money & pens

VinaCapital Vietnam Opportunity Fund

LN: VOF

$528.4m market cap

$2.5 last close

VOF aims to generate capital growth over the medium to long term from investment in Vietnam but it may also have exposure to Cambodia, Laos and Southern China. The investments encompass listed and unlisted companies, debt instruments, private equity and real estate. The principal sector focus is on financial services, property investment, hospitality management and retailing.

Investment summary

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.

Share price graph
Price performance
%
1m
3m
12m
Actual 4.4 6.8 (1.1)
Relative* 0.3 5.0 10.3
52-week high/low US$2.7/US$2.2
*% relative to local index
Key management
Andy Ho Investment Manager
Steven Bates Chairman of the board

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