Uncovering Trusts – VinaCapital Vietnam Opportunity Fund (VOF): A year of transformation

In this episode, our director of content for investment companies, Milosz Papst, talks about VinaCapital Vietnam Opportunity Fund (VOF), a FTSE 250 constituent investing across Vietnam’s public and private markets and applying private equity disciplines to both. Milosz covers VOF’s results for the financial year to 30 June 2026, including a 9.5% NAV total return in US dollar terms and an 11.9% share price total return in sterling, and explains why the VN Index’s 36.5% return was unusually concentrated in a single stock. He discusses the most active year in the fund’s history, with $843m of transactions and 39% portfolio turnover, the reorganisation of the investment team around four sectors, and examples such as the exit from Airports Corporation of Vietnam at an 18% dollar IRR and redeployment into Gemadept and the Gelex Infrastructure pre-IPO. Milosz also covers progress on legacy private real estate holdings, Vietnam’s upcoming FTSE Russell emerging market reclassification, the 20.6% discount at year end, buybacks of more than $90m during the year, and the new tiered fee structure effective from 1 July 2026.

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.