UEH UNIVERSITY

COLLEGE OF BUSINESS
FACULTY OF FINANCE

GROUP ASSIGNMENT – TOPIC 1

Course: Financial Investment

Lecturer: Lê Thị Phương Vy

Code: 23C1FIN50504703
Batch – Class: 47 – FNC03
Students:
1. Đỗ Ngọc Anh Thư – 31211023537
2. Huỳnh Thị Thu Nga – 31211024089
3. Ngô Minh Châu – 31211024211
4. Lê Thanh Trúc – 31211020640
5. Trần Đặng Mỹ Linh – 31211021322

Ho Chi Minh City, October 19th, 2023

 TABLE OF CONTENTS

1. Data description..................................................................................................................................5
1.1. Company and Stocks Introduction..................................................................................................5
1.1.1 Asia Commercial Joint Stock Bank (ACB)...................................................................................5
1.1.2 Bank for Foreign Trade of Vietnam (Vietcombank)...................................................................5
1.1.3 Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)...............5
1.1.4 Vietnam Technological and Commercial Joint Stock Bank (Techcombank)..............................6
1.1.5 Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)...........................6
1.2. Dataset description.........................................................................................................................7
2. Expected Returns and Variance Analysis...............................................................................................7
2.1. Daily returns.....................................................................................................................................7
2.2. Expected returns..............................................................................................................................7
2.3. Variance...........................................................................................................................................8
3. Variance-Covariance Matrix.................................................................................................................8
4. Expected returns, Standard deviation & Sharpe ratio of the Portfolio.................................................9
4.1. Portfolio’s Expected Returns...........................................................................................................9
4.2. Portfolio’s Standard Deviation......................................................................................................10
4.3. Portfolio’s Sharpe Ratio................................................................................................................10
5. Minimum Variance of the Portfolio.....................................................................................................10
6. Optimal Risky Portfolio........................................................................................................................12
7. Efficient Frontier of Risky Portfolio......................................................................................................15
8. Optimal CAL.........................................................................................................................................18
9. Conclusions..........................................................................................................................................20
REFERENCE................................................................................................................................................23
 LIST OF TABLES

Table 1. Ownership structure of ACB (Vietstock,2022)..............................................................................5

Table 2. Ownership structure of VCB (Vietstock, 2022).............................................................................5

Table 3. Ownership structure of BID (Vietstock, 2022)..............................................................................6

Table 4. Ownership structure of TCB (Vietstock, 2022).............................................................................6

Table 5. Ownership structure of CTG (Vietstock, 2022).............................................................................7

Table 6. Daily and annually expected return of each stock.......................................................................8

Table 7. Daily and annual variance of each stock......................................................................................8

Table 8. Variance – Covariance Matrix.......................................................................................................9

Table 9. Expected returns of the portfolio when each stock has an equal weight....................................9

Table 10. Weight of each stock in the portfolio to get minimum variance in case of allowing short

selling and not allowing short selling.......................................................................................................12

Table 11. Optimally-weighted portfolio (Short selling is not allowed)....................................................14

Table 12. Optimally-weighted portfolio (Short selling is allowed)..........................................................15

Table 13. Randomly-weighted portfolio...................................................................................................16

Table 14. Standard deviation and Expected returns in case Short selling is not allowed.......................16

Table 15. Standard deviation and Expected returns in case Short selling is allowed..............................17

Table 16. Data for Capital Allocation Line in case Short selling is not allowed.......................................19

Table 17. Data for Capital Allocation Line in case Short selling is allowed..............................................19

Table 18. Optimally weighted portfolio (Short selling not allowed)........................................................21

Table 19. Optimally weighted portfolio (Short selling allowed)..............................................................22

 LIST OF FIGURES

Figure 1. Excel Solver to find the minimum variance of the portfolio in case Short selling is allowed...11

Figure 2. Excel Solver to find the minimum variance of the portfolio in case Short selling is not allowed

..................................................................................................................................................................11

Figure 3. Excel Solver to find Optimal Risky portfolio in case Short selling is not allowed.....................13

Figure 4. Excel Solver to find Optimal Risky portfolio in case Short selling is allowed............................14

Figure 5. Excel Solver to find minimize the portfolio standard deviation................................................16

