VinaCapital Vietnam Opportunity Fund - Private holdings provide resilience
VinaCapital Vietnam Opportunity Fund (VOF) posted a -17.1% sterling NAV total return (TR) over the 12 months to end-November, outperforming the Vietnam VN Index (-28.0% TR in sterling and -29.0% in local currency), and its two London-listed peers, amid an increase in global market volatility. The manager, VinaCapital, believes that in 2022 Vietnam’s stock market has sold off consistently with global markets. Recent volatility and selling pressure has been exacerbated by margin calls triggered for both institutional and private investors. Despite this, VinaCapital is confident that in 2022–23 Vietnam’s economic growth and listed companies’ aggregate earnings will remain strong and intact.
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