VietNam Holding Limited ("VNH" or the "Company")
Monthly Investor Report
A report detailing the activities of the Company for the month of November 2016 has been issued by VietNam Holding Asset Management Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website at http://www.vietnamholding.com/publications/investor-reports and a summary of the report is included below.
Investor Report Summary
Vietnam News
Some had forecast gloom for the US currency and stock markets on a Trump victory, but this quickly turned to a sense that US interest rates will rise amid a massive US fiscal stimulus set to come, leading to net fund flow increases towards the US. Helping this narrative has been the post election news which suggests that Trump is likely to be more a pragmatist than a radical as president.
Vietnam is likely to weather these tectonic shifts well. The dong may have been weak recently against the dollar, but this wholly reflects general dollar strength. The Vietnamese unit is stronger on the month against both the euro and the yen. Its under-1% fall year-to-date versus the dollar contrasts with the renminbi's c. -5% swoon.
VNH Insights
November was a choppy month, buffeted by a perceived global macroeconomic turning point on account of Trump's surprising victory. Thus, (1) interest rates turned northward, with two- and three-year Vietnamese government bond yields rising by more than 50 basis points over the month, to 4.51% in the case of the two-year; (2) the dong, rock solid versus the dollar since January, finally cracked a little, falling 1.5% over the month to VND22,666 per USD; and (3) foreign investor fund flows into the stock market were generally negative, with the VNAS Index losing 4.0% in local currency terms and VNH's NAV per share falling 3.3%.
For more information please contact:
VietNam Holding Asset Management Limited |
Tel: +41 43 500 28 10 |
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Investor Relations Gyentsen Zatul |
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Smith & Williamson Corporate Finance Limited Nominated Adviser |
Tel: +44 20 7131 4000 |
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Azhic Basirov / Ben Jeynes |
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Winterflood Investment Trusts |
Tel: +44 20 3100 0000 |
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Joe Winkley / Neil Langford |
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Buchanan Communications |
Tel: +44 20 7466 5000 |
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Charles Ryland / Vicky Hayns |
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