reports
- Pedro Fonseca
VietNam Holding - First redemption tender a success
VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The company outperformed a strongly appreciating market (Vietnam All Share Index (VNAS) at 20.6%), driven by the demand from retail investors. The economy showed robust growth, supported by a surge in exports, and investor confidence was reinforced by good H124 corporate earnings. Meanwhile, VNH executed its first share redemption tender, and investo...
Edison issues report on VietNam Holding (VNH)
Edison Investment Research Limited Edison issues report on VietNam Holding (VNH) 19-Aug-2024 / 14:25 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 19 August 2024 Edison issues report on VietNam Holding (VNH) Edison issues report on Record (LSE: VNH) to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitatio...
- Pedro Fonseca
VietNam Holding - Steady outperformance and solid fundamentals
VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in the first seven months of 2024 (7M24) of 14.5% in US dollar terms, which was ahead of the Vietnam All Share Index’s (VNAS’s) return of 8.1%. Over the last 10 years, VNH has delivered a c 10% return pa and consistently outperformed VNAS by c 3pp pa. The index in turn performed ahead of both emerging and frontier markets averages. Vietnamese equities offer a combination of undemanding valuations (a 20% discou...
Edison issues update on VietNam Holding (VNH): Introducing redeemable ...
Edison Investment Research Limited Edison issues update on VietNam Holding (VNH): Introducing redeemable shares 12-Apr-2024 / 12:07 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 12 April 2024 Edison issues update on VietNam Holding (VNH): Introducing redeemable shares VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains...
- Pedro Fonseca
VietNam Holding - Introducing redeemable shares
VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows...
- James Carthew
- Matthew Read
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 proposi...
- James Carthew
- Matthew Read
Vietnam Holding Limited
Vietnam Holding (VNH) continues to provide 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, aided by 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 unjustified. VNH’s board is proposing to repl...
Edison issues update on VietNam Holding (VNH): Consistently outperform...
Edison Investment Research Limited Edison issues update on VietNam Holding (VNH): Consistently outperforming the market 02-Nov-2023 / 15:06 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 2 November 2023 Edison issues update on VietNam Holding (VNH): Consistently outperforming the market VietNam Holding’s (VNH’s) net asset value (NAV) per share increased by 4.2% over the 12 months ending September 2023 in total return (TR) terms in sterling, ahead of the VN Index (8.6% loss) and its direct peers (6.8% loss). In the current enviro...
- Pedro Fonseca
VietNam Holding - Consistently outperforming the market
VietNam Holding’s (VNH’s) net asset value (NAV) per share increased by 4.2% over the 12 months ending September 2023 in total return (TR) terms in sterling, ahead of the VN Index (8.6% loss) and its direct peers (6.8% loss). In the current environment, the manager favours companies in the financial sector, which represents 42% of the portfolio and should benefit from the revival of stock market activity and increase in global demand for ‘made in Vietnam’ products. Vietnam’s stock market is now e...
- James Carthew
- Matthew Read
Vietnam Holding Limited – Building on firmer foundations
Vietnam Holding (VNH) has put in a compelling performance in NAV total return terms versus its emerging Asia peers, but this is not being reflected in its share price. This is despite Vietnam’s long-term structural growth drivers remaining intact and a strong outlook for GDP growth over the next five years (6.7% a year through to 2028). There was a meltdown in the corporate bond market last year, which affected the property sector and, while the Vietnamese government moved to address these issue...
- James Carthew
- Matthew Read
Vietnam Holding Limited – Building on firmer foundations
Vietnam Holding (VNH) has put in a decent performance in NAV total return terms versus its emerging Asia peers (see page 24), but this has not been reflected in its share price. The manager says that Vietnam’s long-term structural growth drivers look to be intact (see manger’s view on page 6) and, according to the IMF’s most recent World Economic Outlook, Vietnam’s GDP is expected to grow at 6.7% a year through to 2028. There was a meltdown in the corporate bond market last year, which affected ...
- Pedro Fonseca
VietNam Holding - Investing for the long term
VietNam Holding (VNH) seeks to capture the growth of Vietnam through an actively managed, high-conviction portfolio of companies. It has been managed by Dynam Capital (Dynam) since 2018 and has outperformed both the VN All Share and MSCI World indices over five years, with NAV and share price annualised total returns of c 7% and c 5%, respectively, versus c 2% and c 1% for the indices. Vietnamese growth paves the way for the continued expansion of domestic consumption and Dynam’s investment team...