Figure 6. The Efficient Frontier in case Short selling is not allowed.........................................................17

Figure 7. The Efficient Frontier in case Short selling is allowed...............................................................18

Figure 8. The Capital Allocation Line (Short selling not allowed)............................................................19

Figure 9. The Capital Allocation Line (Short selling not allowed)............................................................20

Figure 10. The Efficient Frontier with CAL (Short selling not allowed)....................................................21

Figure 11. The Efficient Frontier with the optimal CAL (Short selling allowed).......................................22
1. Data description
1.1. Company and Stocks Introduction
1.1.1 Asia Commercial Joint Stock Bank (ACB)
Ticker symbol: ACB
Asia Commercial Joint Stock Bank (ACB), which was established in 1993 with a charter
capital of 20 billion VND, is now one of the leading commercial joint stock in Vietnam. The Bank
was first listed on Hanoi Stock Exchange (HNX) in 2006 and then switched to be listed on Ho Chi
Minh Stock Exchange (HOSE) in 2020. ACB has its business in the provision of a wide variety of
financial and banking services. Such services include financial services, trade finance, cards
services, term deposit, bank guarantee, insurance, etc.
The ownership structure of ACB recorded on December 31, 2022 is shown as below:
Shareholder Holdings (%)
Others 83.10
Major shareholders 16.90
Table 1. Ownership structure of ACB (Vietstock,2022)
1.1.2 Bank for Foreign Trade of Vietnam (Vietcombank)
Ticker symbol: VCB
Bank for Foreign Trade of Vietnam (Vietcombank), formerly known as the Foreign
Exchange Management Department under the Vietnam National Bank in 1955, was officially
went into operation in 1963. The Bank officially operated under the model of joint-stock
commercial bank in 2008 and listed its shares on Ho Chi Minh Stock Exchange (HOSE) in 2009. It
is currently the most operational efficient bank in Vietnam’s banking industry with continuous
breakthrough in profit over the years. Vietcombank engages in the provision of commercial
banking services for individuals and corporate clients. It offers both traditional services such as
international settlement and trade finance, fund mobilization, lending, and project finance; and
modern services including card service, e-banking, and securities trading and investment.
The ownership structure of VCB recorded on December 30, 2022 is shown as below:
Shareholder Holdings (%)
State Bank of Vietnam 74.80
Strategic shareholders 15
Others 10.2
Table 2. Ownership structure of VCB (Vietstock, 2022)
1.1.3 Joint Stock Commercial Bank for Investment and Development of Vietnam
(BIDV)
Ticker symbol: BID
 Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV),
formerly known as Bank for Construction of Vietnam under the Ministry of Finance, was
established in 1957. BIDV put into operation under the model of a joint stock commercial bank
in 2012 and has listed its shares on Ho Chi Minh Stock Exchange (HOSE) since 2014. BIDV
comprehensively completed its business targets, strengthening competitive capacity, becoming
the leading commercial joint stock bank in Vietnam with sustainable development in the
current period. The Bank offers a wide variety of investment banking services to individual and
corporate customers, and financial institutions, including deposits, savings, personal loan, e-
banking, trade finance, guarantees, and global markets.
The ownership structure of BIDV recorded on December 31, 2022 is shown as below:
Shareholder Holdings (%)
State Bank of Vietnam 80.99
Foreign shareholders own >= 5% 15
Others 3.78
The Labour Union of Company 0.23
Table 3. Ownership structure of BID (Vietstock, 2022)
1.1.4 Vietnam Technological and Commercial Joint Stock Bank (Techcombank)
Ticker symbol: TCB
Vietnam Technological and Commercial Joint Stock Bank (Techcombank), founded in
1993, now becomes one of the largest joint-stock commercial banks in Vietnam and one of the
leading banking institutions in Asia. The Bank listed its shares on Ho Chi Minh Stock Exchange
(HOSE) in 2018. Techcombank has its business in mobilization and trade of capital, and
provision of relevant financial services.
The ownership structure of TCB recorded on December 31, 2022 is shown as below:
Shareholder Holdings (%)
Domestic shareholders 77.54
Foreign shareholders 22.46
Table 4. Ownership structure of TCB (Vietstock, 2022)
1.1.5 Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
Ticker symbol: CTG
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), established in
1988 upon its separation from the State Bank of Vietnam, is a leading financial and banking
group of Vietnam with diversified activities. The Bank, formerly known as Vietnam Bank for
Industry and Trade, transformed into Vietnam Joint Stock Commercial Bank For Industry and
Trade and listed on Ho Chi Minh Stock Exchange (HOSE) in 2009. VietinBank provides a wide
range of banking and financial products and services such as retail banking, trade finance,
Internet banking, etc.
The ownership structure of CTG recorded on December 31, 2022 is shown as below:
Shareholder Holdings (%)
State Bank of Vietnam 64.46
Foreign shareholders 27.81
Domestic shareholders 6.58
VietinBank Trade Union 1.15
Table 5. Ownership structure of CTG (Vietstock, 2022)
1.2. Dataset description
The data used for our investment portfolio to build the optimal risky portfolio includes
the daily close price of 5 stocks (ACB, VCB, BID, TCB, CTG) listed on Ho Chi Minh Stock Exchange
(HOSE), and the daily risk-free rate of Vietnam 10-year government bond, for the three-year
period from September 29, 2020, to September 29, 2023. The data includes 751 observations.
Our group collects the stock price data from CafeF - Vietnam's economic, financial, and
stock information news channel , and the risk-free rate data from Investing.com: Stock news,
economic and financial data.

