Vietnam Enterprise Investments

LN: VEIL

£976.5m market cap

444p last close

Vietnam Enterprise Investments objective is to achieve medium- to long-term capital growth by investing in the equity securities of companies primarily operating in, or with significant exposure to, Vietnam. VEIL adopts a bottom-up approach to investment selection and does not set portfolio allocations with reference to index weightings. The VN Index is used as a performance benchmark, which VEIL seeks to outperform on a rolling three-year basis.

Investment summary

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 35–40 high-conviction 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.

Share price graph
Price performance
%
1m
3m
12m
Actual (5.6) (3.5) (10.5)
Relative* (7.5) (11.2) (13.1)
52-week high/low 499.0p/390.0p
*% relative to local index
Key management
Nick Ainsworth Chief Marketing Officer
Rachel Hill Investor Relations

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