- James Carthew
ATST ALLIANCE TRUST PLC
GCL GEIGER COUNTER
SLPE STANDARD LIFE PRIVATE EQUITY TRUST
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
JII JPMORGAN INDIAN INV TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
MTE MONTANARO EUROPEAN SMALLER C.TST
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SDV CHELVERTON UK DIVIDEND TRUST
BGUK BAILLIE GIFFORD UK GROWTH FUND PLC
GIF GULF INVESTMENT FUND
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
SMT SCOTTISH MORTGAGE INVESTMENT TRUST PLC
RICA RUFFER INVESTMENT COMPANY
BHMG BH MACRO (GBP)
VNH VIETNAM HOLDING
WTAN WITAN INVESTMENT CO. PLC
CHRY CHRYSALIS INVESTMENTS
EBOX TRITAX EUROBOX GBP
MTU MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
CBA CEIBA INVESTMENTS
ATT ALLIANZ TECHNOLOGY TRUST PLC
CIN CITY OF LONDON GROUP PLC
API ABRDN PROPERTY INCOME TRUST
- James Carthew
ATST ALLIANCE TRUST PLC
GCL GEIGER COUNTER
SLPE STANDARD LIFE PRIVATE EQUITY TRUST
FCSS FIDELITY CHINA SPECIAL SITUATIONS PLC
JII JPMORGAN INDIAN INV TRUST
PCT POLAR CAPITAL TECHNOLOGY TRUST PLC
MTE MONTANARO EUROPEAN SMALLER C.TST
ANII ABERDEEN NEW INDIA INVESTMENT TRUST
SDV CHELVERTON UK DIVIDEND TRUST
BGUK BAILLIE GIFFORD UK GROWTH FUND PLC
GIF GULF INVESTMENT FUND
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
SMT SCOTTISH MORTGAGE INVESTMENT TRUST PLC
RICA RUFFER INVESTMENT COMPANY
BHMG BH MACRO (GBP)
VNH VIETNAM HOLDING
WTAN WITAN INVESTMENT CO. PLC
CHRY CHRYSALIS INVESTMENTS
EBOX TRITAX EUROBOX GBP
MTU MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC
CBA CEIBA INVESTMENTS
ATT ALLIANZ TECHNOLOGY TRUST PLC
CIN CITY OF LONDON GROUP PLC
API ABRDN PROPERTY INCOME TRUST
- James Carthew
- Matthew Read
- Richard Williams
Vietnam Holding Limited – A real growth story that remains intact
Despite having coped well with COVID and offering very strong growth prospects over the next five years (see page 5), the Vietnamese market has been weighed down by severe negative sentiment towards Asia in recent months. This is likely a function of lockdowns in China, slowing global growth and rising interest rates in the West. Vietnam Holding (VNH) has outperformed local market indices by good margins. Nevertheless, it has lost value during the last twelve months and, reflecting this, its di...
- James Carthew
- Matthew Read
- Richard Williams
Vietnam Holding Limited – A real growth story that remains intact
Despite having coped well with COVID and appearing to offer very strong growth prospects over the next five years (see page 5), the Vietnamese market may have been weighed down by severe negative sentiment towards Asia in recent months. This seems to be a function of lockdowns in China, slowing global growth and rising interest rates in the West. Vietnam Holding (VNH) has outperformed local market indices by good margins. Nevertheless, it has lost value during the last twelve months and, possib...
- Pedro Fonseca
VietNam Holding - Moving through volatility
VietNam Holding (VNH) seeks to capture the growth of Vietnam through an actively managed, high-conviction portfolio of companies. In its October 2022 report, the IMF upped its 2022 GDP growth forecast for Vietnam to 7% from 6% three months ago, while it expects the world to grow at 3.2%. Vietnamese growth paves the way for the continued expansion of domestic consumption and Dynam’s investment team chooses a tightly focused selection of businesses set to benefit from the positive demographic, ind...
- Pedro Fonseca
VietNam Holding - Made in Vietnam
VietNam Holding (VNH), managed by Dynam Capital (Dynam), a Vietnamese equities closed-ended fund, has given away some of its performance gains of the past two years during the challenging H122. While down 10.5% year to date, VNH’s NAV outperformed its benchmark VN All Share Index (VNAS, -14.6% TR). Over the past three years, VNH returned c 69% on a NAV total return (TR) basis to end-June 2022, after the current investment manager took over in 2018, outperforming the VNAS Index (c 50% TR) over th...
- Pedro Fonseca
VietNam Holding - Moving ahead
2021 was a remarkable year for the Vietnamese equity market, with the VN All Share Index (VNAS) rising 53.0% compared with a 1.3% fall in the MSCI Emerging Markets (EM) Index. VietNam Holding (VNH), managed by Dynam Capital (Dynam) for over three years, returned 65.6% (NAV total return), outperforming the VNAS. Vietnam has handled COVID-19 with some lag to the developed world (as the pandemic visibly hit Vietnam in 2021, rather than 2020), but the situation has now stabilised. For 2022 the IMF f...
- Pedro Fonseca
VietNam Holding - Moving ahead
2021 was a remarkable year for the Vietnamese equity market, with the VN All Share Index (VNAS) rising 53.0% compared with a 1.3% fall in the MSCI Emerging Markets (EM) Index. VietNam Holding (VNH), managed by Dynam Capital (Dynam) for over three years, returned 65.6% (NAV total return), outperforming the VNAS. Vietnam has handled COVID-19 with some lag to the developed world (as the pandemic visibly hit Vietnam in 2021, rather than 2020), but the situation has now stabilised. For 2022 the IMF f...
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