Edison issues review on Vietnam Enterprise Inv...

RNS Number : 8030H

Vietnam Enterprise Investments Ltd

19 November 2018

 

London, UK, 19 November 2018

Edison issues review on Vietnam Enterprise Investments (VEIL)

Vietnam Enterprise Investments (VEIL) was launched in 1995 and became a member of the FTSE 250 in July 2017. It is the largest and longest established closed-ended fund focused on investing in Vietnam equities. The fund's objective is to generate long-term capital growth through applying a rigorous, bottom-up approach to selecting companies that can benefit from the underlying secular drivers of the country's growth. Unconstrained by benchmark weightings, the portfolio of 35-40 high-conviction stocks often differs meaningfully from the VN Index. VEIL has generated strong absolute gains over the long term, and over 10 years has delivered annualised returns of 14.2%. The VN Index peaked in April 2018, following which it has corrected c 24% to a level that, according to the manager, presents exciting long-term investment opportunities.

VEIL is currently trading on a discount to NAV of 10.2%, which is narrower than its three-year average of 15.0%. The board is sensitive to the discount and, in June 2018, implemented a small share buyback programme, which appeared effective in restraining the discount to NAV. VEIL's objective is to generate long-term capital growth and no dividends have been paid since its inception.  

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