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...
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...
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...
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 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...
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...
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...
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 ...
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...
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...
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...
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...
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...
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...
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...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
In early 2021, the 13th National Congress of the Communist Party of Vietnam elected a new politburo government for the next five years. There is strong continuity in the government’s structure and Dynam Capital (Dynam), which took over management of VietNam Holding (VNH) nearly three years ago, describes the government’s mandate as ‘pro-business’. Dynam states the government emphasises economic growth with a big push to develop domestic infrastructure, including a new international airport and u...
Vietnam’s response to the pandemic has been very effective and, reflecting this, the IMF has predicted that it will post positive GDP growth of 1.6% for 2020, increasing to 6.7% this year and averaging 7.0% for 2021 to 2025. Indeed, Dynam Capital, Vietnam Holding’s (VNH’s) manager, believes that Vietnam will be one the 20 largest economies in the world by 2050.
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