh\u1eefng ch\u1ec9 b\u00e1o s\u1edbm c\u1ea7n theo d\u00f5i. <\/p>\n

Nh\u00ecn t\u1ed5ng th\u1ec3, SGI Capital \u0111\u00e1nh gi\u00e1 th\u1ecb tr\u01b0\u1eddng \u0111ang b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n c\u00f3 nhi\u1ec1u r\u1ee7i ro v\u0129 m\u00f4 gia t\u0103ng, t\u1eeb \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t, xu h\u01b0\u1edbng si\u1ebft l\u1ea1i ho\u1ea1t \u0111\u1ed9ng cho vay v\u00e0 huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng, r\u1ee7i ro thu\u1ebf quan t\u1eeb M\u1ef9, cho t\u1edbi \u00e1p l\u1ef1c t\u1ef7 gi\u00e1 khi nh\u1eadp si\u00eau quay tr\u1edf l\u1ea1i. Ngo\u00e0i ra, th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n giao d\u1ecbch ch\u1eadm l\u1ea1i d\u01b0\u1edbi s\u1ee9c \u00e9p l\u00e3i su\u1ea5t, trong khi ngu\u1ed3n cung b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n t\u0103ng m\u1ea1nh, c\u0169ng c\u00f3 th\u1ec3 khi\u1ebfn t\u1ed1c \u0111\u1ed9 lu\u00e2n chuy\u1ec3n v\u1ed1n trong n\u1ec1n kinh t\u1ebf suy gi\u1ea3m. <\/p>\n

D\u00f9 Ch\u00ednh ph\u1ee7 \u0111\u00e3 c\u00f3 nh\u1eefng quy\u1ebft s\u00e1ch nh\u1eb1m x\u1eed l\u00fd t\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t thanh kho\u1ea3n trong h\u1ec7 th\u1ed1ng, SGI Capital cho r\u1eb1ng qu\u00e1 tr\u00ecnh kh\u1eafc ph\u1ee5c c\u00e1c m\u1ea5t c\u00e2n \u0111\u1ed1i hi\u1ec7n t\u1ea1i c\u00f3 th\u1ec3 c\u1ea7n nhi\u1ec1u qu\u00fd. Trong giai \u0111o\u1ea1n \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n nhi\u1ec1u kh\u1ea3 n\u0103ng v\u1eabn ch\u1ecbu \u00e1p l\u1ef1c v\u1ec1 thanh kho\u1ea3n v\u00e0 \u0111\u1ecbnh gi\u00e1. <\/p>\n

Tuy nhi\u00ean, \u0111\u1ed9i ng\u0169 ph\u00e2n t\u00edch k\u1ebft lu\u1eadn r\u1eb1ng: “Ch\u00ednh s\u1ef1 l\u1ec7ch pha c\u1ee7a d\u00f2ng ti\u1ec1n c\u0169ng \u0111ang m\u1edf ra c\u01a1 h\u1ed9i \u1edf nh\u1eefng doanh nghi\u1ec7p c\u00f3 k\u1ebft qu\u1ea3 kinh doanh t\u00edch c\u1ef1c, \u0111\u1ecbnh gi\u00e1 r\u1ebb nh\u01b0ng b\u1ecb th\u1ecb tr\u01b0\u1eddng b\u1ecf qua. M\u1ed9t c\u01a1 h\u1ed9i th\u1ef1c s\u1ef1 l\u1edbn v\u1edbi r\u1ee7i ro th\u1ea5p h\u01a1n c\u00f3 th\u1ec3 ch\u1ec9 xu\u1ea5t hi\u1ec7n khi c\u00e1c r\u1ee7i ro l\u1edbn \u0111\u01b0\u1ee3c b\u1ed9c l\u1ed9 v\u00e0 ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 h\u01a1n v\u00e0o m\u1eb7t b\u1eb1ng \u0111\u1ecbnh gi\u00e1 chung<\/i>“. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Trong b\u00e1o c\u00e1o th\u00e1ng 4\/2026, qu\u1ef9 The Ballad Fund (TBLF) thu\u1ed9c SGI Capital ti\u1ebfp t\u1ee5c duy tr\u00ec t\u1ef7 tr\u1ecdng ti\u1ec1n […]<\/p>","protected":false},"author":5,"featured_media":79015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-79013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/79013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=79013"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/79013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/79015"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=79013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=79013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=79013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}