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VinaCapital Vietnam Opportunity Fund

Fundamentals suggest promising outlook

Review | Investment trusts | 05 Dec 2018

VinaCapital Vietnam Opportunity Fund (VOF) is a large, well-established Vietnam specialist investment fund, differentiated by its focus on private deal sourcing. NAV total returns have been particularly strong over the last three years, and are ahead of VN Index and peer returns over the last 12 months, when markets have been volatile. VOF’s share price discount to NAV has narrowed, but it remains wider than the peer group average. The board has taken steps to address the discount, moving VOF’s listing to the LSE’s Main Market in 2016, starting a dividend programme in 2017, and agreeing a reduced management and incentive fee structure in 2018. The board recommends that shareholders vote against discontinuation at the forthcoming AGM, highlighting the promising outlook suggested by market fundamentals, as well as the manager’s strong track record.

VinaCapital Vietnam Opportunity Fund

Strong market fundamentals expected to prevail

Review | Investment trusts | 17 Sep 2018

VinaCapital Vietnam Opportunity Fund (VOF) is one of the oldest and largest Vietnam specialist investment companies and is now a FTSE 250 index constituent. Investing across asset classes – listed and unlisted equity, private equity and real estate – VOF’s approach is differentiated by its focus on private deal sourcing, where its investment team has extensive experience. In sterling terms, VOF’s NAV total returns have been strong over the last three years. While lagging the Vietnamese stock market over one year, VOF’s NAV held up well during the 2018 market correction. The US-China trade dispute has weighed on market sentiment, but the manager believes that fundamentals remain strong and the current market level presents an opportunity for investors taking a medium-term view.

VinaCapital Vietnam Opportunity Fund

Targeting Vietnam's growth potential

Review | Investment trusts | 15 Dec 2017

VinaCapital Vietnam Opportunity Fund (VOF) is one of the largest specialist Vietnam funds. VOF invests primarily in public and private equity, with a smaller percentage in real estate. Management believes the fund's key differentiator to be the access it offers to off-market deals. VOF provides broad exposure to Vietnam's economic growth prospects. It focuses on domestic sectors that are well positioned to benefit from continued urbanisation and investment-led economic development, most notably consumption, construction, infrastructure and real estate. In November VOF appointed Frostrow Capital to act as its marketing and distribution partner in the UK, with the aim of enhancing the fund's engagement with current and potential shareholders, financial advisers and fund analysts, increasing liquidity in the shares and narrowing the discount to NAV.

VinaCapital Vietnam Opportunity Fund

Fund manager interview - Vietnam Opportunity Fund (VOF)

Edison TV: | Investment trusts | 12 Jun 2017

A conversation between Andy Ho and David Stevenson.

VinaCapital Vietnam Opportunity Fund

Broad exposure to interesting frontier market

Review | Investment trusts | 08 Aug 2016

VinaCapital Vietnam Opportunity Fund (VOF), one of the larger and longer-established Vietnam-focused funds, provides exposure to the economy's evolution via investment across listed equities, companies in the process of privatisation, private equity and real estate. The manager aims to invest where there is opportunity to help management develop their businesses, focusing on sectors expected to benefit the most from Vietnam's secular growth. The board has been taking action to address the wide discount the shares trade on, including the recent move of listing from AIM to the Main Market of the London Stock Exchange, leading to FTSE index inclusion.

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.

VinaCapital Vietnam Opportunity Fund

NAV up, discount contracting

Update | Investment trusts | 22 Apr 2013

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. NAV performance over the past year has been ahead of its benchmark, the VN Index; up by 17.3% vs 10.8% for the index. Its share price has benefited from a programme of share repurchases that, over the past year, has helped narrow VOF's discount from 34% to 25%. At the end of March 2013 the private equity weighting was 9.3% and the manager is focusing on increasing the allocation to this area.

VinaCapital Vietnam Opportunity Fund

Disposals to boost NAV

Review | Investment trusts | 20 Nov 2012

VinaCapital Vietnam Opportunity Fund (VOF) is the largest and most liquid fund investing in Vietnam. It offers investors broad exposure to the Vietnamese economy with a portfolio that includes unlisted equity and real estate investments alongside listed equities and a small amount of bonds. VOF's NAV is up 158% since launch compared with 108% for its benchmark, the VN Index. VOF has a pipeline of portfolio realisations and a programme to narrow its discount. The 3% uplift in NAV generated by the recent disposal of IndoChina Food (an unquoted investment, valued at 0.7% of the portfolio beforehand) highlights the latent potential within the portfolio.