Edison issues review on VinaCapital Vietnam Op. Fd

RNS Number : 1688K

VinaCapital Vietnam Opportunity Fd.

19 December 2022

 

London, UK, 19 December 2022

Edison issues review on VinaCapital Vietnam Opportunity Fund (VOF)

VinaCapital Vietnam Opportunity Fund (VOF) posted a -17.1% sterling NAV total return (TR) over the 12 months to end-November, outperforming the Vietnam VN Index (-28.0% TR in sterling and -29.0% in local currency), and its two London-listed peers, amid an increase in global market volatility. The manager, VinaCapital, believes that in 2022 Vietnam's stock market has sold off consistently with global markets. Recent volatility and selling pressure has been exacerbated by margin calls triggered for both institutional and private investors. Despite this, VinaCapital is confident that in 2022-23 Vietnam's economic growth and listed companies' aggregate earnings will remain strong and intact.

VinaCapital's team has many years of experience in sourcing and structuring the private deals that have formed the bedrock of the VOF portfolio. In 2022 VOF's private equity ethos and significant exposure to non-public holdings clearly set it apart amid greater stock market volatility driven by fears over inflation, China and the war in Ukraine. VOF's mid- and long-term performance has been strong, with NAV and share price total returns in excess of 10% pa over one, three, five and 10 years. The recent market sell-off means that via VOF overseas investors can access private Vietnamese businesses (otherwise inaccessible to them) and at favourable valuations. At a c 15.5% discount to NAV, potential investors may see a good entry opportunity. 

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