RCS - VietNam Holding Ltd - Edison issues update on VietNam Holding (VNH)

VietNam HoldingAnnouncement

01/08/2022 08:15

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RNS Number : 4108U  VietNam Holding Limited  01 August 2022

London, UK, 1 August 2022

 

Edison issues update on VietNam Holding (VNH)

VietNam Holding (VNH), managed by Dynam Capital (Dynam), a Vietnamese equities
closed-ended fund, has given away some of its performance gains of the past
two years during the challenging H122. While down 10.5% year to date, VNH's
NAV outperformed its benchmark VN All Share Index (VNAS, -14.6% TR). Over the
past three years, VNH returned c 69% on a NAV total return (TR) basis to
end-June 2022, after the current investment manager took over in 2018,
outperforming the VNAS Index (c 50% TR) over this period. Despite the current
gloomy global macroeconomic outlook, the manager expects VNH's robust
portfolio to withstand the uncertain times and pick up momentum when the
global economy turns the corner. The ESG principles embedded in the investment
process support the quality of the portfolio holdings.

 

We believe this country specialist fund offers investors exposure to a
high-growth frontier market with conviction stock across the market cap
spectrum, which can be held as part of a global growth portfolio. VNH's NAV
has outperformed the VNAS and MSCI EM indices over one, three, five and 10
years. VNH's board is proactive and, having listened to shareholders, executes
tender offers and share buybacks to manage the discount, as it deems
necessary. Between November and December 2021, the discount to NAV narrowed
from c 15% to c 5%, but volatile equity markets in H122 saw the discount
widening to the mid-teens again.

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