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Vietnam Enterprise Investments

Correction presents long-term opportunities

Review | Investment trusts | 19 Nov 2018

Vietnam Enterprise Investments (VEIL) was launched in 1995 and became a member of the FTSE 250 in July 2017. It is the largest and longest established closed-ended fund focused on investing in Vietnam equities. The fund's objective is to generate long-term capital growth through applying a rigorous, bottom-up approach to selecting companies that can benefit from the underlying secular drivers of the country's growth. Unconstrained by benchmark weightings, the portfolio of 35o40 highconviction stocks often differs meaningfully from the VN Index. VEIL has generated strong absolute gains over the long term, and over 10 years has delivered annualised returns of 14.2%. The VN Index peaked in April 2018, following which it has corrected c 24% to a level that, according to the manager, presents exciting long-term investment opportunities.

Vietnam Enterprise Investments

Well-established record of Vietnam expertise

Review | Investment trusts | 05 Jun 2018

Vietnam Enterprise Investments (VEIL) was launched in 1995 and is the largest Vietnam specialist closed-ended investment company listed in London. With an unconstrained, bottom-up investment process focussing on stock selection for capital growth, the fund has delivered good near- and long-term performance; achieving an annualised NAV return of 25% over the past five years to end-May 2018. Vietnam equities have performed strongly over the past two years, and a correction since the March 2018 VN Index peak has helped to moderate valuations. Meanwhile faster than expected GDP growth of 7.4% for Q118, and a sustained robust outlook, support earnings momentum. VEIL's discount to NAV of 14.8% is smaller than its three-year average of 16.5%, and may have scope to narrow further over time.

Vietnam Enterprise Investments

Long-established track record and local expertise

Review | Investment trusts | 20 Dec 2017

Vietnam Enterprise Investments (VEIL) was launched in 1995 and is the largest and longest established, closed-ended investment company, which is focused on Vietnam listed equities. VEIL is listed on the LSE and became a member of the FTSE 250 in July 2017. It has a capital growth objective, managed by an experienced and well-resourced investment team, following a disciplined bottom-up, fundamental approach to stock selection, resulting in a portfolio of c 35-40 holdings. Although Vietnam equities have performed strongly over the past two years, the manager believes the government’s pipeline of privatisations and divestments over the next two years offers excellent investment opportunities, which could continue to attract foreign and domestic investors.

Vietnam Enterprise Investments

Established Vietnamese equity market specialist

Initiation | Investment trusts | 25 Jul 2017

Vietnam Enterprise Investments (VEIL) is a specialist actively-managed, closed-ended investment company that is the largest and longest established fund focused on Vietnam-listed equities. Launched in 1995, it moved its listing to the LSE in July 2016 and has been included in the FTSE 250 Index since 18 July 2017. VEIL's well-resourced investment team adopts a rigorous, bottom-up approach, aiming to achieve capital growth from a portfolio that typically comprises 35 to 40 holdings. Absolute performance has been notably strong over one year and VEIL's NAV total return has outperformed its VN Index benchmark over one, three, five and 10 years. The manager believes Vietnam's stock market valuation is compelling and expects a number of attractive near-term opportunities to arise from the strong pipeline of prospective new listings and placings.

VinaCapital Vietnam Opportunity Fund

Listed equities lead recovery

Review | Investment trusts | 01 Oct 2014

VinaCapital Vietnam Opportunity Fund (VOF) is designed to give investors broad exposure to the Vietnamese economy through a diversified multi-asset portfolio. VOF is a large, liquid investment company traded on AIM. The Vietnam Index has been a strong performer this year (total return 22% to 29 September compared with 3% for emerging markets). The VOF listed equity portfolio nearly matched the index to end August, but overall NAV performance has been held back by the property and unlisted exposure. In due course a broadening of recovery should benefit VOF, while positive signs on structural reform of state-owned enterprises point to greater investment opportunities.