Monthly Investor Report

RNS Number : 6528Y

VietNam Holding Limited

10 May 2019

 

VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month April 2019 has been issued by Dynam Capital 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

The Fund's NAV per share ended the month of April flat, outperforming the 1.4% decline in the VN All Share Index. However, on a year-to-date basis, the Fund's return is negative 0.1%, underperforming the index which is up 5.6%. Our top holdings fared well in April with positive contributions from FPT (+8.8%), Hoa Phat Group (+4.2%), Vincom Retail JSC (+3.9%), Thien Long Group (+3.4%) and Saigon Cargo Services Corp (+1.1%); the only laggard in our top ten was Khang Dien House (-2.3%).

The cash portion in the portfolio was 7% of NAV at the month end as we have been taking profit in some holdings, and also working on exits from some positions whose mid-term potential has peaked (or deteriorated significantly) in our view. As reported last month, we lost faith in the Yeah1(YEG)management team and decided to fully exit the holding, licking our wounds. We are currently building positions in a few 'under-the-radar' small and mid-cap stocks at the moment and negotiating on some new closely held potential target companies.

The macro economic environment remains broadly positive. Although exports in April were down 12.6%, the trade surplus was maintained and stands at USD 700 million year-to-date. Vietnam is taking some market share from China on exports to the US in the light of the ongoing tariff and trade disputes, and some large manufacturers have announced plans to relocate to Vietnam from China, which should bode well for the country in the mid-term.

The Vietnam Dong has been relatively stable, only declining 0.4% year-to-date, however we are keeping an eye on inflation levels which are nudging up slightly, related to fuel and energy price increases. We are also observing decreasing liquidity in the interbank market.

We will be in the United Kingdom in mid-May meeting with investors, and in Europe later in the year. Please do contact us if you would like to meet. Thank-you for your continued support.

For more information please contact:

Dynam Capital Limited                  

Craig Martin                                                                                        Tel: [phone]

[e-mail] |www.dynamcapital.com

www.vietnamholding.com

finnCap

Nominated Adviser and Corporate Broker                                          Tel: [phone]      

William Marle / Giles Rolls

 

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