London, UK, 21 May 2019
Edison issues review on Vietnam Enterprise Investments (VEIL)
Vietnam Enterprise Investments (VEIL) was launched in 1995 and is the largest closed-ended fund focused on Vietnam. In July 2017, it became a member of the FTSE 250. VEIL aims to generate long-term capital growth by following a bottom-up approach, unconstrained by the benchmark, to find high quality companies that are attractively valued. Although the fund's NAV total return has lagged the VN Index over one year, VEIL has a strong longer-term performance track record, delivering annualised NAV growth of c 26% and 20% over three and five years respectively. The manager believes sustained economic growth in Vietnam offers exciting long-term investment opportunities and valuations are now more reasonable following a sharp correction in the VN Index in 2018.
VEIL currently trades on a discount to NAV of 15.0%, which is slightly wider than its three-year average of 14.4%. The board is sensitive to VEIL's discount relative to similar single-country investment companies investing in Asia. Focused on its objective to deliver capital growth, VEIL has not paid a dividend since its inception.
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