2. Expected Returns and Variance Analysis

2.1. Daily returns
The daily returns of each stock that used to measure the day-to-day perfomance of
stocks, is the percentage change in the stock price since the previous day’s close which is
calculated as follow:
P t +1−Pt P t +1
or −1
Pt Pt

2.2. Expected returns

The expected returns are calculated by taking each stock's average daily returns.
❑
E ( r )=∑ p ( s ) r ( s )
❑

Where: p(s) = the probability of each scenario

r(s) = the HPR in each scenario

In order to annualize the daily expected returns, we use the function of:

[ ( Average daily returns+1 )Trading days−1 ] × 100

 The daily expected returns and annually expected returns are calculated as follows:

Daily expected return (%) Annually expected return (%)

ACB 0.02270 5.88566
VCB 0.01887 4.86973
BID 0.01404 3.60223
TCB 0.14508 44.10072
CTG 0.01284 3.28918
Table 6. Daily and annually expected return of each stock
2.3. Variance
The term variance refers to a statistical measurement of the spread between numbers
in a data set, measuring how far each number in the set is from the average, and thus from
every other number in the set. It is used by both analysts and traders to
determine volatility and market security. The variance is calculated as follows:
Variance = Expected value of squared deviations
❑
σ =∑ p ( s ) [ r ( s ) −E ( r ) ]
2 2

❑
Where: p(s) = the probability of each scenario
r(s) = the HPR in each scenario

To annualize the daily variance, we multiply it by the number of trading days of 252.
The daily variance and annual variance are as follows:

Daily variance (%) Annual variance (%)

ACB 5.02297 1265.78760

VCB 5.08910 1282.45202

BID 6.41084 1615.53281

TCB 8.09564 2040.10018

CTG 4.06537 1024.47224

Table 7. Daily and annual variance of each stock

3. Variance-Covariance Matrix
Covariance is a measure of the relationship between two random variables and to what
extent they change together. In other words, it defines the changes between the two variables,
 such that change in one variable is equal to change in another variable. Covariance between
two variables is calculated as follows:
❑
Cov ( r D , r E )=∑ Pr ( scenario ) [ r D−E ( r D ) ][ r E −E ( r E ) ]
❑
The covariance of a variable with itself is the variance of that variable:
2
Cov ( r D , r D )=σ D

