Equities Track Record

Since 2004, ICA has managed assets for foreign investors in the form of separately managed accounts (SMAs). Our clients are mostly high-net worth individuals and family offices from Europe and the US who are attracted by Vietnam’s long-term economic growth potential.  Clients’ assets are mainly invested in listed stocks with a small allocation dedicated to pre-IPO opportunities.


The average return of ICA’s SMAs has outperformed the VNIndex in 16 of the last 20 years. Their annualized return since 2012 was 16.2%, outperforming the VNIndex by 723 bps.



An initial investment of $100K in 2004 would be worth $1,613K as of June 30th, 2024  – currency adjusted (the same investment over the same time period would only amount to $345K if it tracked the VNIndex).