Edison issues review on Vietnam Enterprise Inv.
London, UK, 10 September 2021
Edison issues review on Vietnam Enterprise Investments (VEIL)
Throughout its over 25-year history, Vietnam Enterprise Investments (VEIL), the largest and longest-established Vietnamese equities closed-end fund, has seen many economic ups and downs. Despite economic growth being held back by the new wave of the COVID-19 pandemic in H221, investment manager Dragon Capital views the setback as temporary. Expecting better pandemic control from Q421 and with economic growth momentum rebuilding, the team looks to 2022 with cautious optimism. The last quarter of 2019 and most of 2020 marked a period of portfolio repositioning for the fund. VEIL is well positioned for longer-term investors looking for an exposure to the fast-developing Vietnamese economy via a relatively large and liquid listed equities fund.
Before the COVID-19 pandemic, VEIL's team focused the portfolio (reducing the number of holdings from 41 in 2019 to 28 by end-2020) to leverage high conviction holdings and address a dip in short-term performance. We believe VEIL's improved relative performance is likely to continue as the transformed portfolio is overweight in the sectors that could deliver long-term capital growth, including banking, real estate, logistics and retail. In addition, VEIL is well positioned for the economic recovery in Vietnam. Dragon Capital continues to pursue investment opportunities, by investing in listed companies and capturing three mega trends in Vietnam: infrastructure development and urbanisation, middle-class formation and increasing penetration of financial services.
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