Variance-covariance matrix is defined as a square matrix where the diagonal elements

represent the variance and the off-diagonal elements represent the covariance. Because the
covariance matrix is symmetric around the diagonal so Cov ( r D , r E )=Cov ( r E ,r D ) . Thus, each
covariance term appears twice.
The table below shows the variance-covariance matrix of the returns of 5 stocks:
Variance - Covariance Matrix (%)
ACB VCB BID TCB CTG
ACB 5.02297 0.08809 0.09019 0.11749 0.14452
VCB 0.08809 5.08910 2.31344 1.35316 1.48457
BID 0.09019 2.31344 6.41084 2.50490 2.21270
TCB 0.11749 1.35316 2.50490 8.09564 1.22805
CTG 0.14452 1.48457 2.21270 1.22805 4.06537
Table 8. Variance – Covariance Matrix
In the above table, the variables tend to show similar behavior, so the covariance is
positive.
4. Expected returns, Standard deviation & Sharpe ratio of the Portfolio
4.1. Portfolio’s Expected Returns
The portfolio expected return is a weighted average of expected returns on the 5
component stocks.
With each stock having an equal weight of 0.2, the sum of weight must be 1.0, the daily
expected return and annual expected return of the portfolio are as follow.
Weight Daily expected return (%) Annual expected return (%)
ACB 0.2 0.02270 5.88566
VCB 0.2 0.01887 4.86973
BID 0.2 0.01404 3.60223
TCB 0.2 0.14508 44.10072
CTG 0.2 0.01284 3.28918
Portfolio 1.0 0.04271 12.34950
Table 9. Expected returns of the portfolio when each stock has an equal weight
 4.2. Portfolio’s Standard Deviation
After having the results of the daily expected return of each stock and the covariance
between each pair of stocks, the daily variances of the portfolio can be calculated, which are
then square-rooted to obtain the daily standard deviation.
In order to annualize daily standard deviation, we multiply it by the number of trading
days of 252. In the case of which each stock in the portfolio has an equal weight, the daily
standard deviation and the annual standard deviation of the portfolio are 1.43886% and
22.84124%, respectively.
4.3. Portfolio’s Sharpe Ratio
E ( r p )−r f
Sharpe ratio formula:
σp

where E(rp) = the portfolio’s expected return = 12.34950

rf = risk-free rate = 3.002, which is calculated as the average of the daily 10-year
Treasury bonds of Vietnam on trading days from 29/09/2020 to 29/09/2023
σ p = the portfolio’s standard deviation = 22.84124

Therefore, the portfolio’s Sharpe ratio when each stock has an equal weight is 0.40925.

5. Minimum Variance of the Portfolio

Calculating the global minimum variance of the portfolio provides the starting point of
the efficient frontier.
We can use Excel Solver to support us to calculate the portfolio’s minimum variance as
well as the weight of each stock in the portfolio to get the minimum variance. There are two
cases being considered: Short selling is allowed a weight of a particular stock in the portfolio
may be negative) and Short selling is not allowed (0 < weight of a particular stock < 1).
 Figure 1. Excel Solver to find the minimum variance of the portfolio in case Short selling is
allowed

Figure 2. Excel Solver to find the minimum variance of the portfolio in case Short selling is not
allowed
 Short selling is not allowed Short selling is allowed
Minimum-variance weight
ACB 0.3 0.3
VCB 0.2 0.2
BID 0.1 0.1
TCB 0.1 0.1
CTG 0.3 0.3
Sum 1.0 1.0
Table 10. Weight of each stock in the portfolio to get minimum variance in case of allowing
short selling and not allowing short selling

Both cases yield the same results on the weight of each stock, as well as expected
return, standard deviation, and Sharpe ratio.
 Daily expected return = 0.03342%
 Annual expected return = 9.42804%
 Daily standard deviation = 1.33221%
 Annual standard deviation = 21.14819%
 Sharpe ratio = 0.30387

6. Optimal Risky Portfolio

Calculating The Optimal Risky portfolio to know the weight we should invest in portfolio
with the max Sharpe ratio. Excel Solver will continue to be used.
· Short selling is not allowed
Figure 3. Excel Solver to find Optimal Risky portfolio in case Short selling is not allowed
 As a result, we have:
Optimally-weighted portfolio
ACB 0,0824
VCB 0,0000
BID 0,0000
TCG 0,9176
CTG 0,0000
sum 1
Expected return daily (%) 0,13499
Expected return annually (%) 40,95006
Standard deviation daily (%) 2,62063
Standard deviation annually (%) 41,60116
Sharpe ratio 0,91220
Table 11. Optimally-weighted portfolio (Short selling is not allowed)
In case Short selling is not allowed, we should invest most in TCG to get a the highest
expected return (40.95006).
· Short selling is allowed
Similar to the above method, but in case Short selling is allowed, we don’t make
unconstrained variables Non-Negative.

