Despite a rising VN-Index in May, a significant majority of Vietnamese equity funds experienced negative returns. Data indicates that 70 out of 86 funds recorded losses for the month. This discrepancy highlights a growing divergence in performance among funds, suggesting uneven market participation. Investment flow was largely concentrated in a limited number of leading stocks, failing to broadly lift the performance of all equity funds. The results indicate selective investment strategies were favored, while broader market exposure yielded poorer results. This trend suggests increased risk for investors in funds not focused on the leading stocks driving the VN-Index’s overall growth. Analysts are observing a potential shift in investor behavior towards more concentrated portfolio holdings.