Vietnam Holding Limited
Vietnam Holding (VNH) has provided both a peer group and benchmark beating performance (it is the top-performing Vietnamese fund in NAV terms over one, three and five years – see pages 18 to 20) and, with the support of Vietnam’s long-term structural growth drivers, its manager continues to see very strong growth runways for its stocks. Despite this, VNH has, until very recently, been hampered by a low double-digit discount that has been persistent and may be unjustified.VNH’s board is proposing to replace the company’s biannual tenders with an annual redemption opportunity. If shareholders approve the board’s proposals, these redemption opportunities should allow shareholders to exit at fair market value. This could narrow the discount and maybe help VNH to re-expand.
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