Figure 4. Excel Solver to find Optimal Risky portfolio in case Short selling is allowed
As a result, we have:
 Optimally-weighted portfolio
ACB 0,1362
VCB -0,0362
BID -0,5289
TCG 1,5950
CTG -0,1661
sum 1
Expected return daily (%) 0,22425
Expected return annually (%) 68,51269
Standard deviation daily (%) 4,25353
Standard deviation annually (%) 67,52273
Sharpe ratio 0,97021
Table 12. Optimally-weighted portfolio (Short selling is allowed)
When Short selling is allowed, we should invest most in TCG with the highest optimally-
weighted portfolio (1.5950). Three stocks with the negative result (VCB, BID,CTG), we should
short sell.

7. Efficient Frontier of Risky Portfolio

To minimize the portfolio standard deviation, we use Excel Solver with randomly
weighted portfolio.

Figure 5. Excel Solver to find minimize the portfolio standard deviation

 And we get the data:

Randomly-weighted portfolio
ACB 0.3
VCB 0.2
BID 0.1
TCG 0.1
CTG 0.3
sum 1
Table 13. Randomly-weighted portfolio
 Short selling is not allowed

Short selling is not allowed

Standard 23.9646 21.6874 21.1482 24.1265 31.1959 35.5864 41.3925 45.1675
deviation

Expected 4 5 9,4280 20,0000 30 35 40,9501 44,1007

returns
Table 14. Standard deviation and Expected returns in case Short selling is not allowed

Figure 6. The Efficient Frontier in case Short selling is not allowed

 Short selling is allowed
 Short selling is allowed
Standard 21.9534 21.6874 21.1482 24.0603 39.3468 66.0059 74.2420 84.702
deviation
Expected 4 5 9.4281 20 40 67.0392 75 85
returns
Table 15. Standard deviation and Expected returns in case Short selling is allowed

Figure 7. The Efficient Frontier in case Short selling is allowed

8. Optimal CAL
The Capital Allocation Line (CAL) is the line that all combinations of the risk-free asset
and the risky asset lie on. To graph the CAL, we calculate the return and standard deviation with
different scenarios in which we invest a proportion of the investment budget in the risk-free
asset and the remaining proportion in the risky asset.
For expected return, we use the following formula:

E ( r C ) = y r f + ( 1− y ) E ( r p )

r f : the risk-free rate

y : the weight of risk-free asset
( 1− y ): the weight of the risky asset
E ( r p ) : the expected return on the risky portfolio
E ( r C ) : the expected return on the complete portfolio
 To calculate the standard deviation of the complete portfolio, we compute based on this
formula:
σ C =( 1− y ) σ p

σ C: the standard deviation of the complete portfolio

σ p: standard deviation of the risky portfolio
y : the weight of risk-free asset
( 1− y ): the weight of the risky asset
Weight of risk- Return (%) Standard deviation (%)
free asset (%)
0 3.00167 0.00000
100 40.95006 41.60116
200 78.89845 83.20231
Table 16. Data for Capital Allocation Line in case Short selling is not allowed
Weight of risk- Return (%) Standard deviation (%)
free asset (%)
0 3,00167 0.00000
100 68,51269 67,52273
200 134,02370 135,04545
Table 17. Data for Capital Allocation Line in case Short selling is allowed
Now having the data, we graph the CAL when short selling is allowed and the CAL when
short selling is not allowed.

50.00

45.00

40.00
P
35.00
Expected Return (%))

30.00

25.00

20.00

15.00

10.00

5.00
[Y VALUE]
0.00
0.00 10.00 20.00 30.00 40.00 50.00 60.00
Standard deviation (%)

Figure 8. The Capital Allocation Line (Short selling not allowed)

 90.00

80.00

70.00
P
60.00
Expected Return (%)

50.00

40.00

30.00

20.00

10.00
3.00167
0.00
0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00

Standard Deviation (%)

Figure 9. The Capital Allocation Line (Short selling not allowed)

9. Conclusions
The optimal portfolio is the tangency point of the optimal CAL to the efficient frontier.
This point maximizes the Sharpe Ratio. We combine both the CAL and efficient frontier in the
same chart to see the point of the optimal of portfolio.
 50.00

45.00

40.00
The optimal portfolio
35.00
Expected Return (%))

30.00

25.00

20.00

15.00

10.00 The global minimum

variance portfolio
5.00
3.00167
0.00
0.00 10.00 20.00 30.00 40.00 50.00 60.00

Standard deviation (%)

Efficient frontier CAL

Figure 10. The Efficient Frontier with CAL (Short selling not allowed)
With no short selling allowed, the expected return of the optimal portfolio is 40.95%
with the standard deviation of 41.6%. The proportions of each stock in the optimal portfolio are
described in the following table:

Optimally weighted Portfolio (%)

ACB 8.2
VCB 0
BID 0
TCB 91.8
CTG 0
Sum 100
Table 18. Optimally weighted portfolio (Short selling not allowed)
To construct the optimal portfolio (when short selling is not allowed), we only invest in
two stocks TCB and ACB. The TCB stock accounts for the most proportion of the portfolio,
91.8%. The remaining proportion, 8.2%, goes to the ACB stock.
 90.00

80.00

70.00

60.00 The optimal portfolio

Expected Return (%)

50.00

40.00

30.00

20.00
The global minimum
10.00 variance portfolio
3.00167
0.00
0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00

Standard Deviation (%)

Effiecient Frontier CAL

Figure 11. The Efficient Frontier with the optimal CAL (Short selling allowed)
When allowing short selling, the expected return of the optimal portfolio is 68.51% with
the standard deviation of 67.52%. The proportions of each stock in the optimal portfolio are
described in the following table:

Optimally weighted Portfolio (%)

ACB 13.62
VCB -3.62
BID -52.88
TCB 159.49
CTG -16.61
Sum 100
Table 19. Optimally weighted portfolio (Short selling allowed)
When short selling is allowed, we short sell three stocks: VCB with 3.62%; BID with
52.88%; CTG with 16.61%. After receiving the proceeds from short selling, we invest in the two
remaining stocks: TCB with 159.49% and ACB with 13.62%.
 REFERENCE

1. Bodie Z., Kane A., Marcus A. J. (2014). Optimal Risky Portfolio, Investments, 10 th edition,
McGraw-Hill Education. New York.
2. History of BIDV. Retrieved from https://tinyurl.com/35tvs4vr
3. Vietnam 10-Year Bond Historical Data. Retrieved from
https://www.investing.com/rates-bonds/vietnam-10-year-bond-yield-historical-data
4. Overview Asia Commercial Joint Stock Bank (ACB). Retrieved from
https://www.acb.com.vn/en/overview
5. VietCombank. (2019). Retrieved from
https://portal.vietcombank.com.vn/en-Us/About/DH/Pages/milestones.aspx?
devicechannel=default
6. VietstockFinance. (2002). ACB: Ngân hàng TMCP Á Châu - ACB - Hồ sơ doanh nghiệp.
Retrieved from https://finance.vietstock.vn/ACB/profile.htm
7. VietstockFinance. (2002). BID: Ngân hàng TMCP Đầu tư và Phát triển Việt Nam - BIDV -
Hồ sơ doanh nghiệp. Retrieved from https://finance.vietstock.vn/BID/profile.htm
8. VietstockFinance. (2002). CTG: Ngân hàng TMCP Công Thương Việt Nam - VIETINBANK -
Hồ sơ doanh nghiệp. Retrieved from https://finance.vietstock.vn/CTG/profile.htm
9. VietstockFinance. (2002). TCB: Ngân hàng TMCP Kỹ thương Việt Nam - TECHCOMBANK -
Hồ sơ doanh nghiệp. Retrieved from https://finance.vietstock.vn/TCB/profile.htm
10. VietstockFinance. (2002). VCB: Ngân hàng TMCP Ngoại thương Việt Nam -
VIETCOMBANK - Hồ sơ doanh nghiệp. Retrieved from
https://finance.vietstock.vn/VCB/profile.htm